The Cabinet has approved amendments to the Savings and Credit Cooperatives (SACCOs) Act, 2008, as part of the measures to enhance the stability, efficiency, and competitiveness of credit societies.
The approval follows a meeting held on Tuesday morning, during which the Cabinet Secretaries led by President William Ruto validated the proposed reforms as outlined in the Sacco Societies (Amendment) Bill, 2023, which is currently before Parliament.
According to a Cabinet dispatch, the reforms aim to modernise financial and technological operations of SACCOs, particularly the smaller cooperative societies.
Key amendments include the formation of a SACCO Shared Services Framework to allow financial institutions to pool resources, adopt fintech solutions, and enhance cooperation while maintaining operational independence.
