Govt de-registers 200 Saccos for not meeting guidelines

By Ronald Owili

The government has deregistered 200 Saccos after failing to meet the required threshold such as the minimum number of members as well as failure to adhere and publish financial statements.

Commissioner of Cooperatives Mary Mungai says the government is in the process of making public the names of the deregistered Saccos.

She is urging members of the affected Saccos to seek a refund of their savings once the list is published.

Some members of the cooperative movement have adopted a cautious approach with their savings on the line.

Members of the cooperative movement are calling on the government to exclude the Sacco Societies Regulatory Authority from the proposed merger of financial services regulators such as the Capital Markets Authority, Retirement Benefits Authority and Insurance Regulatory Authority to form financial services authority.

This comes as Kenya Union of Savings and Credit Cooperatives seeks develop Shariah complaint services.

During the year ended December 2016, KUSCCO’s revenue grew 34 percent to 1.35 billion shillings while deposits rose 10.9 percent to hit 10 billion shillings.

KUSCCO plans to spend 1.6 billion shillings on dividends at the rate of four percent of member’s share capital.

 

More to follow….