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Managers and Board Members: Implications of the SACCO Societies Act and Regulations
Understanding the regulatory framework for savings and credit cooperatives
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This document outlines the provisions and implications of the new regulatory framework for savings and credit cooperatives (SACCOs) in Kenya, comprising of the SACCO Societies Act of 2008 and the SACCO Societies Regulations of 2010.
The new regulatory framework applies to all SACCOs conducting Front Office Savings activities (“FOSA”). The document addresses the following aspects of the regulations:
- Entry of new regulator, namely, the SACCO Societies Regulatory Authority;
- Applying for license for operating FOSA;
- Licensing steps and requirements for SACCOS;
- Regulatory provisions applicable to licensed SACCOs;
- Legal action against SACCOs that operate without licenses.
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