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Law changes to protect members of collapsed Saccos in Kenya

Kenya’s Co-operative movement

Kenya’s Co-operative movement has an asset base of more than Ksh1 trillion ($9.25 billion). PHOTO |FILE 

By  James Anyanzwa

Business Reporter in Nairobi, Kenya

Nation Media Group

Kenya’s Cabinet approved amendments to the Savings and Credit Cooperatives (Sacco) legislation, which seeks to implement a deposit protection scheme for members of collapsed Saccos and boost confidence in a sector bogged down by corruption and mismanagement.

The Sacco Societies Regulatory Authority (SASRA) said relevant amendments to the Sacco Societies Act (2008) have been approved by the Cabinet and are awaiting to be tabled in parliament.

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