Stima Sacco members queue outside the Kimathi Street premises on February 28, 2022, following the FY 2021 AGM meeting that saw members earn rebates and dividends for their savings. PHOTO | DIANA NGILA | NMG
Kenya’s Saccos regulator has recommended voluntary mergers of the institutions to reduce unnecessary competition and improve financial positions. This week, the Sacco Societies Regulatory Authority (Sasra) said some savings and credit societies have failed to meet their obligations to members because of weak cash flows.
The regulator, in its annual report for 2021, says time has come for Saccos to start a policy dialogue on voluntary mergers and consolidation.
