GOVT LISTS 10 REQUIREMENTS FOR SACCOS AHEAD OF SEPTEMBER DEADLINE

The Sacco Societies Regulatory Authority (SASRA) has published a checklist of requirements for deposit-taking Savings and Credit Cooperative Organisations (SACCOs) seeking to renew their licenses.

According to the regulator, SACCOs must begin the process by obtaining license application and fit-and-proper test forms for board members and senior management.

The authority also requires a certified copy of the society’s registration certificate and an official notification of its registered head office.

Other key documents include a certified copy of the SACCO’s bylaws, a current business plan, and approved minutes of the most recent annual general meeting.

Applicants must also submit the proposed name of their Chief Executive Officer, audited accounts covering the previous three years, and proof of adequate capital.

SASRA further requires a non-refundable application fee of Ksh3,000, to be paid through a banker’s draft or deposit slip.

“Note that SASRA may ask for additional information on any of the licensing requirements for purposes of assessing the application,” the regulator said in its notice.

The directive comes just days after SASRA reminded societies that the renewal window for 2026 licenses closes on September 30, 2025.

Earlier this week, the authority raised concerns that some SACCOs were operating without valid licenses, a breach of the Sacco Societies Act.

Under the law, credit societies must apply for renewal at least 90 days before their current license expires.

“The Sacco Societies Regulatory Authority reminds all deposit-taking SACCOs that the renewal window for their 2026 deposit-taking licenses is open from now until 30th September 2025,” SASRA announced.

Applications must be submitted in line with the guidance note and checklist available on the regulator’s website.