Kenya: SACCO Societies Act 2008

Publication Date: Dec 2008
Published by: Republic of Kenya
Document Type: PDF

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This act addresses the licensing, regulation, supervision, promotion of savings and credit cooperative societies (SACCOs), and establishment of the SACCO Societies Regulatory Authority in Kenya. The act is divided into the following sections:

• Part I, Preliminary, contains information about the short title and commencement of the bill, its interpretation and application.
• Part II, The SACCO Societies Regulatory Authority, discusses the establishment, objectives and functions of the “Authority” as well as the composition and powers of the “Board”, remuneration of Board members, levies and funds, the annual audit, etc.
• Part III, Licensing of SACCO Societies, deals with the application for and conditions of a license and its revocation.
• Part IV, Governance of SACCO Societies, presents information about capital requirements, liquid assets, prohibited businesses, procedures for loans and savings, disclosure requirements, auditing and accounts.
• Part V, Regulation and Supervision of SACCO Societies, discusses regulation and supervision, inspection, advisory and intervention powers of the Authority, supervisory enforcement actions, and rules regarding information sharing.
• Part VI, The Deposit Guarantee Fund, discusses the establishment of the Deposit Guarantee Fund, sources and contributions, functions, and the Board of Trustees.
• Part VII, Miscellaneous, provides information about declaration of holidays, default by officers, penalties, transitional provisions, etc.