Saccos are required to adhere to new guidelines on the selection and nomination of trustees to the Deposit Guarantee Fund (DGF) Board of Trustees.
The guidelines are in accordance with Section 56 (1) of the Sacco Societies Act, according to Sacco Societies Regulatory Authority (Sasra).
Only an active member of a Sacco Society has been a member for at least two years before the nomination date is eligible for nomination.
The person must also have a degree in relevant fields from a recognized University in Kenya and satisfy the requirements of Chapter six of the Constitution.
Besides, the nominated person should have knowledge and experience in matters relating to co-operative management, banking, finance, insurance, law, accountancy, or economics for at least ten years.
According to the guidelines signed by Sasra Chief Executive Officer John Mwaka, a nominated person should have financial integrity.
Individuals who served in Saccos that have been liquidated are barred from the nomination and members of the National Assembly.
The Sacco has to consider gender balance, and equitable representation will be during the selection and nomination process.
