The Sacco Societies Regulatory Authority (SASRA) will be granted additional supervisory powers to bolster the Sacco movement in the country. This announcement was made by Wycliffe Oparanya, the Cabinet Secretary for Co-operatives and Micro, Small, and Medium Enterprises, during the 10th Sacco Leaders’ Convention held in Mombasa, which was organized by the Kenya Union of Savings and Credit Co-operatives (KUSCCO).
This development follows the revelation of a Sh13.3 billion fraud involving KUSCCO, the country’s apex co-operative body. “The government is committed to recovering the embezzled funds as swiftly as possible. We want to strengthen SASRA to ensure it has sufficient authority to oversee and supervise Saccos,” stated the Cabinet Secretary.
Several individuals linked to the KUSCCO scandal, including former top executives, have been arrested and arraigned in courts.
Oparanya also mentioned that KUSCCO plans to sell some of its idle assets to compensate small investors. He called for an immediate restructuring of KUSCCO’s management to enhance its ability to fulfill its mandate effectively.
