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Functions of Sacco Societies Regulatory Authority SASRA

Functions of Sacco Societies Regulatory Authority SASRA

This article is about Functions of Sacco Societies Regulatory Authority SASRA. It is a state agency established in 2010 to license and supervise sacco deposit companies in Kenya. It falls under the Ministry of Industrialization and Enterprise Development.

Through its mandate, SASRA ensures public confidence in the Sacco sector and the promotion of Kenya’s economic growth through the mobilization of domestic savings.

Functions of Sacco Societies Regulatory Authority SASRA

  1. Licensing of Sacco companies operating deposit services in Kenya

This includes issuing licences, canceling licenses and issuing Sacco company licences.

  1. To organize and manage Sacco companies in Kenya.

This includes the audit of Sacco companies and the implementation of actions.

3. Total contribution to be paid by Saccos.

4. Ensure the distribution of deposit taking SACCOs across the country to expand financial inclusion (also oversees non deposit taking saccos).

5. Hold, manage, and invest the General Fund of the Authority in accordance with the laws of Kenya. The general fund shall be the sum of all the taxes and all the money collected from any place given or given or loaned to SASRA.

  1. Protection of members’ deposits through Deposit Guarantee Funds. This includes up to one hundred thousand shillings in respect of each member.
  2. Limitations on non-compliance

SASRA is mandated to impose sanctions if SACCOs fail to meet standards such as capital limits. These restrictions include the suspension of loans and investments, restrictions on acquiring, by purchase or loan, additional real estate, and restrictions on accepting new deposits or other lines of credit.

  1. Liquidity and asset management

SASRA is responsible for planning, reviewing and adjusting the annual financial statements of Sacco companies.

  1. Review the financial performance of SACCOs

Saccos submit to SASRA by the 15th of each month a statement of income and expenditure as well as a statement of financial position showing the results of its operations for the previous month for audit.

10. Bring a financial penalty.

SASRA is mandated to impose financial sanctions on Sacco companies that do not submit reports and information required by shareholders or on Sacco companies that submit inaccurate reports and information.

SASRA Contact info

Address: UAP Old Mutual Tower, 18th & 19th Floor, Upper Hill Rd, Nairobi

Phone: +254 (20) 2935101

Email: info@sasra.go.ke


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