SASRA was incorporated in 2010 and it has several functions and roles.The Sacco Societies Regulatory Authority (SASRA) is a statutory state corporation established under the Sacco Societies Act (Cap 490B) of the Laws of Kenya (the Act) which came into full operation upon the gazettement of the Sacco Societies (Deposit-taking Sacco Business) Regulations, 2010 (the Regulations 2010) on 18th June 2010.
The mandate of the Authority as provided by the Act includes the following:
- Licence Sacco societies to carry out deposit-taking business in accordance with this Act;
- Regulate and supervise Sacco societies;
- Hold, manage and apply the General Fund of the Authority in accordance with the provisions of this Act;
- Levy contributions in accordance with this Act;
- Do all such other things as may be lawfully directed by the Minister; and
- Perform such other functions as are conferred on it by this Act or by any other written law
If your Sacco is not licensed by SASRA then know that it should not be in existence. Also,SASRA is responsible for regulating all Saccos operating in Kenya such that if a Sacco violates any of the stated rules,it is deregistered or punished.
Other roles of SASRA include:
- Process of licenses for deposit taking SACCO Societies and monitoring and evaluating their performance.
- Continuous review and improvement of policy, regulatory and supervisory framework.
- Conduct on site and off site surveillance and enforcement of compliance with the regulatory requirements.
- Investigate and enforcing cases of violation against regulatory requirements in line with the SACCO Societies Act 2008 and regulations.
- Analysis of data and information on performance of SACCOs and disseminating the same to the different stakeholders.