The Non-Deposit Taking SACCOs are expected to comply by applying to the Authority within six months of the Regulations 2020 having come into legal effect (1st January, 2021), for authorization to operate.As a start, they are required to file their detailed particulars with SASRA within 30 days of a notice published in the national press last Friday (January 29, 2021) by the Authority. Also targeted under the new regulations, to be implemented by SASRA, are Non-DT SACCOs which mobilise membership and subscription to their share capital through digital or other electronic payment platforms; or those that mobilise membership and subscription to their share capital from persons, who are ordinarily resident outside the country.
