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News & Press Releases

October 28, 2016….. new online complaints portal for the general public, Sacco members and saccos to be able to manage complaints is in place.

 

The portal, being introduced as part of ongoing improvements to SASRA services to Sacco members and the general public and will allow SASRA to view complaint details, share information with aggrieved Saccos, confirm resolutions; and access decisions on complaints.

 

The public and Sacco members will be able to manage their complaint through the portal, enabling them to keep track of what stage the complaint is at. The portal is one of the business transformation initiatives being rolled out by SASRA to help it ensure satisfaction levels of its stakeholders are well managed. In addition, it should help the Authority improve its data reporting and analysis while reducing the number of cases that may be due to miscommunication or non-adherence to business processes by Saccos.

 

Acting Chief Executive Officer, John Mwaka, said: “We are constantly looking at ways in which we can make our service as efficient as possible. The portal is one of the key innovations we’re making to achieve this goal.”

 

The portal is expected to benefit the general public, Sacco members and Saccos, ultimately making life easier for everyone involved in the complaint process. Further accessing the portal is easy and is available under our complaints section of the website via http://www.sasra.go.ke/ComplaintsHandling.

 

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Notes for Editors

 

The Sacco Societies Regulatory Authority (SASRA) is a statutory state corporation established under the Sacco Societies Act (Cap 490B) of the Laws of Kenya and came into full operation on 18th June 2010. The Authority is charged with the role of regulating, licensing and supervising deposit taking Sacco Societies (popularly known as Front Office Service Activity or FOSA) in Kenya.

 

The establishment of SASRA, which falls within the Government of Kenya’s reform process in the financial sector, has the objectives of protecting the interests of Sacco members, ensuring that there is confidence in the public towards the Sacco sector and spurring Kenya’s economic growth through mobilization of domestic savings.

WASHINGTON–A new group has been formed made up of CU regulators from around the world. Credit union regulators from 30 jurisdictions have come together to form the International Credit Union Regulators’ Network (ICURN).

The organization grew out of an informal network of credit union regulators that has been operating since 2007.

In a statement announcing its formation, ICURN said it has become an important forum for financial cooperative regulators to share perspectives on the sound oversight and regulation of financial cooperatives.

“As an independent association, ICURN will facilitate the sharing of information, provide research, training and best practices on financial cooperative supervision and promote international coordination among financial services regulators as called for by the Group of 20 (G-20) nations,” the organization said in a statement.

Last week 52 supervisors from 22 countries met in Washington for ICURN’s first meeting as an independent association to discuss cyber security, credit risk assessments, governance, financial inclusion and mobile money developments.

“The development of ICURN as an independent and sustainable association for credit union supervisors around the globe is a reflection of both the value that is provided to supervisors over the years and the future anticipated needs,” said Martin Stewart, chairman of ICURN. Stewart is Director Banks, Building Societies and Credit Unions at the Prudential Regulation Authority at the Bank of England. Other members of ICURN’s steering committee include:

  • Lucy Ito, National Association of State Credit Union Supervisors
  • John Kutchey, National Credit Union Administration
  • Francisco Mier, National Bank and Securities Commission (Mexico)
  •  John Mwaka, SACCO Societies Regulatory Authority (Kenya)
  • Pat Ryan, Nova Scotia Credit Union Deposit Insurance Corp. (Canada)
  • Sudarshan Sen, Reserve Bank of India

  • Wiktor Kaminski, National Association of Savings and Credit Unions (Poland)
  • Marie Boyer, Central Bank of Haiti
  • Anne Marie McKiernan, Central Bank of Ireland

The group’s operations are being managed by Dave Grace & Associates. Grace was among the founders of ICURN.

Source:http://www.cutoday.info

The Sacco industry total assets grew by 12.17 per cent in 2015 with loans being the single largest balance sheet asset at 73.5 per cent. The Sacco Society Regulatory Authority (SASRA) renewed licenses for 181 deposit taking Sacco societies to operate in 2015.

Thedeposit taking Sacco societies continue to grow above 12 per cent in all the key performance indicators and account for 75 per cent of the total assets and deposits in the Sacco sub-sector. These societies net assets exceed KSh.5 billion, which account for 54 per cent of net assets and deposits.

The increasing demands for prudential regulatory compliance coupled with the fact that majority of the small Sacco societies are financially and technically constrained, remain a major challenge for this category of deposit taking Saccos. The growth momentum for the large and medium sized deposit taking Saccos is expected to exert competitive pressure on the small Saccos, which may opt out of the deposit taking Sacco business to concentrate in the non-deposit taking Sacco business or encourage mergers.

 

(Please note that this article has been extracted from the Financial Stability Report, 2015 which is available on this link.)

 

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