Welcome to SASRA
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 principal mandate of the Authority under the Act has been to license Sacco Societies to undertake deposit-taking Sacco business in Kenya (popularly known as Front Office Service Activity or FOSA), and to supervise and regulate such Sacco Societies in Kenya among other things.
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. SASRA is charged with the role of regulating, licensing and supervising deposit taking Sacco Societies in Kenya.
SACCO SOCIETIES REGULATORY AUTHORITY AND THE CONSTITUTION OF KENYA
According to Article 185 Part two (2) of the Fourth Schedule of the Constitution of Kenya,
2010, the county governments under the trade development and regulation function will be in charge of cooperative societies.
SASRA is mandated to regulate, license and supervise deposit taking Sacco Societies in Kenya. In pursuit of its mandate, the Authority will partner with county governments to ensure that there is economic growth in Kenya
SACCO SOCIETIES REGULATORY AUTHORITY AND VISION 2030
The Kenya’s long term development agenda is set out in the Kenya Vision 2030. The aim of Vision 2030 is to make Kenya a globally competitive and prosperous country by transforming it into an industrialized middle income nation, providing high quality of life for all the citizens by the year 2030.
The Vision is anchored on three pillars:-
i. The Economic pillar: Aims at providing prosperity for all Kenyans by attaining an annual growth rate of 10% per annum and sustaining it through the Vision period. Under this pillar, flagship projects have been identified in the tourism, agriculture, manufacturing, wholesale and retail, business process outsourcing and financial services.
ii. The Social pillar: Seeks to build a just and cohesive society with social equity in a clean and secure environment. To achieve this, the priority sectors identified include: education and training; health; water and sanitation; the environment; housing and urbanization; gender, youth, sports and vulnerable groups.
iii. The Political pillar: Aims to realize an issue based, people centered, result oriented and accountable democratic system. The specific areas identified for achievement of this priority are respect for the rule of law, electoral and political processes, democracy and public service delivery, transparency and accountability, security, peace building and conflict resolution.
In the financial services, Vision 2030 aims to create a vibrant and globally competitive financial sector in Kenya that will create jobs and also promote high levels of savings to finance Kenya’s overall investment needs. As part of Kenya’s macro-economic goals, savings rates will rise from 17% to 30% of GDP in about a decade.
In addition, the Vision 2030 recommends the streamlining of informal finance and Savings and Credit Co-operative Societies. In order for the aspirations of the Kenya Vision 2030 of attaining high economic growth of 10 percent to be achieved, high levels of investments are required and increase in the national savings is therefore paramount.
SASRA will therefore contribute to the achievement of this objective through the promotion and the development of the Sacco industry which is vital in the mobilization of savings for national development.
The Authority will also contribute to the achievement of the social pillar aspirations through ensuring that the interests of members of the Sacco industry are protected.