The national government intensified its probe into the illegal deposit-taking activities of the Kenya Union of Savings and Credit Cooperative Society (Kuscco). KUSCCO boss George Ototo at past events. According to Nation, Co-operatives and Micro, Small Medium Enterprises Cabinet Secretary Simon Chelugui directed the Sacco Societies Regulatory Authority (SASRA) Sasra CEO Peter Njuguna to conduct the investigation. What is regulated Sacco businessIn his letter to Njuguna, Chelugui stated that the law grants the CS authority to inspect any Sacco society and its books, accounts and records. Regulated Sacco business involves either deposit-taking Sacco business, which must be licensed, or specified non-deposit-taking business, which must be authorised.

Source: Daily Nation October 11, 2023 18:33 UTC