The government is set to bring Saccos operating in the digital sphere under its regulatory oversight. A number of digital Saccos have in the recent past mobilised savings running into millions of shillings from Kenyans, who have ended up losing their money after officials disappeared without a trace. The Sacco Societies Regulatory Authority (Sasra) will beginning July 1 require all existing digital Saccos to register with it and regularly submit information of their operations. The regulator currently oversees operations of 175 deposit-taking Saccos, which was its original mandate upon formation. Data from the regulator on the deposit-taking Saccos shows a resilient industry in terms of mobilising savings.

Source: Standard Digital May 10, 2021 22:00 UTC