The Government has unveiled a new list of 359 Savings and Credit Cooperatives Societies (Saccos) licensed and authorised in the country.
Through a notice, the Sacco Societies Regulatory Authority (SASRA) has said the companies have met the requirements and have since had their licences renewed to undertake their businesses.
Out of this, 176 operate deposit-taking while 183 others are authorised to carry out non-deposit business.
Deposit-taking Saccos are 2NK, Acumen, Afya, Edus, Kenya highlands, Boresha and Defence Sacco societies among others.
Non-deposit taking- Rembo shuttle, Post bank, The Standard, Ukaguzi, Ubora, Unga and Vision regulated Non-WDT Saccos.
SASRA chief executive officer Peter Njuguna has put on notice individuals operating any Sacco without their approval that is an offence and they risk prosecution.
“It is an offence punishable by prosecution under the Act and the regulations made for any person to conduct or undertake a deposit-taking and or specified non-deposit-taking Sacco business, with any Sacco Society or entity, unless the Sacco Society has been duly licensed or authorised by the Authority,” said Njuguna.
Members of the public have also been warned against doing business with the Saccos operating without valid licences with the regulator insisting that the authorised businesses must display their documents.
SASRA is mandated to regulate, supervise, and license all the Saccos in the country in accordance with the Sacco Societies Act of 2008.
Before a Sacco is registered, it has to comply with all the SASRA regulations.
“Every licensed or authorised Sacco Society is required by law to all times, display the original license or authorisation certificate (as the case may be) in a conspicuous place at their registered head offices, and a copy thereof at all other licensed or authorized places of business,” the notice further reads.