MSMEs Cabinet Secretary Wycliffe Oparanya, has appointed a five-member Committee of Experts to review the Sacco Societies Act, 2008.
The members include the CEO of Capital Credit Union (Scotland), Marlene Shiels as the chairperson, the African American Credit Union Coalition (AACUC) and US Supreme Court Bar Member Maurice Smith and Advocate Odhiambo Collins Harrison.
Others are the CEO of Stima DT Sacco, Gamaliel Hassan and the Group chairperson of CIC Insurance, Nelson Kuria.
“The Committee has been tasked with, among other objectives, evaluating and proposing amendments to the Act that align with recent Cabinet approval,” Oparanya said in a statement.
Their core responsibilities include proposing the establishment of a Central Liquidity Facility for SACCOs, creating a SACCO Deposit Guarantee Fund and drafting a legal and administrative framework for shared services across SACCOs.
The team will be assisted by a technical staff comprising Morris Mworia Muriungi and John B. Ong’atta.
The appointment is for a three-month duration, during which the Committee is expected to complete their work.
“On behalf of the Ministry, I congratulate the appointed experts and wish them success in executing this important mandate,” Oparanya said.
“The government remains committed to supporting reforms that enhance the resilience and sustainability of the SACCO sector.”
The Sacco Societies Act, 2008 provides for the licensing, regulation, supervision and promotion of Savings and Credit Cooperative Societies (SACCOs) that operate deposit-taking business.
It was enacted to address the rapid growth of Saccos and to ensure that members' savings were protected through proper regulation and oversight.
It came into effect in June 2009, and its implementation led to the establishment of the Sacco Societies Regulatory Authority (SASRA).
The Act served to strengthen the Sacco sector, increase savings, improve access to finance and better financial discipline.
