The Business Daily published a story about the National Cooperatives Development Policy which has been put up for public participation by the Kenyan parliament.
The policy seeks to expand the mandate of the SACCO Societies Regulatory Authority (SASRA) to regulate all financial cooperatives. Under the current laws SASRA only regulates deposit taking SACCOs, while the Commissioner for Cooperative Development controls the non-deposit taking SACCOs.
Kwara supports the proposed policy as it will empower SASRA to ensure uniform quality and shared learnings for the country’s cooperative sector. The sector may get a robust regulatory framework that will drive all SACCOs and cooperatives towards success.
Expanding the mandate and restructuring SASRA to regulate all financial cooperatives may prove an important move to streamline SACCO operations under one source of authority.