We are now officially receiving remittances for shares and loan repayments through the Airtel Money service through business number 0789-101-900. The service can be used by any member of the Sacco who wishes to remit FOSA savings, BOSA savings or loan repayment.
Sacco Societies Regulatory Authority (SASRA)
The Sacco Societies Regulatory Authority (SASRA) is established under the Sacco Societies Act of 2008 with the following mandate:
- License Sacco Societies to carry out deposit taking business;
- Regulate and supervise deposit taking Sacco Societies;
- Manage the Deposit Guarantee Fund under the trustees appointed under the Act;
- Advise the Minister on national policy on deposit taking Sacco Societies in Kenya.
Benefits of the License to the SACCO
- Improve investor confidence.
- Competitiveness with other financial institutions
- Deposits guarantee fund.
- Capital requirements have to be met which ensure the safety of members funds.
- ICT requirements have to be met.
- Government may confidently channel their funds through the SACCO.