Govt Suspends New SACCO Registrations For Three Months - Kahawatungu

Government Suspends New SACCO Registrations

The Kenyan government has imposed a three-month freeze on new SACCO registrations as it begins reforms aimed at tackling fraud and regulatory weaknesses in the cooperative sector. Cooperatives and MSMEs Cabinet Secretary Wycliffe Oparanya announced the moratorium in response to growing concerns over member exploitation and financial mismanagement. The move follows the findings of a … The post Government Suspends New SACCO Registrations Over Ksh.…

Govt Suspends New SACCO Registrations For Three Months - Kahawatungu

The Ministry of Co-operatives and Micro, Small and Medium Enterprises (MSMEs) Development has announced a three-month suspension on the registration of new Savings and Credit Cooperative Societies (SACCOs). Co-operatives Cabinet Secretary Wycliffe Oparanya said the move will allow a newly formed committee of experts to review the SACCO sector and recommend legal and institutional reforms. At the same time, the government has introduced two new b…