More than 100 deposit-taking savings and credit co-operatives (saccos) did not meet the mandatory capital ratio requirement in 2016, raising questions over their fitness in the key credit market.
Market regulator, the Sacco Societies Regulatory Authority (Sasra) says in its report for the period ending December 31, 2016 that only 69 of the 175 deposit-taking saccos met and maintained the prescribed minimum institutional capital adequacy (ICA) ratio of eight per cent, meaning more than half the lenders are in breach of the law.
