25, 000 saccos risk closure over missing audit reports

About 25,000 savings and credit co-operative societies (saccos) risk deregistration for failing to prepare and file audited financial accounts with the regulator, raising concerns over the safety of more than Sh1.2 trillion deposits held in the country’s co-operative movement.

The State Department for Co-operatives says just under 5,000—representing 16.6 percent of the nearly 30,000 co-operatives in the country—are preparing and submitting their financial results to the Sacco Societies Regulatory Authority (Sasra) and the Commissioner for Co-operative Development.