Six savings and credit co-operatives (Saccos), including the once giant Metropolitan National, are to have their licences revoked by the industry regulator for failing to meet minimum capital requirements.
The Sacco Societies Regulatory Authority (Sasra), which regulates deposit-taking (DT) and large non-withdrawable deposit-taking saccos, said that Metropolitan National, Shoppers, Jitegemee, Jumuika, Lamu Teachers, and Ndosha Saccos have a core capital to total assets ratio of less than five percent, well below the regulatory threshold of 10 percent, and have a core capital of less than the required Sh10 million.
