Companies
Sasra targets shared services platform for co-operatives
Tuesday June 20 2023
National Treasury Cabinet Secretary Prof Njuguna Ndung’u reads the 2023/2024 Budget speech in Parliament on June 15, 2023. PHOTO | SILA KIPLAGAT | NMG
The Sacco Societies Regulatory Authority (Sasra) is proposing amendments to the law to allow for a shared services platform to help saccos enhance operations at reduced costs.
The Treasury has revealed that Sasra has proposed an amendment to the Sacco Societies Act, 2008 to provide for the creation, licensing and supervision of the shared platform that promises to support small players struggling facing budget constraints.
“This initiative will improve the efficiency and competitiveness of saccos through the establishment of a cost-shared digital platform to enable small Saccos to achieve economies of scale while at the same time mainstreaming regulation compliance in a cost-effective manner,” Treasury CS Njuguna Ndung’u said.
He noted that Kenya’s sacco industry is characterised by many small and medium-sized players that find it difficult to effectively compete in the deposit-taking and credit market.
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