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Sasra seeks adviser to guide sacco deposit insurance fund set up

Wednesday, February 08, 2017 — updated on December 25, 2020 - 4 min read

Members of the Mwalimu National Sacco queue to access their savings over the counter. A sacco deposit insurance fund will guarantee up to Sh100,000 of deposits. PHOTO | FILE

Kenya is seeking a fresh consultant to jump-start plans to set up a deposit insurance scheme for savings and credit cooperatives deposits.
The financial safety net will provide protection to sacco deposits up to Sh100,000 a member and the advisor is expected to guide on the legal and regulatory framework for the scheme dubbed Deposit Guarantee Fund.

The Sacco Societies Regulatory Authority (Sasra) had in 2013 retained Mr Carlos Alba Prado as the consultant to assist in the establishment of a deposit guarantee fund, but the findings were never made public.