A STEP-BY-STEP GUIDE ON THE PROCEDURE FOR APPLICATION FOR AUTHORIZATION OF SPECIFIED NON-WITHDRAWABLE DEPOSIT TAKING- SACCO SOCIETIES IN KENYA

Summary

The Authority has developed this guide to provide a step-by-step procedure for application for authorization by the qualifying Sacco Societies and lists requirements to ensure the completeness of the application.

Issued by

David Sandagi, Ag, Chief Executive Officer

Who it affects

Specified Non-Deposit Taking Saccos that intend to apply for Authorization under Regulation 4 of the Sacco Societies (Non-Deposit Taking Business) Regulations 2020.

Amounts

• KES 100,000,000.00 — total non-withdrawable deposits are equal to or exceed Kshs. 100 million
• KES 5,000,000.00 — core capital of a non-deposit-taking Sacco Society
• KES 3,000.00 — non-refundable application fee
• KES 50,000.00 — fee for issuance of an authorization certificate for the Sacco Society’s head office
• KES 10,000.00 — fee for issuance of an authorization certificate for every other place of business of the Sacco Society

Action required

Sacco Societies intending to undertake Specified Non-Deposit Taking Business are required to obtain a valid authorization certificate from the Authority.