The Sacco Societies (non-deposit taking business), Regulations, 2020, were gazetted on May 5, 2020. The 14-part regulations issued by Agriculture CS Peter Munya detail institutional sacco structures that must be in place. A responsive risk management framework must be implemented and reviewed by the apex organ of the sacco. The inter-relations internal organs such as the sacco management/staff, internal audit unit, the supervisory committee and those of external auditors has been delineated. In addition to the graduated exit of board members through elections, saccos will be required to institute business contingency measures as guided under part XIV of the regulations.

Source: The Star July 13, 2020 00:56 UTC