Saccos showed great resilience to return impressive results in 2020 despite the disruptive effects of Covid-19. Member deposits rose 13.31 per cent on average in 2019-20 to reach Sh431.09 million, compared to an 11.27 per cent growth in 2018-19. But they have shown great resilience, which ensured stability in the sub-sector,” said SASRA chief executive John Mwaka. The regulator used the occasion to educate leaders of non-deposit taking Saccos on the Sacco Regulations 2020, whose aim is to bring such entities under the regulatory mandate of SASRA. The Regulations 2020, which came into effect on January 1 this year, aim at bringing prescribed non-deposit taking Saccos under the regulatory ambit of SASRA.

Source: The Star February 28, 2021 00:56 UTC