By PATRICK ALUSHULAMore by this AuthorTrade, Industry and Cooperatives ministry wants the Commissioner of Cooperatives empowered to independently investigate, fine and prosecute errant Savings and Credit Cooperative Organisations (Saccos). The CS said the mandate of Commissioner of Cooperatives and that of Sacco Societies Regulatory Authority (Sasra) is limited, opening room for some saccos to collect and steal members’ contributions. “We are carrying out reforms within the cooperatives sector to look at regulatory framework so as to give more teeth to the commissioner and even Sasra,” Mr Munya said last week. “Right now, the most that a commissioner can do is to surcharge, then use other government agencies to fine or prosecute. According to Sasra report covering up to end of December 2017, 176 deposit taking saccos had Sh305.3 billion deposits.

Source: Daily Nation February 03, 2019 18:56 UTC