NAIROBI, Kenya—The Sacco Societies Regulatory Authority (SASRA) has taken decisive action, revoking the licenses of B Smart Sacco Limited and Multiple Sacco Limited for failing to meet compliance requirements.
The move is part of the regulator’s ongoing efforts to ensure transparency and accountability within the Sacco sector.
SASRA CEO Peter Njuguna revealed that both Saccos had failed to fulfill their obligations to members and comply with licensing requirements as mandated by Kenyan law.
List of Licensed and Authorized Sacco Societies in Kenya for the Financial Year Ending 31st December 2025. Click shorturl.at/JG89J to access the full list.
Specifically, the societies did not renew their licenses, a crucial step for maintaining their legal operations.
“Public and private entities must cease facilitating unlicensed and unauthorized entities purporting to be Sacco Societies,” Njuguna emphasized.
The regulator issued a stern warning to the public, advising them against conducting business with the two Saccos.
Engaging with unlicensed Sacco societies is not only risky but also a violation of the Sacco Societies Act, which regulates the sector.
SASRA further highlighted that transacting with unlicensed Saccos exposes individuals and organizations to significant risks.
It is illegal under the Act for any entity to operate deposit-taking or non-deposit-taking Sacco business without proper authorization.
“Anyone continuing to transact with an unlicensed Sacco does so at their own risk and peril,” Njuguna warned.
To protect members and stakeholders, SASRA has been actively monitoring compliance and taking enforcement measures where necessary. The regulator has urged the public to confirm a Sacco’s licensing status before engaging in any financial transactions.
The revocation of licenses serves as a wake-up call for Sacco members and investors to prioritize due diligence.
SASRA continues to encourage the public to work only with licensed Saccos to safeguard their investments.
SASRA’s online portal offers resources to verify the status of regulated Saccos.
SASRA’s bold step against B Smart Sacco Limited and Multiple Sacco Limited reinforces its commitment to upholding integrity within Kenya’s Sacco ecosystem.
Members and investors are advised to remain vigilant and prioritize safety by steering clear of unlicensed entities.
