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How to Renew Savings and Credit Cooperative (SACCO) License in Kenya

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How to Renew Savings and Credit Cooperative (SACCO) License in Kenya by Kenyans247(1): Mon 16, March, 2020 10:11am
Procedure
Renewing a license will follow through a five-stage process sequenced as follows:

The SACCO will submit to SASRA, the license application forms to be found in the First Schedule of the Regulations and the required accompanying documents;
If satisfied, SASRA will issue a Letter of Intent, upon which the SACCO will be required to set up its business premises, put in place a management information system (MIS), and develop a comprehensive risk management framework;
Once the SACCO has completed (2) above, SASRA will then conduct an on-site inspection within 30 days, and;
If satisfied, SASRA will issue a Letter of Compliance to the SACCO within another 30 days;
SASRA will then issue a license upon payment of the licensing fee of KShs 50,000 for a head office and KShs 20,000 for every branch held.
SASRA estimates that it will take an average of four (4) months for a SACCO that fully complies with all the licensing requirements to be issued with a license.

Required Documents
License Renewal Application Form
Fit and Proper Test
Certified copy of the Societys Registration certificate
Verified official notification of the Society's registered head office
Certified copy of the Society's Bylaws
Business Plan and/or Feasibility Study
Approved ADM/AGM minutes approving application for the deposit taking license
Proposed name of the CEO
Preceding 3 years audited accounts
Proof of adequate capital

Office Locations & Contacts
The Chief Executive Officer

The Sacco Societies Regulatory Authority (SASRA)
P.O. Box 25089-00100, Nairobi, Kenya
Tel: +254 (20) 2935100/101
E-mail: info@sasra.go.ke
Website: http://www.sasra.go.ke
Facebook Page: Sacco Societies Regulatory Authority
Twitter: SASRA_ke
Linkedin: SASRA (KE)
Physical Address
Britam Centre, Ground and First Floor
Junction of Mara Road Ragati Roads, Upper Hill.
Contact Form
http://www.sasra.go.ke/index.php/contact-us#.VhZz6G7wtSA

Eligibility
A Sacco society should apply for renewal of a license at least ninety days before the expiry of its operating license in respect of its head office and any other place of business.

Where Sacco societies amalgamate, the amalgamate Sacco society shall be exempt from paying license fee in the year of amalgamation if the amalgamating Sacco societies had existing licenses.

Fees
Licensing fee of KShs 50,000 for a head office and KShs 20,000 for every branch

Documents to Use
Application Form for Renewal of License


Validity
A SACCO license is valid for one calendar year ending 3lst December and is regardless of date of licensing. A licensed SACCO is required to apply for renewal of a license at least ninety (90) days before the expiry of a license which would be by end of September of each year.

Sample Documents
Sample Licensing Forms
http://www.sasra.go.ke/index.php/resources/licensing-forms#.VhZz4G7wtSA

Instructions
Specific Licensing Requirements for Saccos The Act (Section 24) and Regulations (Section 4) detail the information required for licensing. The following is a non-exhaustive list of the major requirements:

Capital: SACCOs have to provide a minimum core capital of KShs 10 million as shown in their financial or through submission of bank statements. All SACCOs have to comply with three capital adequacy ratios as stipulated in the Regulations.
Fit and proper test: Both directors and senior management (or departmental heads) will be subject to a fit and proper test, vetting their moral and professional suitability to be on the board and to manage the SACCO society, respectively.
Business plan: A detailed four-year business plan and feasibility study including projected financial statements is required.
All these requirements only apply to SACCOs conducting deposit-taking business or intending to start a FOSA.

Required Information
Name of Sacco Society
C.S. No.
Date of Registration
Date of Issuance of last license
Current license No
Location of Registered Office
Physical Address of Head Office
L.R. No
Street
Building
Postal Address
Postal Code
Telephone No.
P.I.N. No
E-mail Address
Names of places of business in Kenya and the number of years each has been established and has conducted or carried out business
Former name(s), if applicable, by which the Sacco society has been known
Details of Capital
Particulars of Officers
Names of Bankers and their Address
If the Sacco society ever been put under receivership or made any compromise or arrangement with its creditors or otherwise failed to satisfy creditors in full
If the Sacco society under investigation by an inspector or other authorized officer of any government ministry, department or agency, professional association or other regulatory body or has any investigation ever taken place in the affairs of the Sacco society
If the Sacco society currently engaged or does it expect to be involved in any litigation which may have a material effect on the resources of the Sacco Society
Declaration

Need for the Document
Any SACCO Societies with a FOSA or those planning to operate a FOSA have to apply for a license. A SACCO should obtain licenses for its head office and each of the branches (FOSAs).

A SACCO license is valid for one calendar year ending 3lst December and is regardless of date of licensing. A licensed SACCO is required to apply for renewal of a license at least ninety (90) days before the expiry of a license which would be by end of September of each year.

Information which might help
The application form should be filled in accordance with the attached instructions on applications for renewal of deposit-taking licenses issued by the Authority. Additional sheets of papers may be added in case the spaces provided are inadequate.

This application must be accompanied by all the relevant documents and requirements prescribed in the Act and Regulations.

SASRA may ask for additional information on any of the licensing requirements for purposes of assessing the application.

Please note that all the forms (application and fit & proper test) have to be witnessed by a Commissioner for Oaths.

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