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CBK warns Kenyans over unlicensed SACCOs

CBK Governor Patrick Njoroge

In a statement, CBK urged Kenyans to avoid depositing money with such saccos until they confirm they are legally registered.

“Such entities entice members of the public to place money with them and promise quick and abnormally high returns on their money or acquisition of non-existent properties. CBK and  Sacco Societies Regulatory Authority (SASRA) advise members of the public not to place their money with such unlicensed entities.

“CBK and SASRA are the sole licensing authorities for deposit-taking institutions in Kenya. In particular, CBK licenses commercial banks under the Banking Act and microfinance banks under the Microfinance Act. SASRA licenses deposit-taking SACCOs under the SACCO Societies Act,” part of the statement read.

However, CBK highlighted that there were other cooperative societies registered by the Commissioner for Cooperative Development (CCD) to mobilize savings from their members and also provide credit facilities against the collateral of such savings.

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“These are the non-deposit-taking SACCO Societies, which are governed by the Cooperative Societies Act. However, they are not authorised to take withdrawable deposits or present themselves to the public as deposit-taking entities,” the statement adds.

CBK’s warning comes after KTN on Tuesday reported that 7,000 Kenyans could have been duped in yet another housing scam by one Bishop David Ngari.

This is after the Bishop, introduced a lucrative deal of owning houses with members of the public being urged to save with Ekeza Sacco and Gakuyo Real estate firm, where he is the chairman.

After one year of saving, members of the sacco are yet to see the houses which they were promised in 2016.

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