CS Munya appoints Ann Wetangula to lucrative gov't job

Ann Wetangula joins the authority that regulates deposits worth more than Sh100 billion

CS Peter Munya

Agriculture Cabinet Secretary Peter Munya has appointed Ann W. Wetangula to a lucrative job.

In a notice on the Kenya Gazette published on Friday, October 29, 2021, Ann Wetangula was appointed as a member, of the Sacco Societies Regulatory Authority (SASRA), for a period of three years.

The Sacoo Societies Regulatory Authority (SASRA) is the government’s principal agency responsible for the supervision and regulation of Sacco Societies in Kenya.

Ms Wetangula was appointed alongside Robert Mungai Mburu.

New Sacco laws

The regulator has been pushing Saccos to comply with new guidelines that ensure Kenyans’ deposits and investments are protected.

SASRA in May said many Kenyans have lost money to pyramid scheme-like companies masquerading as Saccos, duping the public into saving with them with promises of high returns, only to vanish.

The authority demanded that all non-deposit taking saccos to apply for licensing by SASRA or risk closure.

Non-deposit taking saccos mean those that take deposits from members only in the form of share capital. These amounts are refundable to members only when they leave the sacco.

SASRA is also going after saccos with no physical addresses but offer services to Kenyans through digital platforms such as phone app and on the web.

Authority puts the total number of non-deposit taking saccos in Kenya at 3,626, with a membership of over 1.5 million.

Total Assets are estimated at about Sh188.02 billion, with Total Deposits and Loans at Sh140.54 billion and Sh136.89, respectively.

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