Acquiring 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.

Note: The license to conduct deposit-taking business will be renewed annually.

• License 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
• Payment of KShs 3,000 application fees (deposit slip or bankers draft)

Sacco Societies Regulatory Authority (SASRA) - Head Office
Physical Address: Upper Hill Road, UAP Old Mutual Tower, 19th Floor.
NAIROBI, KENYA.
P.O. Box 25089-00100, Nairobi,
Kenya
Tel: +254 (20) 2935101
E-mail: info@sasra.go.ke
Website: SASRA Link

• A Sacco society intending to transact the deposit-taking business in Kenya shall, before commencing such business, apply in writing, to the Authority for a license, in the prescribed form.
• An application should be accompanied by
  • a copy of the certificate of registration and the by-laws of the Sacco society;
  • evidence that the Sacco society meets the minimum capital requirements prescribed in the Second Schedule;
  • information relating to the place of business, indicating that of the head office, and branches, if any;
  • the prescribed fees;
  • a report by the Sacco society, covering the following
    • objectives of the deposit-taking Sacco society business;
    • membership and share capital;
    • economic and financial environment;
    • organizational structure and management; and
    • financial and risk analysis;
  • such other requirements as the Authority may prescribe.
• A Sacco society may appeal to the Minister in reference to refusal to grant a license within thirty days after receipt of notification of refusal.
• The Minister may reverse the decision of the Authority only if
  • the Authority failed to follow required procedures in making its decision;
  • the Authoritys decision was contrary to the Act and the regulations;
  • there was no factual basis for the Authoritys decision; or
  • based on a review of the record the Authority committed a manifest error in its assessment of facts, or abused its discretion in taking its decision.
• The Authority shall, in consultation with the Minister make regulations providing for further requirements to be fulfilled before the grant of license to a Sacco society.

• KShs 3,000 application fees
• Licensing fee of KShs 50,000 for a head office and KShs 20,000 for every branch

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.

Licensing Forms

Fit and Proper Test Form

Application Form for a License

Sample Licensing Forms

Please explain processing time taken in obtaining the document/certificate.

Videos explaining the procedure or to fill the applications. 
Attach videos using the following tag <&video type="website">video ID|width|height<&/video&> from external websites.
Please remove the "&" inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver, 
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url "http://www.youtube.com/watch?v=Y0US7oR_t3M" Video ID is "Y0US7oR_t3M". 
	

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.

• Name of Sacco Society
• C.S. No.
• Date of Registration
• 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

SACCO stands for Savings and Credit Cooperative which is a special type of co-operative offering ?nancial services with major focus on mobilization of funds and provision of affordable credit to its members who are both the owners and users.

FOSA stands for Front Office Services Activities and refers to the banking like services provided by SACCOs. Through the FOSA, members of the SACCO can easily access services including cash withdrawals over the counter, ATM or mobile phone.

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).

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.

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

Sacco Societies Regulatory Authority (SASRA)

Licensing

The Sacco Societies Act

Ministry of Industrialization and Enterprise Development

The Sacco Societies Regulatory Authority (SASRA) is a statutory state corporation established under the Sacco Societies Act (Cap 490B) of the Laws of Kenya (the Act) which came into full operation upon the gazettement of the Sacco Societies (Deposit-taking Sacco Business) Regulations, 2010 (the Regulations 2010) on 18th June 2010.

The principal mandate of the Authority under the Act has been to license Sacco Societies to undertake deposit-taking Sacco business in Kenya (popularly known as Front Office Service Activity or FOSA), and to supervise and regulate such Sacco Societies in Kenya among other things.

The establishment of SASRA, which falls within the Government of Kenyas reform process in the financial sector, has the objectives of protecting the interests of Sacco members, ensuring that there is confidence in the public towards the Sacco sector and spurring Kenyas