ADVOKS GLOBAL · KENYA
Sacco Societies Act
24. Application for licence
Edition: 2025-06-20 · In force
24. Application for licence
(1)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 licence, in the prescribed form.(2)An application under subsection (1) shall be accompanied by—(a)a copy of the certificate of registration and the by-laws of the Sacco society;(b)evidence that the Sacco society meets the minimum capital requirements prescribed in the regulations;(c)information relating to the place of business, indicating that of the head office, and branches, if any;(e)a report by the Sacco society, covering the following—(i)objectives of the deposit-taking Sacco society business;(ii)membership and share capital;(iii)economic and financial environment;(iv)organisational structure and management; and(v)financial and risk analysis.(f)such other requirements as the Authority may prescribe.(3)A Sacco society may appeal to the Cabinet Secretary in reference to refusal to grant a licence within thirty days after receipt of notification of refusal.(4)The Cabinet Secretary may reverse the decision of the Authority only if—(a)the Authority failed to follow required procedures in making its decision;(b)the Authority's decision was contrary to the Act and the regulations;(c)there was no factual basis for the Authority's decision; or(d)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.(5)The Authority shall, in consultation with the Cabinet Secretary make regulations providing for further requirements to be fulfilled before the grant of license to a Sacco society.