The Sacco Societies Regulatory Authority (SASRA) has revoked the operating licenses of B Smart Sacco Limited and Multiple Sacco Limited over noncompliance.

In a notice, SASRA Chief Executive Officer (CEO) Peter Njuguna stated that the Saccos have failed to meet members and compliance obligations, including renewing their licenses as mandated by law.

”Public and private sector companies, institutions, and entities should cease and desist from facilitating unlicensed and unauthorized entities purporting to be Sacco Societies,” said Njuguna.

The Authority has therefore cautioned the public to cease transacting any businesses with the two societies, stating that they are yet to comply with the Authority’s call for licensing.

“It is an offence punishable by prosecution under the Act and the Regulations made thereunder for any person to conduct or undertake a deposit taking Sacco business and / or specified non-deposit taking Sacco business, with any Sacco Society or entity, unless the Sacco Society has been duly licensed or authorized by the Authority,” he stated.

Njuguna further urged the public not to engage in illegally regulated Sacco enterprises through deductions and remittances.

“Any member of the public, person or entity who transacts or continues to transact deposit taking Sacco business or specified non- deposit taking Sacco business, with a Sacco society or any other entity which does not have a valid license or authorization for the Authority, shall be doing so at his/her own risk and peril,” he warned.