Regulator warns saccos on physical branches expansion spree

Sacco Societies Regulatory Authority Board Chairman John Munuve speaking on the Non-deposit taking SACCOs regulations. [Wilberforce Okwiri, Standard]

An industry regulator has discouraged the rush by savings and cooperative societies (Saccos) to open new branches, asking them to instead embrace technology.

Saccos Societies Regulatory Authority (Sasra) told Saccos to borrow a leaf from banks and microfinance institutions whose number of physical branches is reducing.