The 2/3RDS Rule
The Government through the Teachers Service Commission (TSC) enforced the rule that requires that no employee should suffer total deductions in excess of 2/3rds of the salary.The effect of this rule will be both positive and negative considering that majority of our members have deductions well over 2/3rds of their salaries. We therefore urge all the members to support this rule, after all it is part of our loan policy.
The Sacco Societies Act 2008
The much awaited for SACCO Societies Act was assented on 28th December 2008. This Act makes provision for the licensing, regulation, supervision, promotion of Sacco's and the establishment of SACCO Societies Regulatory Authority for connected purpose. With the commencement and the establishment of the Sacco Societies Regulatory Authority(SASRA) , Sacco's will now be able to offer more products in this competitive market and improve on governance issues.
Transfer of Shares from other Saccos
Our loan policy provides for instant recognition of shares transferred from other SACCO for all purposes including loan application. However, we do realize the difficulties some members face in the process of shares transfer to our SACCO. In this respect we undertake to liaise with the Ministry of Co-operative Development & Marketing to ensure that no amount of shares transfer due to us is unduly withheld by another SACCO.