The Challenges Facing Deposit-Taking Savings And Credit Cooperative Societies’ Regulatory Compliance In Kenya. A Case Of The Gusii Region

Abstract

This study was aimed at establishing the challenges facing deposit -taking Savings and Credit cooperative societies in complying with their regulatory requirements as provided for in Kenya with a particular focus on Gusii region which encompasses Kisii and Nyamira counties. Various players in the financial sector are under regulatory oversight that is vested in the various Authority arms. These financial institutions include listed companies under the CMA, insurance companies under the IRA, the Retirement funds under the RBA, the commercial banks which form the largest subpart of the financial institutions being regulated by the Central Bank of Kenya and lately the SACCO Societies have been under regulation since December 2008 being the latest to be brought to the regulatory fold under the SASRA. This is a sector that had not been under regulation up till 2008 and given that they have been recently brought under regulation, there appeared to be challenges facing these institutions in meeting their regulatory requirements and the purpose of this study was to explore the various challenges in a bid to find out the possible solutions to the same. The objectives of this study included determining the challenges facing SACCOs‟ regulatory compliance in Kenya.