In 2008, Kenya and South Africa became the first African nations to enact SACCO-specific regulation. Kenya's regulation was designed to strengthen the safety and improve the performance of the country's deposit-taking financial cooperatives.
Of the country's more than 4,000 SACCOs, about 220 take withdrawable deposits in addition to share-based savings. These SACCOs have 12 months from the time of their application to the regulatory authority, the SACCO Society Regulatory Authority (SASRA), to gain licensure. At the law's passage, authorities expected only 25% of those institutions to be able to comply with licensing standards. World Council's consultancy is aimed at increasing the number of SACCOs that qualify, with special attention on those not currently meeting capital adequacy requirements, but which show potential to do so.
World Council is employing and adapting a number of its widely used financial tools to assess the financial state of Kenya's deposit-taking SACCOs and their ability to comply with the new regulations.