The aim of the study was to address the strategic factors that affect compliance with the SACCO Act of 2008 by Financial Co-operatives in Nairobi County. Despite the fact that SASRA regulations have been in operation for the last four years, the strategic factors that affect compliance with the Act of 2008 has not been established. The study adopted a census survey of 42 Financial Cooperatives. Data was collected using a questionnaire and analyzed using descriptive statistics with the aid of Statistical Package for Social Sciences software. Multiple regressions were used in testing the strategic factors affecting compliance with the SACCO Act of 2008 by Financial Co-operatives in Nairobi County. The study found that, ICT capacity of the SACCOS in Nairobi County are inadequate; The SACCOs in the county have not attained the required human resource capacity and 80% of the SACCOs have not fully complied with the Societies’ Act of 2008. The researcher’s conclusion and recommendations was that ICT capacity, corporate governance and human resource capacity were found to be important as far as compliance with the Societies’ Act number 14 (2008). These factors present challenges that hinder financial cooperatives from compliance. Therefore Sacco societies Act should be reviewed to ensure as many financial cooperatives are able to comply with the Act as possible in order to ensure that members deposits held in the current outfits are protected as the small and emerging Saccos endeavour to overcome the compliance challenges. The research recommends SACCO’s to establish a training program to enhance management capacity on compliance issues. Meanwhile the board of directors should initiate change management with an aim of setting realistic user expectations objectives and goals.
| Published in | Science Journal of Business and Management (Volume 4, Issue 3) |
| DOI | 10.11648/j.sjbm.20160403.15 |
| Page(s) | 90-101 |
| Creative Commons |
This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited. |
| Copyright |
Copyright © The Author(s), 2016. Published by Science Publishing Group |
Co-operative, Corporate Governance, Financial Co-operatives, Compliance, Information and Communication Technology
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APA Style
Ochieng Victor Omollo, Christine Ronga. (2016). Strategic Factors Affecting Compliance with the Sacco Act of 2008 by Financial Co-operatives in Kenya: A Case of Nairobi County Sacco. Science Journal of Business and Management, 4(3), 90-101. https://doi.org/10.11648/j.sjbm.20160403.15
ACS Style
Ochieng Victor Omollo; Christine Ronga. Strategic Factors Affecting Compliance with the Sacco Act of 2008 by Financial Co-operatives in Kenya: A Case of Nairobi County Sacco. Sci. J. Bus. Manag. 2016, 4(3), 90-101. doi: 10.11648/j.sjbm.20160403.15
AMA Style
Ochieng Victor Omollo, Christine Ronga. Strategic Factors Affecting Compliance with the Sacco Act of 2008 by Financial Co-operatives in Kenya: A Case of Nairobi County Sacco. Sci J Bus Manag. 2016;4(3):90-101. doi: 10.11648/j.sjbm.20160403.15
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Download@article{10.11648/j.sjbm.20160403.15,
author = {Ochieng Victor Omollo and Christine Ronga},
title = {Strategic Factors Affecting Compliance with the Sacco Act of 2008 by Financial Co-operatives in Kenya: A Case of Nairobi County Sacco},
journal = {Science Journal of Business and Management},
volume = {4},
number = {3},
pages = {90-101},
doi = {10.11648/j.sjbm.20160403.15},
url = {https://doi.org/10.11648/j.sjbm.20160403.15},
eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.sjbm.20160403.15},
abstract = {The aim of the study was to address the strategic factors that affect compliance with the SACCO Act of 2008 by Financial Co-operatives in Nairobi County. Despite the fact that SASRA regulations have been in operation for the last four years, the strategic factors that affect compliance with the Act of 2008 has not been established. The study adopted a census survey of 42 Financial Cooperatives. Data was collected using a questionnaire and analyzed using descriptive statistics with the aid of Statistical Package for Social Sciences software. Multiple regressions were used in testing the strategic factors affecting compliance with the SACCO Act of 2008 by Financial Co-operatives in Nairobi County. The study found that, ICT capacity of the SACCOS in Nairobi County are inadequate; The SACCOs in the county have not attained the required human resource capacity and 80% of the SACCOs have not fully complied with the Societies’ Act of 2008. The researcher’s conclusion and recommendations was that ICT capacity, corporate governance and human resource capacity were found to be important as far as compliance with the Societies’ Act number 14 (2008). These factors present challenges that hinder financial cooperatives from compliance. Therefore Sacco societies Act should be reviewed to ensure as many financial cooperatives are able to comply with the Act as possible in order to ensure that members deposits held in the current outfits are protected as the small and emerging Saccos endeavour to overcome the compliance challenges. The research recommends SACCO’s to establish a training program to enhance management capacity on compliance issues. Meanwhile the board of directors should initiate change management with an aim of setting realistic user expectations objectives and goals.},
year = {2016}
}
TY - JOUR T1 - Strategic Factors Affecting Compliance with the Sacco Act of 2008 by Financial Co-operatives in Kenya: A Case of Nairobi County Sacco AU - Ochieng Victor Omollo AU - Christine Ronga Y1 - 2016/06/04 PY - 2016 N1 - https://doi.org/10.11648/j.sjbm.20160403.15 DO - 10.11648/j.sjbm.20160403.15 T2 - Science Journal of Business and Management JF - Science Journal of Business and Management JO - Science Journal of Business and Management SP - 90 EP - 101 PB - Science Publishing Group SN - 2331-0634 UR - https://doi.org/10.11648/j.sjbm.20160403.15 AB - The aim of the study was to address the strategic factors that affect compliance with the SACCO Act of 2008 by Financial Co-operatives in Nairobi County. Despite the fact that SASRA regulations have been in operation for the last four years, the strategic factors that affect compliance with the Act of 2008 has not been established. The study adopted a census survey of 42 Financial Cooperatives. Data was collected using a questionnaire and analyzed using descriptive statistics with the aid of Statistical Package for Social Sciences software. Multiple regressions were used in testing the strategic factors affecting compliance with the SACCO Act of 2008 by Financial Co-operatives in Nairobi County. The study found that, ICT capacity of the SACCOS in Nairobi County are inadequate; The SACCOs in the county have not attained the required human resource capacity and 80% of the SACCOs have not fully complied with the Societies’ Act of 2008. The researcher’s conclusion and recommendations was that ICT capacity, corporate governance and human resource capacity were found to be important as far as compliance with the Societies’ Act number 14 (2008). These factors present challenges that hinder financial cooperatives from compliance. Therefore Sacco societies Act should be reviewed to ensure as many financial cooperatives are able to comply with the Act as possible in order to ensure that members deposits held in the current outfits are protected as the small and emerging Saccos endeavour to overcome the compliance challenges. The research recommends SACCO’s to establish a training program to enhance management capacity on compliance issues. Meanwhile the board of directors should initiate change management with an aim of setting realistic user expectations objectives and goals. VL - 4 IS - 3 ER -
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