PCUA, Kenyan Dignitaries Meet to Consult in Drafting SACCO Laws

HARRISBURG, Pa. – The Pennsylvania Credit Union Association, as part of the relationship it’s had with Kenya since 2000 including providing guidance and technical expertise to the country, is hosting visits by two dignitaries from Kenya who are in town to meet with PCUA officials. The representatives from Kenya include Solomon Boit, Permanent Secretary, and Fredrick Odhiambo, Commissioner for the Ministry of Cooperative Development and Marketing, a newly created branch of government in Kenya. A Presidential appointee, Boit’s department will be responsible for formulating regulations and examination of SACCOs – what credit unions are called in Kenya – on passage of a SACCO Act in Parliament. The Kenyan government wants to establish SACCO legislation as well as implement international financial performance standards and begin supervision of SACCOs in Kenya that provides the incentive for improvement of SACCO management and performance. In addition to meeting with PCUA officials, the Kenyan dignitaries will also visit First Capital FCU, York, and Mid-Atlantic Corporate FCU. They planed to meet with the state Department of Banking April 6