Wakenya Pamoja Sacco Society is not converting into a bank, he Sacco's Chief Executive Officer Vincent Oigo has assured members.
Oigo says, instead it will continue running as an independent entity from the Sacco's upcoming Deposit Taking Micro-Finance Bank (DTM).
The executive officer moved in swiftly to allay fears among the Sacco's over 158,000 members that their society will be dissolved and transformed into a commercial bank without their consent.
Speaking to this writer on Thursday afternoon in his office at Kahawa House Headquarters in Kisii Town on the progress of the anticipated DTM bank to be rolled next year, the CEO clarified that the Sacco will not be dissolved and converted into a bank.
"Our position regarding the fate of our Sacco after the birth of the DTM Bank, is clear to our members that their Sacco will not be dissolved or transformed into a bank. Instead, it will be intact and continue serving them independently from the new entity,"clarified Oigo.
Oigo stated that the Sacco management settled on this due to the stringent legal procedures involved before being approved and licensed by the Central Bank of Kenya (CBK) to transform an existing Sacco into a bank.
The CBK, Oigo disclosed is set to license the Sacco's DTM bank, since the Sacco has already met major requirements by the CBK, especially the security requirement whose report he said had been approved by the CBK.
The CEO clarified that the Sacco had complied with CBK's major licensing requirements and they were working on the Business Plan before being certified by CBK to launch the DTM Bank at the beginning of 2016.