Nairobi — The Sacco Societies Regulatory Authority (Sasra) is searching for a new Chief Executive Officer amid recent Sacco failures that have seen savers lose millions of shillings.

The new CEO will serve a four-year contract, renewable once subject to satisfactory performance.

"The CEO is responsible to the Board of Directors for strategic direction and implementation of Board policies, the Authority's strategic goals, vision, mission and objectives, mobilization and management of its resources, directing and providing leadership, in order for the Authority to achieve its mandate as stated in the Sacco Societies Act, CAP 490B and attendant Regulations," Sasra said in a statement.

The leadership search comes in the wake of the financial troubles at Kenya Union of Savings and Credit Co-operatives Limited (KUSCCO), the umbrella body for Saccos, which lost over Sh13.3 billion linked to mismanagement, fraud and financial irregularities.

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An audit by PwC showed the Sacco had liabilities of about Sh18 billion against assets of Sh5.2 billion. Several Saccos that had invested in KUSCCO have since written off their deposits.

In addition, Metropolitan National Sacco was last year declared technically insolvent by the Commissioner for Co-operatives, with an estimated Sh7 billion required to restore its operations.

The prospective CEO will be required to have at least 10 years' experience in financial management, co-operative practice and management, law, finance or economics, and must have served in a senior management position for at least five years.

Sasra, which falls under the Ministry of Co-operatives, Micro, Small and Medium Enterprises Development, was established under the Sacco Societies Act, CAP 490B, to license, regulate and supervise the Sacco sector in Kenya.