Though Mr. Carilus
Ademba’s tenure as the chief executive officer at Sacco Regulatory Authority
(SASRA) is soon ending, the sacco sub-sector in Kenya has a lot to celebrate.
Under his leadership the once struggling sacco sector has undergone a great
transformation and development pitching it as one of the most successful and vibrant
sacco sectors in Africa. Under his,
watch the sacco sector has been able to attain an annual growth of 17
percent.
With his vast experience in Savings
and Credit Co-operative, the regulatory body has been able to come up with the
most effective and applicable policies and regulations that have translated to
the enormous growth of the sector. Ademba’s tenure at SASRA expires in April
2015.
As the chief executive officer, Ademba has ensured that the
newly formed regulator allows deposit-taking saccos
offering front office services reapply to the authority and continue with
business. In a bid to ensure the saccos abide by the new licensing regime,
SASRA has ensured these Saccos reorganize their books of accounts, rework their
business plans and their policies, before renewing their licences
Under Ademba, the newly
formed regulator has ensured that deposit-taking Saccos offering front office
services reapply to the authority to be allowed to continue with the business. SASRA
has ensured these Saccos reorganize their books of accounts, rework their
business plans and their policies, before renewing their licences.
Though still in the process of
being set up, SASRA has already initiated an inter-lending facility for Saccos.
The platform once operational will allow Saccos
to lend to each other in a similar manner like the overnight inter-bank lending
facility managed by the Central Bank of Kenya (CBK).
The authority has also to set
up a Deposit Guarantee Fund (DGF) for the sector. This DGF is meant to offer a
soft landing spot for deposits if a registered SACCO collapses. Negotiations are
ongoing between SASRA and a selection of DGF trustees with an independent
consultant engaged as part of a World Bank-funded capacity building project.
For over 11 years Ademba has
worked in senior management of key institutions in Kenya's SACCO sector. He
served for seven years as Finance Manager of the Kenya Union of Savings and
Credit Cooperatives (KUSCCO). Ademba later served for four years in the
capacity of a Managing Director of KUSCCO.
At the time he was the Managing
Director at KUSCCO, Ademba also doubled up as the Acting Executive Director of
the African Confederation of Cooperative Savings and Credit Associations
(ACCOSCA) which he served for two years. He also served in the Task Force that
drafted the SASRA Regulations.
Internationally Ademba has
represented the nation at the World Council of Credit Unions (WOCCU) and the
International Cooperative Alliance in Geneva. Currently he is a trustee of African Confederation of Co-operative Savings and Credit Associations
(ACCOSCA). Ademba is also currently serving in the steering committee of the International
Regulators Roundtable as a representative from Africa.
Mr. Carilus Ademba is a
graduate of the University of Nairobi with a Bachelor of Arts in Economics and
a Master of Business Administration (MBA) from the same institution. He has
undertaken management training in USA, Japan, Spain, Hong Kong, Canada, South
Africa, Jamaica and Switzerland in disciplines such as Leadership, Financial
Management, Corporate Governance, SACCO Regulation and Supervision and Human
Resources Management. Ademba pursued accountancy studies up to level 2 of the
Certified Public Accountancy course.
Speculation is rife that Ademba
could be heading to the Unclaimed Financial Assets Authority (UFAA), where
Vincent Kimosop has been chief executive in an acting capacity.
