Regulation Of Savings And Credit Cooperative Societies In Ethiopia

The Existing Ethiopia’s SACCO regulatory framework does not aim to provide a supportive policy and legal framework consistent with the nature and function of SACCOs guided by cooperative values and principles. Since the Cooperatives Society Proclamation 147/1998 was enacted, SACCOs in Ethiopia have been regulated by the general cooperative offices; nevertheless, these general cooperative offices lack the technical expertise to oversee SACCOs. Hence, this study concludes that SACCOs should be supervised by a SACCO supervisory body. Since the National Bank of Ethiopia establishment proclamation 591/2008 (as amended) was enacted, SACCOs in Ethiopia have also been governed solely by a general cooperative law. SACCOs, on the other hand, have special characteristics that necessitate a special SACCO law. In this regard, the findings of this study support the enactment of a SACCO-specific law. Moreover, the existing general cooperative law does not effectively address the legal regulatory implementations of SACCOs. Hence, this research identifies aspects of regulatory implementations that should be included in the SACCO-specific law.

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