In a recent unveiling by the Sacco Societies Regulatory Authority (SASRA), the 2023 annual supervision report highlighted the remarkable financial health and growth of Kenya’s Savings and Credit Cooperative Organizations (SACCOs).
The event, led by the Ministry of Cooperatives & MSMEs Cabinet Secretary Wycliffe Oparanya, emphasised the SACCOs’ resilience and expansion despite challenging economic conditions.
The report announced that regulated SACCOs have significantly increased total assets, reaching Sh971 billion.
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Mwalimu National leads the pack with a jump from Sh54.06 billion in 2022 to Sh66.43 billion in 2023, cementing its position as the largest SACCO in asset terms.
Following closely are Stima DT and Kenya National Police DT, both showing substantial growth and playing crucial roles in their respective sectors.
Other SACCOs showing impressive growth include Harambee and Tower, with Harambee’s assets increasing from Sh37.01 billion to Sh38.57 billion and Tower’s from Sh19.57 billion to Sh23.23 billion.
Afya, a SACCO primarily serving the healthcare sector, more than doubled its assets, highlighting its growing impact on its members’ financial capabilities.
CS Oparanya noted an increase in SACCO membership to 6.84 million in 2023, up from 6.42 million in the previous year.
This rise in membership, coupled with an 11.50% increase in loan portfolio to Sh758 billion, underscores the critical role SACCOs play in promoting financial inclusion and supporting Kenya’s socio-economic development.
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CS Oparanya reiterated the Government’s commitment to supporting cooperative enterprises as vital contributors to the Bottom-up Economic Transformation Agenda and the Kenya Vision 2030 goals.
The Ministry will continue to collaborate with the SACCO industry to align with the United Nations Resolution, promoting the use of cooperative enterprises as vehicles for economic empowerment and poverty alleviation.
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