- Most Kenyans consider saving their money in Savings and Credit Co-operative Societies (SACCOs) for ease of accessing loans
- According to the Sacco Annual Supervision Report 2023 by the Sacco Society Regulatory Authority (SASRA), loans from SACCOs increased to KSh 758.57 billion
- Top-tier SACCOs like Stima and Mwalimu National, among others, disbursed loans up to KSh 40 billion in the period
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SACCOs have become alternative savings and loan service providers for most Kenyans compared to traditional banks.
How much did SACCOs disburse in loans?
A Sacco Society Regulatory Authority (SASRA) report showed that the number of Sacco loans to Kenyans increased by 11.5% in 2023.
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The Sacco Annual Supervision Report 2023 indicated a cumulative Sacco gross loan of KSh 758.57 billion compared to KSh 680.35 billion reported in 2022.
"The gross loans for Regulated SACCOs grew by 11.50% in 2023, to a cumulative amount of KSh 758.57 billion in 2023 from KSh 680.35 billion recorded in 2022," read the report in part.
Aside from the loans, total assets for Regulated SACCOs increased by 9.17% from KSh 890.30 billion in 2022 to Kshs 971.96 billion in 2023.
According to the report, the total loans issued by SACCOs during the same period under review accounted for 78.05% of the total assets in 2023.
Below is a list of top-tier SACCOs that issued loans to members up to KSh 40 billion.
List of top SACCOs with loan portfolios of up to KSh 40b
| SACCO | Assets (KSh. billion) | Deposits (KSh. billion) | Gross Loans (KSh. billion) |
| 1. MWALIMU NATIONAL | 66.43 | 49.33 | 45.78 |
| 2. STIMA DT | 59.15 | 43.13 | 49.40 |
| 3. KENYA NATIONAL POLICE DT | 54.24 | 31.73 | 46.75 |
| 4. HARAMBEE | 38.57 | 24.62 | 29.56 |
| 5. TOWER | 23.23 | 17.34 | 18.08 |
| 6. AFYA | 22.79 | 17.41 | 12.87 |
| 7. UNAITAS | 22.70 | 12.57 | 18.04 |
| 8. IMARISHA | 21.78 | 15.88 | 17.75 |
| 9. UNITED NATIONS DT | 18.21 | 13.69 | 11.39 |
| 10. UKULIMA | 15.18 | 10.78 | 12.43 |
| 11. HAZINA | 14.70 | 11.08 | 10.02 |
| 12. GUSII MWALIMU | 14.30 | 10.08 | 13.01 |
| 13. INVEST AND GROW | 14.06 | 7.74 | 10.82 |
| 14. MENTOR | 13.47 | 10.20 | 9.86 |
| 15. IMARIKA | 13.11 | 8.32 | 10.97 |
| 16. BANDARI DT | 12.68 | 8.21 | 8.54 |
| 17. TRANSNATION | 12.02 | 8.62 | 11.40 |
How much do Kenyans deposit in SACCOs?
The SASRA report further showed a cumulative total deposit growth rate of 9.95% from KSh 620.45 billion in 2022 to KSh 682.19 billion in 2023.
This resulted from a 6.57% growth in membership, from 6.42 million members in 2022 to 6.84 million members during the same period.
Co-operatives and MSMEs Development Cabinet Secretary (CS) Wycliffe Oparanya welcomed reforms in the Sacco subsector and promised government support.
"To address access to capital, the government is committed to exploring avenues for increased funding and investment in the sector," said Oparanya during Stima Sacco 7th Annual Delegates Conference on Thursday, September 12.
Oparanya called for sector collaboration to develop innovative financing models that will enable cooperatives to access the resources they need to grow and thrive.
Proofreading by Mercy Nyambura Guthua, journalist and copy editor at TUKO.co.ke
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