Simon Chelugui, the Cooperatives and MSMEs Development Cabinet Secretary (CS), has released a report which indicates a steady growth in the Sacco industry for the past one year.
Chelugui said that all the 360 Saccos regulated by the Sacco Societies Regulatory Authority (SASRA) have seen tremendous growth in assets, deposits, loans, and capital from November 2022 to June 2023.
The statistics further depict a more significant growth between June 2023 and November 2023.
“Between November 2022 and June 2023, Saccos’ assets were valued at Ksh890 billion, deposits at Ksh608 billion, loans at Ksh666 billion and share capital at Ksh160 billion,” he said.
“In the period between June 2023 and November 2023, assets have been valued at Ksh920 billion, deposits at Ksh620 billion, loans at 680 billion while share capital has increased by Ksh40 billion to Ksh200 billion,” the CS added.
The upward trajectory, according to Chelugui, is projected to increase membership funds to over Ksh1 trillion by the end of this year.
By Amos Kerich
Get more stories from our website: Sacco Review.
For comments and clarifications, write to: Saccoreview@shrendpublishers.co.ke
Kindly follow us via our social media pages on Facebook: Sacco Review Newspaper for timely updates
Stay ahead of the pack! Grab the latest Sacco Review newspaper!