By Malachi Motano
The deposit taking savings and credit cooperatives societies (DT-Saccos) remained on the growth track despite the harsh economic time in 2020 that resulted from the outbreak of Covid-19 pandemic.
The Saccos managed to post an average of 12 per cent growth on their assets, loans and deposits.
John Mwaka, the chief executive officer (CEO) of Saccos Regulatory Authority (Sasra) reported that, deposits of the 176 Saccos hit Sh431.1 billion, a 13.3 per cent growth from Sh380.4 billion in 2019, while Gross loans rose 12.1 per cent to stand at Sh474.7 billion as at December 2020 compared to Sh419.6 billion achieved previously.
The CEO gave the report during 2021 Sacco leaders Convention in Mombasa where he indicated that already there are stringent measures in place to safeguard member assets and savings as well as enhance management of 400 non-deposit taking saccos that will now be regulated by Sasra.
According to Sasra chief, the June 30 deadline applies to any non-DT Sacco with over Sh100 million in member deposits. It includes those that mobilise membership and subscription to their share capital through digital or other electronic payment platforms as well as the diaspora non-DT Saccos,” he said.