Saccos in the country are among top lenders accumulating assets and savings worth billions of shillings.
Five top Saccos in the country command a membership of over 517,700.
Nairobi City County director of co-operatives Dolphine Aremo said recently that the Capital City hosts to 4978 cooperatives including giant Saccos.
In her speech dubbed “Overview of the cooperative movement in Nairobi City County, emerging trends and roles of delegates” during the Afya Sacco Delegates Education Day held at the College of Insurance in Nairobi, the director highlighted the impact of the movement that was proving to be the sole remedy for economic development for members.
The Big Five Saccos have their headquarters in the city with Mwalimu National Sacco commanding the lead. It has 131, 250 members countrywide with deposits of KSh49,334,656 million shillings. Mwalimu boats of an asset base of KSh64, 434,719,000.
At number two is Stima Sacco with 200,045 members and deposits of KSh43, 127,096 million and an asset base of KSh59,148,247 billion.
Kenya Police SACCO is at number three with a total membership of 73,416, the Sacco has deposits of KSh28,538,605 with an asset base of KShs54, 236, 161,000.
Harambee Sacco sits pretty at number four nationally with 79,841 members with deposits amounting to KSh24,620,110,023 and an asset base of KSh38,570,289,293 billion.
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Afya Sacco is at number five with a membership of 33,148 members. The deposits stand at KSh17,412, 607,099 and an asset base of KShs22, 785,218,460 billion.
They are followed by Unaitas Sacco, Ukulima Sacco (now Upstar Sacco), Hazina Sacco, Safaricom Sacco, Kimisitu Sacco and the Kenya Bankers Sacco among other giant Saccos.
“The Management Boards of the various Saccos in Nairobi must be wary of the increasing interest rates in the market and be able to play along tactfully in the best interest of their members, they must be careful about the popularity of mobile lending apps,” she advised cooperatives.
Cooperatives Commissioner David Obonyo acknowledges the good work of Saccos saying, “My advice to the management Boards of the Saccos is that they should not fear to challenge senior management team on having set targets.”
“Provide the staff a conducive working environment to make them efficient while reducing the cost of production. Ensure they are well paid and give them specific targets so that if they don’t deliver, you can excuse them.”
By Erick Nyayiera
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