Mwalimu National DT Sacco has maintained its top position in the country and in Africa as one of the Savings and Credit Co-operatives (SACCO) with the highest asset base in the latest supervisory report released by the country’s Sacco regulator.
According to the recently released Sacco Societies Regulatory Authority (SASRA) 2023 Annual Supervision Report, Mwalimu National DT Sacco’s asset base has hit over Ksh64.43 billion, making it the seventh largest Sacco in the world.
The report which was released on September 11, 2024 also indicated that Stima DT Sacco commanded an asset base of Ksh59. 15 billion taking second position in the country, out of 174 Saccos that were ranked in the report.
The other Saccos that made it in the top ten position included: Kenya National Police DT SACCO with an asset base of Ksh54.24billion, Harambee Sacco with an asset base of Ksh38.57 billion, Tower Sacco with an asset base of Ksh23.23B, Afya Sacco Ksh22.79billion in asset base, Unaitas with an asset base of Ksh22.70billion, Imarisha Sacco with an asset base of Ksh21.78 b, United Nations DT Sacco asset base being Ksh18.21billion, and Ukulima Sacco (renamed Apstar Sacco) with an asset base of Ksh15.18 billion.
Speaking during the release of the report, Cooperatives, Micro Small and Medium Enterprises (MSMEs) Cabinet Secretary Wycliffe Oparanya who was the chief guest, stated that the controlling of assets by the few Saccos raises serious policy concerns on the fate of the small SACCOs often established by a community of like-minded individuals including farmers, fishermen, boda-boda operators, businesspersons, employees among others
“Such small SACCOs often provide financial services to that community in a version that large institutions including large SACCOs may not match. But again these small SACCOs are resource-constrained in multiple ways human capital, financial and technology limiting their ability to compete in the market place,” he said.
He added that the small SACCOs can benefit from economies of scale and scope by cooperating under such formations as Secondary SACCOs to acquire and operate technology and other connected services collectively under the concept of SACCO Shared Services Framework.
The SASRA report shows that 73.34 per cent of the total assets of the SACCO industry in Kenya is controlled by 53 SACCOs, with the remaining 304 sharing the balance of 26.66 per cent of total assets.
The International Country Performance of Credit Unions 2022 put Kenya in the 11 position in world and first position in Africa, with United States of America (USA), Canada and Japan taking the top three positions in the world in Sacco performance.
Kenya’s SACCO industry remains the largest by asset size, and together with the SACCO industries in Ethiopia, Ghana, Cameroon, and Tanzania constituted the top five (5) largest SACCO industries in the African continent.
By Obegi Malack
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