By Azael Masese
A new Sacco Supervision Report, 2021 indicates that the Sacco sub-sector’s total assets grew by 9.93 per cent in 2021 to reach Ksh807.11 billion from Ksh734.22 billion recorded in 2020.
During the period under review, total deposits grew by 9.80 per cent in 2021 to reach Ksh564.89 billion compared to Ksh514.46 billion reported in 2020.
The sub-sectors’ gross loans increased by 9.67 per cent in 2021 to reach Ksh608.75 billion from Ksh555.05 billion reported in 2020.
For the first time, the performance includes the deposit-taking and non-deposit taking Saccos.
Previously, only deposit-taking Saccos had their annual performance reported by the regulator.
Operationalization of the Regulations 2020 placed non-deposit taking Saccos under the ambit of SASRA, and their performances synchronized.
There are 176 DT-Saccos and 188 non-deposit taking Saccos licensed for 2022.
According to the report, DT Saccos have the highest proportion of the total assets amounting to Ksh691.01 billion, representing 85.63 per cent.
Consequently, the 185 NWDT Saccos total assets was a paltry 14.37 per cent.
The 176 DT Saccos had the lion’s share of the total deposits portfolio at Ksh474.25 billion, representing 83.95 per cent.
The 185 NWDT Saccos shared the remaining 16.05 per cent of the total deposits’ portfolio.
Whereas the 176 DT Saccos issued gross loans amounting to Ksh522.25 billion, representing 85.79 per cent, the 185 NWDT Saccos portion stood at Ksh 86.50 billion, representing 14.21 per cent.
Mwalimu National remained the wealthiest Sacco reporting growth in asset base from Ksh57.73 billion in 2020 to Sh60.60 billion in 2021.
Stima Sacco came second with an asset base of Ksh46.46 billion in 2021 from Ksh41.05 billion in 2020.
Kenya National Police DT Sacco emerged third with an asset base of Ksh44.09 billion compared to Ksh39.05 billion reported in 2020.
Harambee and Afya Sacco maintained their fourth and fifth positions respectively. Unaitas was placed 6th followed by Imarisha.
Tower Sacco moved two places to occupy position 8 from position 11 as UN Sacco moved from 8 to 9 with Ukulima closing the ten wealthiest Saccos.
The greatest casualty was Metropolitan Sacco whose asset base shrank from about Ksh16.73 billion as at December 2020 to Ksh10.56 billion in 2021, effectively dropping from position 6 to 15.
According to the report, the 49 agriculture-based Saccos continued their membership dominance at 46.79 per cent compared to the 41.93 per cent reported in the 2020 report.
They were followed by the 117 government-based Saccos, which had a proportion of 35.39 per cent of the total members.
Government-based Saccos comprised of 40 teachers-based, 26 State Corporations-based, 10 public universities-based, 10 county government-based and 31 government general services-based, whose proportion of membership were 22.61 per cent, 3.40 per cent, 0.37 per cent, 1.64 per cent, and 7.36 per cent respectively.
As has been in the past, distribution of the total assets and total deposits among the 361 regulated Saccos depicts a very heavy concentration of the assets and deposits among just a few of the Saccos.
As per the report, 42 large tier Saccos composed of 39 DT Saccos and 3 NWDT Saccos controlled 67.11 per cent of the sub-sector’s total assets.
The remaining 319 regulated Saccos were left to share the remaining 32.89 per cent of the total assets portfolio.
