Mwalimu National SACCO has maintained its top position as the largest SACCO in Kenya and Africa with an asset base of over Ksh.66.43 billion this is according to Sacco Societies Regulatory Authority (SASRA) 2023 Annual SACCO Supervision Report.
The report released on Wednesday indicated that Stima DT Sacco commands ksh 59. 15 billion taking second position in Kenya, the report ranked 174 SACCOs
Other Saccos that are in the top 10 list include Kenya National Police DT Sacco it has asset base of 54.24b ,Harambee Sacco ksh 38.57 b, Tower Sacco ksh 23.23B, Afya Sacco ksh 22.79b, Unaitas ksh 22.70b, Imarisha Sacco ksh 21.78 b, United Nations DT Sacco ksh 18.21b, Ukulima Sacco closes the the top ten list with ksh 15.18 b total assets.
The international Country Performance of Credit Unions (SACCOs) 2022 put Kenya in the 11 position in the worldwide (and first in Africa), United states leads followed by Canada and Japan in the top three.
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.
SACCO members up from 6.42 m in 2022 to 6.84 m 2023, SASRA 2023 Supervision Report indicates
The Report by SASRA shows that 73.34% 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% of total assets.
The Cabinet Secretary Ministry of Cooperatives, Micro Small & Medium Enterprises (MSMEs) Wycliffe Oparanya who was the chief guest during release of the report on Wednesday said 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 growth and development in the SACCO industry that we witness today has been realized through transparent and accountable leadership by a lot of the SACCO leaders and over time,” the CS said.
Jack Ranguma Chairman, Board of Directors SASRA said the report provides an appreciation of the cooperative model and architecture as a global tool for financial inclusion based on the cooperative values, ethical beliefs and principles.
By Obegi Malack
obegimalack@gmail.com
Get more stories from our website: Sacco Review.
For comments and clarifications, write to: Saccoreview@
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!
