The Sacco Supervision Annual Report 2022 has revealed that Sacco membership grew by 7.02 per cent to hit 6.42 million.
For the year ending 2022, membership in deposit taking Saccos stood at a staggering 5.96 million, representing an increase of 7.34 per cent.
For non withdrawable deposit taking Saccos, membership increased by 3.14 per cent to 475, 270 from 460, 785 members recorded in the previous year.
“The total number of dormant members decreased to 19.01 per cent of the total membership of Regulated SACCOs in 2022 compared to a proportion of 19.70 per cent of the total membership classified as dormant in 2021,thus showing improved patronage of financial services offered by Regulated SACCOs,” SASRA said in a report.
The authority revealed that the 49 agriculture-based regulated SACCOs controlled 42.60 per cent of the total membership while the 117 government-based regulated SACCOs controlled 35.35 per cent of the total membership.
“The 49-Agriculture Based Regulated SACCOs had the majority of the membership accounting for 42.60 per cent of the entire membership in 2022. This was however a drop from a membership proportion of 43.19 per cent reported in 2021. The proportion of membership of the 117-government-based regulated SACCOs increased to 35.35 per cent in 2022 from 33.49 per cent in 2021 thereby eating into the market share of the Agriculture Based Regulated SACCOs,” the agency added.
The sharp increase in the membership in government-based SACCOs was attributed to the expansion of their individual common bonds.
By Vostine Ratemo
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