State-based Saccos dominate sector


By Jackson Okoth

Government-based Deposit Taking-Saccos control majority of both total assets and total deposits in the Sacco sub sector.

These financial co-operatives, which derive the bulk of their membership from Ministries, State agencies, Corporations and County Governments, controlled 37.67 per cent of the industry’s entire balance sheet of Sh 495.25 billion as at the end of 13 December 2018.

They also held 38.37 per cent of all deposits held by the sub-sector.

Government Based deposit-taking Saccos numbered 35 at the end of 2018 with total assets worth Sh 186.57 billion and total deposits of Sh 131.18 million.

The 43 Teachers- based DT-Saccos have assets worth Sh 177.92 and members’ deposits of Sh 119.10 billion.  Farmer-based DT-Saccos, which were 50, held assets worth Sh 51.44 billion and deposits of Sh 34.57 billion.

 While Government based DT-Saccos constitutes only 20.11 per cent of all the DT-Saccos in Kenya, their total assets portfolio was three times more than that of the Farmers’ based DT-SACCOs.

“Consequently, it can be deduced that the government and its agencies are the critical most important singular employer that drives the deposit-taking Sacco segment in Kenya,” said John Mwaka, Chief Executive Officer, Sacco Societies Regulatory Authority.

In terms of individual sizes, Mwalimu National has the largest balance sheet size worth Sh 45.2 billion followed by Stima Sacco( Sh 32.3 billion), Kenya Police( Sh 28.9 billion), Harambee Sacco( Sh 26.3 billion), Afya Sacco( Sh 17.6 billion) and Metropolitan National( Sh 13.6 billion) as shown in the table below.

  Name of DT Sacco    2018 ,Total Assets Ksh
1 MWALIMU NATIONAL 45,155,799,000
2 STIMA 32,287,995,000
3 KENYA POLICE 28,945,996,000
4 HARAMBEE 26,319,765,687
5 AFYA 17,561,510,752
7 UNAITAS 12,876,069,910
8 UNITED NATIONS 12,197,688,843
9 UKULIMA 11,182,159,035
10 IMARISHA 10,919,482,223
11 IG 8,715,310,718
12 BANDARI 8,664,589,960
13 TOWER 8,524,725,337
14 GUSII MWALIMU 8,280,617,116
15 IMARIKA 7,612,158,167
16 KENYA BANKERS 7,583,454,777
17 HAZINA 7,505,966,731

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