The Sacco Society Regulatory Authority (SASRA) has praised the Kenyan SACCO industry due to its remarkable performance that has seen it top in Africa and clinch the 7th place in the world.
Speaking during the 2nd Regulatory Authorities and Agencies (RAAs) annual conference themed ‘The Urgent Fortification of the Responsiveness by Regulators to the Campaign on the Revitalization and Re-energization of Regulatory Authorities and Agencies,’ held at the University of Eldoret, Eldoret, Uasin Gishu County, Sacco Society Regulatory Authority (SASRA) Chairperson Jack Ranguma highlighted the authority’s successes in streamlining the industry since its incorporation in 2010 under the Sacco Societies Act no. 14 of 2008.
He revealed that the SACCO industry asset base stood at Sh1.08 Trillion in 2024, up from Sh890 billion in 2022, while saving deposits and savings increased from 620 billion to 750 billion, capital reserves from 125 billion to 219 billion and the loan book from 680 billion to 842 billion in the same period.
However, in terms of credit disbursed, the industry saw a decline in the credit funds disbursed from 498 billion in 2022 to 473 billion in 2024.
In the same period, the industry witnessed a slight drop in terms of Saccos regulated, from 359 in 2022 to 355 in 2024.
Membership increased from 6.42 million in 2022 to 7.26 million in 2024.
Additionally, the industry expanded its coverage by increasing its branches across the country from 503 in 43 counties in 2022 to 655 in 44 counties in 2024.
The SACCOs’ total assets to banking industry assets amounted to 12.5 percent, which translates to 6.4 percent of the Gross Domestic Project (GDP).
The SASRA chairperson emphasized that as the government’s principal agency responsible for the supervision and regulation of SACCO Societies in Kenya, they are envisioned to ensure the industry is financially inclusive, member centric and stable.
Ranguma called for speedy implementation of reforms geared towards improving the SACCO industry so as to avoid being overtaken by other same industries in Africa and across the whole world.
By Ekuwam Sylvester
