Kenya is home to the most developed SACCO (Savings and Credit Cooperative Organization) movement in Africa, making it the continent’s leader in cooperative finance, according to the latest Sacco Supervision Annual Report 2023.
With over $21.83 billion in total assets Kenya’s SACCOs not only dominate the African market but also ranked 11th globally.
In particular, as we reported, deposits by members in the various SACCOs crossed KES 1 trillion ($6.3 billion) mark for the first time in 2023.
🇰🇪 MILESTONE | Kenyans Deposited a Record $6.3 Billion in SACCOs in 2023, Thanks to Digital Adoption
Savings and Credit Cooperatives (SACCOs) in Kenya are a popular means for regular people to grow their finances, turning to the hundreds of SACCOS as investment avenues.
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The savings in the SACCOs saw a 15.6 percent growth, reaching KES 1.047 trillion ($6.7 billion) in the period up to June 2023, compared to KES 906 billion ($5.7 billion).
As of 2023, the Sacco Societies Regulatory Authority (SASRA) reported a significant increase in SACCO membership, rising to 6.84 million from 6.42 million in 2022, underscoring the sector’s pivotal role in promoting financial inclusion and supporting socio-economic development.
The SACCO industry has experienced remarkable growth, with total assets reaching KES 971 billion ($7.54 billion) in 2023. This expansion is largely driven by the leading SACCOs, which have demonstrated substantial increases in assets, deposits, and income.
Below is a detailed overview of the top 30 largest SACCOs in Kenya based on their total assets as of 2023:
Top 5 SACCOs in Kenya as of 2023
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) Mwalimu National SACCO: Established in 1974 to serve teachers, Mwalimu National has grown to become the largest SACCO in Kenya and Africa, with assets totaling KES 66.43 billion ($516.9 million) in 2023. The SACCO’s deposits increased to KES 49.33 billion ($384.0 million), and its total income rose to KES 8.38 billion ($65.2 million), reflecting its robust financial health.
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) Stima DT SACCO: Serving employees in the energy sector, Stima DT recorded assets of KES 59.15 billion ($460.2 million) in 2023, up from KES 53.78 billion in 2022. The SACCO’s deposits grew to KES 43.13 billion ($335.5 million), and its total income surged to KES 8.95 billion ($69.7 million).
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) Kenya National Police DT SACCO: Catering to members of the National Police Service, this SACCO’s assets reached KES 54.24 billion ($421.5 million) in 2023, with deposits totaling KES 31.73 billion ($246.6 million). The SACCO’s income also saw a sharp rise to KES 8.86 billion ($69.0 million).
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) Harambee SACCO: Initially established for government employees, Harambee SACCO’s assets grew to KES 38.57 billion ($299.9 million) in 2023. Its deposits increased to KES 24.62 billion ($191.4 million), and total income reached KES 5.66 billion ($44.0 million).
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) Tower SACCO: With a strong presence in the Mount Kenya region, Tower SACCO’s assets rose to KES 23.23 billion ($180.6 million) in 2023. The SACCO’s deposits grew to KES 17.34 billion ($134.8 million), and its total income increased to KES 3.49 billion ($27.1 million).
SASRA’s Sacco Supervision Report 2023 highlighted a concentration of assets among a few SACCOs, with 73.34% of the total assets controlled by 53 regulated SACCOs. This raises concerns about the competitiveness and sustainability of smaller SACCOs which may struggle to compete in the highly competitive deposit-taking and credit business space.
SASRA recommends that smaller SACCOs explore amalgamations and mergers to achieve economies of scale and enhance their competitiveness in the marketplace.
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