Sacco Sector in Kenya accumulated total deposits or savings amounting to KSh 629.45 billion in 2022 compared to KSh 564.89 billion in 2021, an increase of 9.84%.
These Sacco deposits were distributed as non-withdrawable (BOSA) amounting to KSh 515.65 Billion; the withdrawable savings (FOSA) amounting to KSh 83.78 Billion; and fixed deposits savings amounting to KSh 21.02 Billion.
The BOSA deposits remains the most dominant type of deposits and accounted to 83.11% of the total deposits, with the FOSA savings accounting for only 13.50%.
BOSA savings increased from KSh427.97 Billion reported in 2021 to KSh 515.65 Billion in 2022; the FOSA savings held by the DT-SACCOs dropped from KSh 114.59 Billion in 2021 to KSh 83.78 Billion in 2022.
The increase in the BOSA savings can be explained by the fact they are mandatory in nature, while the FOSA saving are voluntary and easily accessible by members in case of need. Additionally, the high inflation reported in 2022 reduced the savings’ propensity of members of DT-SACCOs as it is with other segments of the population.
Loan book of the SACCO sector grew by 11.76% to reach KSh 680.35 Billion in 2022. The DT-SACCO loans registered the highest growth rates at 12.24% to reach KSh 586.16 Billion while the NonWithdrawable DT-SACCOs’ loan book increased by 8.90%.
Total membership of the SACCO sector grew by 7.02% to reach 6.42 Million members in 2022.There was an increase in the total membership of Regulated SACCOs from 5.99 Million members in 2021 to 6.42 Million members in 2022 representing an increase of 7.02%.
The DT-SACCOs’ segment recorded the highest increase in membership by 7.34% to reach 5.96 Million members in 2022; compared to the membership in the NonWithdrawable DT-SACCOs segment which increased by 3.14% to 475,270 members in 2022 from 460,785 members in 2021.
The total number of dormant members decreased to 19.01% of the total membership of regulated SACCOs in 2022 compared to a proportion of 19.70% of the total membership classified as dormant in 2021, and thus showing improved patronage of financial services offered by regulated SACCOs
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