SACCOs engaged in deposit-taking business with members’ savings above the KSh 1 billion threshold increased following the entry into this exclusive billionaires’ club by Defense Sacco Society, Faridi Sacco in Busia, Daima Sacco in Embu and Elimu Sacco Society Limited.
Latest data from Sacco Societies Regulatory Authority (SASRA) also shows that those DT Saccos which saw their members’ savings rise above KSh 5 billion increased from 28 in 2021 to 32 2022.
The new entries to this higher category include Magereza Sacco Society Limited, Solution Sacco Society, Ollin Sacco and Winas Sacco Society.
SACCOs deposits affected by member withdrawals
Although the Regulated SACCOs witnessed an overall increase in their total deposits in 2022 by 9.84%, with DT-SACCOs segmental deposits increasing by 10.19% while the NWDT-SACCOs segmental deposits increased by 7.97%; a deeper analysis shows that the growth rates were not evenly distributed.
A total of 289-Regulated SACCOs reported positive growth rates in their individual deposits, while the remaining 70- Regulated SACCOs reported negative growth rates in their individual deposit liabilities.
The negative growth rates in the deposit liabilities are evidenced on withdrawals by membership as well as the offsetting of deposits towards loan repayments upon defaults.
ALSO READ: Kenyan SACCOs Total Savings up 9.84% to KSh 620.45 billion in 2022 – Report
