Nairobi: Saccos in the country registered an average growth of 10 percent in 2024 to hit a record Sh1.8 trillion in assets with members enjoying an average of 10 percent returns in form of dividends.
According to Kenya News Agency, the Commissioner for Co-operatives Development David Obonyo stated that the Sacco loan book currently stands at over Sh1.1 trillion, with savings surpassing Sh1.2 trillion. Obonyo emphasized that the Sacco movement holds approximately 30 percent of Kenya’s savings, assuring Kenyans of the safety and security of their funds under a comprehensive legal framework and policy guidelines.
Speaking in Nairobi on Thursday during the launch of pre-Ushirika day events by the Co-operative Alliance of Kenya (CAK), Obonyo highlighted the establishment of the Sacco Societies Regulatory Authority (SASRA). This body is tasked with inspecting and regulating Saccos to ensure compliance with guidelines, safeguarding members’ savings. In February 2025, Saccos in Nairobi paid out over Sh35 billion to members in interest and dividends.
Obonyo further mentioned the need for Saccos to embrace technology to remain competitive. The Ministry has proposed creating a central liquidity and shared platform, enabling cooperatives to collaborate, share technology, and lend money to each other.
Co-operative Alliance of Kenya (CAK) chairman Macloud Malonza expressed the Sacco movement’s growth aspirations, advocating for a new bill to allow entry into the payment system and offer services such as issuing bankers’ cheques. Malonza emphasized the aim to enhance financial inclusivity by reaching marginalized communities, aligning with the Ushirika Day theme, “Driving Inclusive and Sustainable Solutions for a Better World.”
Malonza also noted investments in ICT and research to understand customer needs, allowing competition with other financial sector players. Capacity building for Sacco leaders is underway through the African Confederation of Cooperative Savings and Credit Associations (ACCOSCA), preparing for future growth with assets projected to exceed Sh100 billion in the next three years.
CAK Chief Executive Officer (CEO) Daniel Marube highlighted the recognition of the cooperative movement by the United Nations, proclaiming 2025 as the year of cooperatives. Marube outlined the movement’s impact on food production, financial inclusion, housing, clean water provision, and environmental improvement.
In preparation for this year’s Ushirika Day, planned activities include a blood donation drive, tree planting, and exhibitions. Marube mentioned ongoing negotiations for a 100-acre allocation in Ngong forest to establish a cooperative forest, primarily planting fruit trees, with plans to subdivide the land among Saccos for tree cultivation.
