Investment

Here Are The Top Deposit Taking Saccos In Kenya

BY Jane Muia · August 4, 2022 11:08 am

KEY POINTS

Mwalimu Saccos’ deposits jumped to 44. 29 billion shillings a 6.9 percent increase from 41.4 billion shillings in 2020 reflecting a growing interest from its members mostly from the teachers' fraternity.

KEY TAKEAWAYS

Saccos that recorded the lowest income include Tembo, Taifa, and Shirika DT, with 0.53, 0.51, and 0.46 billion shillings respectively.

The Sacco Societies Regulatory Authority (Sasra) has released the savings and credit cooperative societies (Saccos) supervision annual report 2021. According to the report, Mwalimu national and Kenya National PoliceDT Saccos were the leading large tired institutions with the highest returns to investors. The Saccos recorded a total income of 7.58 and 7.04 billion shillings respectively.

Stima DT was the third best-performed institution with a total income of 6.97 billion shillings. The growth rate according to Sasra was low during the year, fueled by the effects of the covid 19 pandemic and erratic weather patterns.

Saccos that recorded the lowest income include Tembo, Taifa, and Shirika DT, with 0.53, 0.51, and 0.46 billion shillings respectively.

The List, Courtesy of Abojani

Saccos’ total assets increased from 734.22 billion shillings in 2020 to reach 807.11 billion shillings in 2021 representing a cumulative average growth of 9.93 percent. Mwalimu National held the highest assets at 60.60 billion shillings followed by Stima DT with 46.46 billion shillings. The growth was directly attributed to the increase in loans and credit facilities issued over the period.

The total deposits held by the SACCOs also increased from 514.46 billion shillings in 2020 to 564.89 billion shillings in 2021 representing an average growth rate of 9.80 percent.

The gross loans increased from 555.05 billion shillings in 2020 to 608.75 billion shillings in 2021 representing a 9.67 percent growth rate.

The regulator noted that the impacts of covid 19 pandemic continue to affect the performance of SACCOs. The authority now projects sustained growth rates in key parameters of growth and stability in 2022 driven by the full economy operation as a result of relaxation of the covid 19 protocols.