The Sacco Societies Regulatory Authority has just released its SACCO Supervision Annual Report for 2023, shedding light on the remarkable performance and activities of regulated SACCOs for the year ending December 31st, 2023.
In 2023, a total of 357 SACCOs were regulated, comprising 176 Deposit-Taking SACCOs and 181 Non-Withdrawable Deposit-Taking SACCOs. These SACCOs have continued to play a pivotal role in Kenya’s financial ecosystem.
Total assets saw a significant growth of 9.17%, reaching Kshs 971.96 billion, up from Kshs 893.30 billion in 2022. This growth represents 6.43% of the national nominal GDP, further emphasizing the importance of SACCOs in the Kenyan economy.
Membership numbers also increased, with a 6.57% rise, bringing the total to 6.84 million members, up from 6.42 million in 2022. This reflects the growing trust that Kenyans have in SACCOs as a reliable financial solution.
Deposits saw a strong surge, growing by 9.95% from Kshs 620.45 billion to Kshs 682.19 billion in 2023, demonstrating the confidence members place in their SACCOs.
The SACCOs’ loan portfolio expanded as well, with gross loans growing by 11.50%, from Kshs 680.35 billion to Kshs 758.57 billion in 2023, highlighting the increasing demand for credit among members.
Interestingly, 53 regulated Sacco’s control of 73.34% of the total assets, while 39 regulated SACCOs hold 65.27% of the total deposits in the SACCO industry.
The 2023 SACCO Supervision Annual Report clearly shows a vibrant and growing SACCO sector that continues to be a key driver in Kenya’s financial landscape. As the sector grows, the Authority remains focused on creating a financially inclusive, Member-centric and stable Sacco industry.
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