Earlier this week, the Authority participated in the launch of the 7th edition of the 2024 FinAccess Household Survey. The survey was made possible through a joint collaboration led by the Central Bank of Kenya (CBK), in partnership with the Kenya National Bureau of Statistics (KNBS), Financial Sector Deepening (FSD) Kenya and the Joint Financial Sector Regulators; Capital Markets Authority (CMA), Insurance Regulatory Authority (IRA), Retirement Benefits Authority (RBA) and Sacco Societies Regulatory Authority (SASRA)
The survey provides critical insights into financial inclusion in Kenya, focusing on key dimensions such as access, usage, quality, and impact of financial services. This edition also delves into emerging areas, including sustainable finance, financial health, micro and small enterprises, agriculture, and inclusion for Persons with Disabilities.
Going beyond macro-level statistics, the survey assesses how financial sector growth benefits are distributed among the population. It examines the quality, affordability, and relevance of financial services and investigates their role in addressing everyday financial needs, managing shocks, and enabling investments for the future. Furthermore, the survey evaluates whether the financial sector is bridging economic and social inequalities or exacerbating the divide.
One of the highlights of the report is the notable improvement in the usage of SACCOs. Overall SACCO usage increased from 9.6% in 2021 to 11.7% in 2024. This growth is attributed to several factors, including:
- The inclusion of additional SACCOs under prudential regulation.
- Enhanced public awareness by SASRA.
- Increased public confidence driven by effective prudential supervision.
- County-level initiatives that promote SACCO participation.
- Competitive access to credit and favorable returns on savings and deposits.
Other key players in this survey’s development included several partners namely; Alliance for Financial Inclusion (AFI), UN Women Kenya Country Office, Equity Bank, Safaricom Limited, Kenya Mortgage Refinance Corporation (KMRC), and the International Fund for Agricultural Development (IFAD).
As the findings reveal, Kenya’s SACCO subsector continues to grow, driven by regulatory advancements, increased financial literacy, and stakeholder collaboration.
SASRA remains committed to fostering a financially inclusive, member centric and stable Sacco Industry that empowers all Kenyans.
