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Kenya’s regulated Savings and Credit Cooperative Societies (SACCOs) have achieved a total asset exceeding Ksh1 trillion for the first time.
According to the latest annual report from the Sacco Societies Regulatory Authority (SASRA), the sector, a key pillar of Kenya’s financial ecosystem, saw its asset base expand by 10.72% in 2024 to Ksh1.076 trillion.
The 2024 SACCO Supervision Report reveals steady growth across all major financial indicators, highlighting the sector’s expanding role in providing affordable credit and promoting financial inclusion.
Gross loans issued increased to Ksh845.11 billion from Ksh758.57 billion in 2023, while deposits and savings rose by nearly 10% to reach Ksh749.43 billion.
Membership also saw a growth, climbing 7.94% to 7.39 million, a sign of rising public trust in SACCOs as reliable financial institutions.
General Performance
The report showed a concentration of capital among a limited number of large players.
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Just 60 SACCOs, each holding more than Ksh5 billion in assets, control over 77% of the sector’s total assets, collectively valued at Ksh829.41 billion.
These institutions dominate the financial sector, leaving the remaining 295 mid-sized and smaller SACCOs to compete for the rest.
Deposit-Taking SACCOs (DT-SACCOs) remain the most dominant, accounting for a commanding 87.8% share of the sector’s assets.
Top 10 DT-SACCOs by Total Assets (2024)
| Rank | SACCO Name | Total Assets (Ksh) |
| 1 | Mwalimu National | 68.89 billion |
| 2 | Stima | 66.51 billion |
| 3 | Kenya National Police | 59.83 billion |
| 4 | Harambee | 38.70 billion |
| 5 | Tower | 28.04 billion |
| 6 | Unaitas | 26.12 billion |
| 7 | Imarisha | 24.58 billion |
| 8 | Afya | 22.79 billion |
| 9 | United Nations | 19.15 billion |
| 10 | Hazina | 16.87 billion |
Growth in Saccos
A portion of the sector’s asset growth is attributed to internal capital retention.
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Capital reserves increased by 17.55% to stand at Ksh197.54 billion, enhancing the sector’s capacity to support member loans without relying heavily on external funding.
Cabinet Secretary for Co-operatives and MSMEs Development, Wycliffe Oparanya, directed the SACCOs not to borrow from external sources.
This measure aims to enhance accountability and protect members’ savings.
“No SACCO shall be allowed to borrow from external sources to pay dividends, and henceforth any SACCO intending to procure an external loan must obtain written approval from the Commissioner, subject to compliance with the prescribed ratios,” Oparanya said.
The report flags a worsening issue of non-remitted member contributions, particularly from employer institutions.
In 2024, outstanding remittances soared to Ksh3.49 billion, affecting 85 SACCOs and over 55,000 members.
County governments and their assemblies were identified as the biggest culprits, responsible for Ksh1.61 billion, nearly half of the total unremitted funds.
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