The overall SACCO usage slightly dropped to 9.6 percent in 2021 from 11.3 percent in 2019, perhaps reflecting the negative impact of COVID-19 pandemic, the new FINACCESS HOUSEHOLD SURVEY 2021 shows. The main reasons cited by the respondents for not using a SACCO account in 2021 are lack of information about a good SACCO at 38.3 percent, Voluntary withdrawal at 20.4 percent, No job/Collapse of business/no money at 16.2 percent and lack of trust at 10.1 per cent.
The 2021 Survey was conducted and funded by the Central Bank of Kenya (CBK) in collaboration with the Kenya
National Bureau of Statistics (KNBS) and Financial Sector Deepening Trust (FSD) Kenya.
