A close examination of the financial results from SACCOs for the year 2024 reveals a sector that is not only enduring but thriving amidst adversity. Indeed, 2024 emerged as a year of remarkable resilience for many SACCOs, as they achieved impressive growth in their total asset base and loan portfolio.
For many Kenyans seeking affordable loans, savings, and salary deposits, Saccos continue to be the preferred financial institutions. The FinAccess Survey (2024) showcased a remarkable 74.9% usage rate of SACCOs for loans, eclipsing the 58.7% rate of banks, solidifying the SACCOs’ vital role in the financial landscape.
Saccos remain the heartbeat of financial inclusion, mobilizing over Ksh 1 trillion in deposits and empowering 27 million households.
