The co-operative movement in Kenya has been flourishing over the years, and it continues to maintain its position as the largest in Africa. As per the 2022 Statistical Report by the World Council, the country has 8,744 financial co-operatives, with a total of about 10.77 million members and assets valued at over USD 21.83 million, which is a significant milestone in the continent.
Kenya’s Savings and Credit Co-operative Societies (SACCOs) have achieved an impressive penetration of 33.6%, compared to the overall penetration of 14.7% in the continent. These SACCOs have members’ savings and shares exceeding USD 16.36 million and a loan portfolio of over USD 9.9 million.
Globally, the co-operative movement has witnessed significant growth, with membership exceeding 400 million, a 3% increase from the previous study done in 2021. The World Council of Credit Unions’ report shows that the co-operative movement’s penetration in 98 surveyed countries was 13.9%. While there has been modest membership growth across all continents, some countries with dynamic credit union systems experienced substantial membership growth. Brazil saw a 25% increase, the Philippines saw a 19% increase, and Ireland saw a 17% increase.
During the decade from 2013 to 2022, credit union membership has more than doubled worldwide. Asia saw the greatest growth, with membership skyrocketing by more than 250%. Latin America and Africa also saw credit union membership more than double during the decade, while European membership remained relatively flat.
Global credit union assets also more than doubled over the last decade, jumping from $1.7 trillion to $3.6 trillion. Again, Asia was responsible for the largest growth, with credit union assets more than tripling across the continent over those 10 years.
The World Council of Credit Unions’ Director of Member Services, Thomas Belekevich, said that growth in countries with well-established credit unions and cooperative movements continues to accelerate at a much faster rate than anywhere else. The World Council of Credit Unions aims to improve conditions for the credit union sectors in those countries with the greatest potential to grow the credit union movement to more than 500 million members over the next decade.
It’s important to note that the World Council reports data based on countries’ responses to its annual survey and does not make estimates for non-reporting countries. For the 2022 Statistical Report, 22 countries that had been featured in past reports were omitted because they have not submitted new credit union sector data within the last two years. The Statistical Report provides the most comprehensive data on the global credit union movement available and is cited widely by governments, international institutions, and analysts as an expert resource.
