Total assets of Deposit-Taking Savings and Credit Cooperatives (SACCOs) increased by 9.8 per cent from Ksh 807.1 billion at the end of 2021 to Ksh 886.2 billion at the end of 2022. Â
This is compared to a balance sheet size of Ksh 1.6 trillion held by the pension industry, Ksh 638.2 billion by the insurance industry while Market Capitalization at the Nairobi Securities Exchange(NSE) declined by 23.4% to stand at Ksh 1.9 trillion in 2022.
Total assets by commercial banks remained the largest in the financial sector and increased from Ksh 4.2 trillion in 2021 to Ksh 4.3 trillion in 2022. While balance sheet size of microfinance banks declined by 7% to Ksh 46.2 billion at the end of 2022 compared to a growth of 1.9% at the end of 2021.
According to the latest Kenya Economic Survey 2023, Deposits, loans and advances and capital reserves held by DT Saccos increased by 9.2%, 11.3% and 27.6% to Ksh 617.0 billion, Ksh 677.8 billion and Ksh 174.7 billion respectively, as at end of 2022.
Income from loans, investments and other operating income posted by DT Saccos grew by 9.3, 18.5 and 11.9 per cent from Ksh 93.5 billion, Ksh 8.1 billion and Ksh 6.7 billion in 2021 to Ksh 102.2 billion, Ksh 9.6 billion and Ksh 7.5 billion as at end of 2022, respectively.
On the other hand, interest expense on deposits and other liabilities contracted to Ksh 24.2 billion and Ksh 74.5 billion as of the end of 2022, respectively.
Time and savings deposit liabilities of DT SACCOs increased to Ksh 522.4 billion as at the end of 2022 from Ksh 473.3 billion at the end of 2021.
Domestic credit to the private sector increased by 12.1 per cent to Ksh 587.3 billion as of the end of 2022.
According to provisional figures from the Sacco Societies Regulatory Authority(SASRA), the number of SACCOs declined to 359 in 2022 from 361 in 2021 while membership grew from 5,999,574 in 2021 to 6,479,540 in 2022.
The number of SACCO branches increased from 561 in 2021 to 620 in 2022.
 In 2022, the compilation of monetary and financial statistics was revised in line with international guidelines outlined in the IMF’s Monetary and Financial Statistics Manual and Compilation Guide, 2016.
The revision was also informed by the increasing prominence of microfinance institutions and SACCOs) in the economy.
Previously, compiled and disseminated monetary and financial statistics only included data from the Central Bank and commercial banks in the Other Depository Corporations (ODCs) survey.
Developments in the financial sector over time have led to the expansion of other deposit-taking financial institutions such as Micro-Finance Banks (MFBs) and Deposit Taking Savings and Credit Cooperatives (DT SACCOs).
The main difference between MFBs, DT SACCOs; and other Micro Finance Institutions (MFIs) is that they take deposits and also operate front office services in banking halls.
According to the 2023 Economic Survey, production of coffee increased by 50.4% from 34.5 metric tonnes in 2020/21 to 51.9 metric tonnes in the 2021/22 crop year.
The estimated area under coffee also increased from 108.2 thousand hectares in 2020/21 to 109.4 thousand hectares in 2021/22.
Coffee production by cooperatives increased by 59.2% while that of estates likewise increased by 33.3% in 2022. The increased coffee production was attributed to an increase in yields coupled with improved crop husbandry practices during the year under review.
Agricultural cooperative societies engaged in coffee and sugarcane activities increased by 2.2% and 2.8% to 688 and 223, respectively during the period under review.
Similarly, the number of cooperative societies in the dairy sub-sector increased by 2.8% to 689 in 2022, while those in fisheries increased by 1.7% in the same period.
