The co-operative movement in Kenya has continued to grow and has maintained its position as the largest in Africa, according to the World Council’s 2022 Statistical Report.
The report shows that the country has 8,744 financial co-operatives with a total membership of about 10.77 million and assets valued above USD 21.83 million, which is the largest in the continent.
The Savings and Credit Co-operative Societies (SACCOs) in Kenya had a 33.6% penetration against the overall continent’s penetration of 14.7 percent, and held over USD 16.36 million in members’ savings and shares, as well as a loan portfolio of over USD 9.9 million.
Globally, the credit union movement has continued to see growth, with worldwide membership now exceeding 400 million, a 3% increase over 2021.
According to the World Council of Credit Unions’ report, the credit union movement’s penetration in 98 surveyed countries was 13.9 percent. Despite modest membership growth across all continents, some countries with dynamic credit union systems saw substantial membership growth. Brazil saw a 25% increase, the Philippines saw a 19% increase, and Ireland saw a 17% increase.
Over the past decade (2013-2022), global credit union membership has more than doubled. The greatest growth was seen in Asia, where membership skyrocketed 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 country 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.
