Despite the hard economic times experienced in the country during most of the year 2022 as evidenced by the severe droughts, high inflation and rising interest rates, the Regulated SACCO industry continued to play its rightful role in the economy through mobilization of savings for national development and provision of credit facilities to many household economies. This is according to the latest Sacco Societies Regulatory Authority (SASRA) the Sacco Supervision Annual Report 2022.
Savings and deposits mobilised grew by 9.84% in 2022 compared to 9.80% in 2021, while the loan advances grew by 11.76% in 2022 compared to 9.67% in 2021. The total membership served by the Regulated SACCOs on the increased by 7.02% to 6.42 million Kenyans in 2022 compared to an increase of 3.03% reported in 2021.
The total number of dormant members decreased to 19.01% of the total membership of Regulated SACCOs in 2022 compared to a proportion of 19.70% of the total membership classified as dormant in 2021.
The 49-Agriculture Based Regulated SACCOs had the majority of the membership accounting for 42.60% of the entire membership in 2022.
SASRA forecasts a very productive year 2023 for the Regulated SACCOs industry with growth projections and momentum expected to be maintained.
