MILESTONE | Kenyans Deposited a Record $6.3 Billion in SACCOs in 2023, Thanks to Digital Adoption

Deposits by Kenyans in Savings and Credit Co-operative Societies (SACCOs) have crossed KES 1 trillion ($6.3 billion) mark for the first time.

According to a local business outlet, savings in the SACCOs saw a 15.6 percent growth, reaching KES1.047 trillion ($6.7 billion) in the period up to June 2023, compared to KES 906 billion ($5.7 billion).

Based on this increase, SACCO’s were attracting an average of KES 11.75 billion ($74 mullion) in new deposits each month, despite the ongoing economic challenges marked by increased prices of goods and services, as well as new government deductions.

The rate of growth in deposit mobilization surpassed that of 2022, with deposits growing at a faster pace of 7.1 percent or KES 60 billion ($382 million).


“Target achieved as a result of improved member confidence and access to financial services through the adoption of digital channels by SACCOs,” said the country’s State Department of Cooperatives.

“Target achieved due to improved member confidence, branch expansion, and adoption of alternative service delivery channels by regulated SACCOs,” said the Sacco Societies Regulatory Authority (SASRA).


Savings and Credit Cooperatives (SACCOs) in Kenya are a popular means for regular people to grow their finances, turning to the hundreds of SACCOS as investment avenues. These organizations are so popular that plans are underway to set up a central liquidity facility to enable them to lend to each other, same as interbank lending.


Kenya SACCO savings crossed KES 1 trillion ( ~$6.4 billion) for the first time in 2023.

Sacco accounts with more than KES 1 million (~$6,400) grew at 29.6% – the fastest pace in 5 years – from about 71,000 to 92,000, being more than double the 39,000…

— BitKE (@BitcoinKE) January 2, 2024

Savings within deposit-taking (DT) SACCOs increased from KES 474.25 billion ($3 billion) to KES 522.59 billion ($3.4 billion) by the end of June 2023, exceeding the targeted amount of KES 490 billion ($3.2 billion) for the period. Additionally, savings in non-withdrawable deposit-taking (NWDT) rose to KES 97.86 billion ($623 million) from KES 90.64 billion ($577 million).

The increase in top deposits within SACCOs can be attributed to their offering higher returns compared to commercial banks. For example, regulated SACCOs paid an average interest rate of 6.92 percent on members’ deposits in 2022, whereas commercial banks averaged three percent.

As of the end of December 2022, data revealed that SACCO accounts holding more than KES 1 million grew by 29.6 percent, marking the fastest pace in five years. The number increased from approximately 71,000 to 92,000, more than doubling the count of 39,000 individuals holding such amounts five years earlier.

Out of the total 14.52 million SACCO accounts, the 92,000 accounts, constituting 0.63 percent, collectively held KES 163.28 billion (~$1 billion). This amount represented nearly a third (31.2 percent) of the total KES 522.59 ($3.3 billion) billion in deposits held by the 359 SACCOs regulated by SASRA.





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