Mwalimu Sacco takes huge leap in deposits

By NICHOLAS WAITATHU

Savings and Credit Cooperatives (Saccos) recorded 17.7 per cent asset increase for the period ended December 2012.  Their assets increased to Sh293 billion in 2012 from Sh249 billion in 2011 while total membership for the sector grew by 15 per cent from 2.6 million in 2011 to 3 million in December 2012.

Mwalimu Sacco leads the pack with a Sh22 billion asset base followed by Harambee Sacco with Sh16.9 billion and Afya Sacco at Sh10.9 billion. Wakenya Pamoja Sacco leads in terms of membership.

The Sacco Societies Regulatory Authority (SASRA) attributed the upward growth to enhanced regulation and increase in recruitment. 

Deposit taking Saccos

SASRA Chief Executive Officer Carilus Ademba said the total deposits for the sector stood at Sh213 billion posting an increase of 18.4 per cent from Sh179.9 billion in 2011. Loans to members went up by 23 per cent to stand at Sh221 billion up from Sh179.9billion the previous year.

Addressing a Sacco leaders’ forum in Nairobi yesterday, Ademba said that the total assets of the licensed Saccos stood at Sh202 billion compared to Sh176 billion recorded in 2011, representing a growth of 14 percent.  “As at December 2012, the total number of deposit taking Saccos was 215 of which 124 had been licensed.  The remaining 91 Saccos were at different levels of compliance,” he said.

Industrialisation and Enterprise Development Cabinet Secretary Adan Mohamed who launched the Sacco Supervision Annual Report 2012 said the industry has continued to register double digit growth in all key performance  indicators namely membership, total assets, member deposits and loan to members.