SACCO savings top Sh1 trillion as government pushes reforms

Deputy President Kithure Kindiki and Cabinet Secretary for Co-operatives and Micro, Small and Medium Enterprises Development Wycliffe Oparanya interact with attendees during the 104th International Day of Cooperatives (Ushirika Day) celebrations in Nairobi. [David Gichuru, Standard]

Kenya's savings and credit cooperative societies (SACCOs) now hold more than Sh1 trillion in member savings as the government steps up reforms to strengthen governance, financial resilience and technology across the cooperative movement.

Deputy President Kithure Kindiki announced the milestone during the 104th International Day of Cooperatives (Ushirika Day) celebrations in Nairobi, saying the cooperative sector has become one of the country's strongest drivers of financial inclusion and enterprise development.

“The Government is implementing reforms to build transparent, professionally managed, financially resilient and technology-driven cooperative institutions that will deliver even greater value to their members,” said Kindiki.

Kindiki noted that the reforms aim to strengthen governance, improve accountability and position cooperative societies to play a bigger role in Kenya's economic growth.

Cabinet Secretary for Co-operatives and Micro, Small and Medium Enterprises Development Wycliffe Oparanya said the government will continue promoting sound governance, innovation and prudent financial management to build competitive and resilient cooperative societies.

“Our goal is to build a cooperative sector that is competitive, resilient and responsive to the needs of its members. Institutions that embrace sound governance, innovation and prudent financial management will continue to drive inclusive economic growth and improve livelihoods across the country,” observed Oparanya.

The government's push for stronger governance and accountability was reflected in this year's Ushirika Day awards, which recognised cooperative societies that excelled in financial management, innovation and member service.

Kenya National Police Deposit-Taking (DT) SACCO emerged as the country's best-performing deposit-taking SACCO after winning the overall award and five other accolades during the national celebrations.

Besides the overall award, the SACCO ranked first in Capitalisation and Deposit Management, second in Member Management and Credit Management and third in the Most Improved Deposit-Taking SACCO category.

Chief Executive Officer Solomon Atsiaya said the recognition reflected members' confidence in the institution and the commitment of the board, management and staff.

“These awards affirm that consistency, prudent financial management and a member-first approach remain the foundation of our success. We are honoured by this recognition and deeply grateful to our members for the trust they continue to place in us. It challenges us to keep innovating and setting even higher standards for the benefit of every member we serve,” explained Atsiaya.

The latest recognition adds to the SACCO's record of national honours after it won Kenya's Best Managed SACCO awards in 2023 and 2024, following its emergence among the country's leading cooperatives in 2022.

The award also capped another strong financial year for the institution. Its audited 2025 financial statements show total assets grew to Sh66.4 billion while profit after tax rose to Sh3.03 billion, driven by growth in membership, savings mobilisation and operational performance.