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20 BEST KENYA’S TIER ONE SACCOS

Savings and credit societies (Saccos) in Kenya continue to thrive despite the prevailing economic hardships. Broadly, there are two categories of Saccos: deposit taking (DT) Saccos  and non-withdrawable deposit taking (NWDT) Saccos. According to the 2022 report released recently  by Sacco Societies Regulatory Authority (SASRA),  there are 176 DT Saccos and 183 NWDT Saccos.

The key difference between the two is that DT Saccos provide withdrawable savings account services through front office savings activities (FOSA),  while non-deposit taking SACCOs don’t allow members to withdraw deposits.

Tier one Saccos

Of the 176, 42  are tier one Saccos. SASRA classifies a Sacco exceeding Kshs. 5 billion in assets as a tier one Sacco. As of 2022 financial year, Saccos received deposits totaling Kshs. 620 billion and gave out Kshs. 680 billion as loans to members. Despite gross loans outgrowing faster than deposits, Saccos generally continue to increase their asset base with a few managing to effectively close the gap between loans issued against their deposits.

For example, total assets of Stima DT Sacco grew from Kshs. 46 billion in 2021 to Kshs. 53 billion by the end of 2022. On a positive note, some Saccos like Mentor Sacco and NewFortis accumulated deposits in excess of what they loaned out rendering them financially stable. Last year, Mentor Sacco received Ksh. 8.91 billion  in deposits and loaned out Kshs.8.68 billion  while its asset base rose from Kshs. 10.41 billion  to Kshs. 11.77 billion. Similarly, NewFortis Sacco held Kshs. 7.49 billion  worth of deposits and gave out Kshs. 6.76 billion worth of loans last year. Its total assets increased from Kshs. 9.21 billion  in 2021 to Kshs 10.19 billion by the end of 2022.

Here is a list of the  top 20 tier one Saccos in Kenya ranked according to their asset base by the end of the  2022 financial year:

All figures are in Kshs. billions.

 SACCOTOTAL ASSETSTOTAL DEPOSITSGROSS LOANS
1MWALIMU NATIONAL64.0647.2943.84
2STIMA DT53.7839.4345.07
3KENYA NATIONAL POLICE DT48.9828.8941.58
4HARAMBEE37.0123.7027.67
5AFYA20.9415.6313.21
6UNAITAS20.4011.0216.36
7IMARISHA19.8214.0815.73
8TOWER19.5714.5015.23
9UNITED NATIONS DT16.7012.5610.27
10UKULIMA14.6610.2512.09
 SACCOTOTAL ASSETSTOTAL DEPOSITSGROSS LOANS
11INVEST AND GROW (IG12.967.049.52
12GUSII MWALIMU12.859.2011.26
13HAZINA12.769.668.96
14BANDARI12.017.547.93
15MENTOR11.778.918.68
16IMARIKA11.677.4810.15
17NEWFORTIS10.197.496.76
18SAFARICOM10.057.767.10
19METROPOLITAN NATIONAL*10.027.3918.09
20BORESHA DT9.906.898.38

The financial statistics of the Sacco with * were based on returns as it did not have any audited financial statements as at the time of preparing the report by SASRA.

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