Monday, January 30, 2023

1.18 million Kenyans stop saving in Saccos

Over one million Kenyans stopped saving in Saccos in 2021. This is according to data from the Saccos Societies Regulatory Authority (Sasra).

The data shows that more than 1.18 million people did not make any contributions to their Sacco accounts for a minimum period of six months in 2021.

However, the 2020 year saw membership in Saccos grow from 5.82 million to 5.99 million. This was a growth of 3 per cent.

In 2020, the number of Kenyans who stopped saving in Saccos stood at 1.3 million people.

According to Sasra the number of savers who stopped saving monthly increased by 79.5 percent from 764,472 in 2019 to 1.372 million in 2020.

Chacha Nyaigoti: The good and bad of saving money in Saccos

This saw Sacco members who are no longer active account for a quarter or 25.09 percent of the 5.4 million total membership compared to 16.95 percent reported in 2019.

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