Kenya’s Saccos Cross KSh. 1 Trillion in Combined Assets
Kenyans are saving more money in Saccos than ever before, pushing the movement’s assets past KSh 1 trillion for the first time..
✨ Key Highlights
Kenya’s SACCO sector has surpassed KSh 1 trillion in combined assets by the end of 2024, demonstrating significant growth. However, this success is tempered by a rise in non-performing loans and governance concerns highlighted by issues at the Kenya Union of Savings and Credit Cooperatives (Kusco).
- Total SACCO assets reached KSh 1.08 trillion in December 2024, tripling since 2016.
- Non-performing loans (NPLs) in SACCOs increased to 6.3% of gross loans.
- The Central Bank of Kenya (CBK) reported that regulated SACCOs were unable to access deposits from Kusco's Central Finance Facility due to panic withdrawals between October 2023 and January 2024.
- The CBK emphasizes the need for stronger oversight, with the upcoming Sacco Central aiming to provide liquidity and shared technology for stability.
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Standard Chartered to Pay KSh 7bn After Supreme Court Loss; SACCO Sector Assets Cross KSh 1 Trillion - September 2025
Standard Chartered Kenya Limited has begun the process to pay approximately Sh7 billion to over 600 former employees following a Supreme Court loss related to a pension miscalculation. The bank is reassuring markets that it is “Adequately Capitalised” to meet the obligations, which are estimated at over KSh 7 billion and conclude a two-decade legal battle. In broader financial sector news, Kenya’s SACCO sector surpassed KSh 1 trillion in combined assets by the end of 2024. This growth, however, is accompanied by a rise in non-performing loans and governance concerns. Separately, I&M Bank has expanded its network by opening two new branches in Kapsabet, Nandi County, and Nyali, Mombasa County, increasing its national footprint to 65 outlets across 24 counties.
