SACCOs record increase in membership

Lenin Lumumba

The Kwara Take

SACCOs have recorded an increase in membership over the last one year. In a story published by Coop News, membership in Deposit-Taking SACCOs increased from 4.5 million to 5.47 million in the last one year.

According to SACCO Societies Regulatory Authority (SASRA) annual supervision report, Farmers based DT-SACCOs accounted for 41.93% of the total members, with teachers based DT-SACCOs having the second-highest membership of 22.91% of the total members.

This is good news for the SACCO sector. It is an indication of the growing number of people registering to become cooperative members. Kenya has a vibrant and thriving cooperative culture that needs members’ support. More and more people should consider joining SACCOs to help them save and grow their investments.

SASRA indicates that despite the increase in total membership, a huge proportion of the members were reported to be dormant in 2020 than in 2019. This is attributed to the widespread impacts of the Covid-19 pandemic on the general economy, resulting in reduced member transactions with their respective DT-SACCOs

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