List of All Licensed SACCOs In Kenya 2023

List of All Licensed SACCOs In Kenya 2023. A credit union is a member-owned nonprofit cooperative financial institution. Kenyan Saccos are financial institutions that provide members with access to savings and loan products. They are owned and operated by their members, who are usually people from the same community, and are often organized around a common purpose or interest.

Credit unions may offer financial services as commercial banks such as share accounts (savings accounts), share draft accounts (cheque accounts), credit cards, credit, share term certificates (certificates of deposit), and online banking. Normally, only a member of a credit union may deposit or borrow money. In several African countries, credit unions are commonly referred to as SACCOs (Savings and Credit Co-Operatives).

Worldwide, credit union systems vary significantly in their total assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with hundreds of thousands of members and assets worth billions of US dollars. In 2018, the number of members in credit unions worldwide was 375 million, with over 100 million members having been added since 2016.

Leading up to the financial crisis of 2007–2008, commercial banks engaged in approximately five times more subprime lending relative to credit unions and were two and a half times more likely to fail during the crisis. American credit unions more than doubled lending to small businesses between 2008 and 2016, from $30 billion to $60 billion, while lending to small businesses overall during the same period declined by around $100 billion. In the US, public trust in credit unions stands at 60%, compared to 30% for big banks. Furthermore, small businesses are 80% more likely to be satisfied by a credit union than with a big bank.

“Natural-person credit unions” (also called “retail credit unions” or “consumer credit unions”) serve individuals, as distinguished from “corporate credit unions“, which serve other credit unions.

List of All Licensed Deposit-taking SACCOs In Kenya 2023

Sacco Societies Regulatory Authority (SASRA) Contacts

Location: 19th Floor,  UAP Old Mutual Tower, Upper Hill Road

Phone: 020 2935100

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