• About
  • Advertise
  • Privacy & Policy
  • Contact
Kenyan Business Feed
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business
No Result
View All Result
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business
No Result
View All Result
Kenyan Business Feed
No Result
View All Result
Home News

Five top saccos boast Sh149bn savings, assets

Kenyan Business Feed by Kenyan Business Feed
Share on FacebookShare on Twitter

[ad_1]

FAITH NYAMAI

By FAITH NYAMAI
More by this Author

Five savings and credit co-operative societies (saccos) are now among the country’s top lenders after accumulating savings and assets worth Sh149.9 billion as at the end of the last financial year.

They are Mwalimu, Harambee, Stima, Kenya Police and Afya.

Speaking during Afya Sacco’s annual delegates conference at Kenyatta International Convention Centre, Ms Dolphine Aremo, the Director Cooperatives, Trade and Tourism Nairobi County, said the saccos had accumulated vast wealth over the years.

“The teachers’ giant sacco had as at the end of the last financial year accumulated savings and assets worth more than Sh46 billion, while Stima sacco came in second, having garnered Sh32 billion,” she said.

The Kenya Police sacco had clocked Sh28.9 billion, Harambee sacco Sh26 billion while Afya sacco had reached Sh17 billion.

Presenting their last year’s financial report, Afya sacco said its turnover grew from Sh2.15 billion in 2017 to Sh2.24 billion in 2018, a 4.2 per cent growth.

Chairman Vitalis Lukiri said that during the same period, members’ deposits grew from Sh12.29 billion to Sh13.09 billion.

The sacco’s total assets also increased to Sh17.561 billion from Sh16.146 billion, a growth of 8.8 per cent.

There are over 3,000 registered co-operative societies in Nairobi whose accumulated savings and assets was Sh300 billion as per the last financial year.

Mr Didacus Ityeng’, the Commissioner of Co-operatives, warned co-operative societies against borrowing loans from financial institutions since their interest rates were prohibitive compared to those being charged within the co-operative movement.

“We have signed an agreement with the Ethics Anti-Corruption Commission to investigate and clean up any bad potatoes that may have infiltrated the movement and wreaked havoc from within,” he said.

He also warned against corruption, saying that the vice may end up affecting the Sh1.8 trillion accumulated in societies over the years.

“The national government is taking seriously the cases of counties that have failed to remit dues they have collected from workers to their saccos,” he said.



[ad_2]

Source link


Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]
Kenyan Business Feed

Kenyan Business Feed

Recommended.

Bernard Ngugi appointed Managing Director & CEO

Bernard Ngugi appointed Managing Director & CEO

October 29, 2019

KISERO: It’s time for a credit guarantee scheme

May 23, 2019

Subscribe.

Trending.

Tourism CS Rebecca Miano announces new measures at Maasai Mara, including ranger deployments, clearer signage, and public education following a viral tourist incident.

Government Tightens Maasai Mara Rules After Viral Tourist Clip

August 26, 2025
Safaricom launches B Live, a first of its kind service allowing customers to buy internet access by the hour, offering flexible one hour three hour and six hour bundles for students creators and professionals.

Safaricom Expands Digital Options with Innovative B Live Product That Adapts to Different Usage Habits

August 21, 2025

Co-op Bank Empowers Over 249,000 Kenyan MSMEs with Loans and Training

August 21, 2025
PLP and Safaricom Graduate 300 Youth in Push for Digital Talent Development Across Kenya

PLP and Safaricom Graduate 300 Youth to Boost Kenya’s Digital Talent Pipeline

June 23, 2025

Co-op Bank Branches in Nairobi and Their Contacts

March 3, 2025
Kenyan Business Feed

We focus on news, analysis, and reports about Kenyan business, covering sectors like agriculture, finance, tourism, and technology.

Categories

  • African
  • Agribusiness
  • Courts
  • Education
  • Health
  • Hospitality
  • Manufacturing
  • NetWorths
  • News
  • Reports & Analysis
  • World Business

Popular News

  • First look at the prison where El Chapo may live for the rest of his life

    First look at the prison where El Chapo may live for the rest of his life

    2157 shares
    Share 1040 Tweet 466
  • Sameer Africa CEO Sacked

    1804 shares
    Share 750 Tweet 439

Recent News

Tourism CS Rebecca Miano announces new measures at Maasai Mara, including ranger deployments, clearer signage, and public education following a viral tourist incident.

Government Tightens Maasai Mara Rules After Viral Tourist Clip

August 26, 2025

Co-op Bank Empowers Over 249,000 Kenyan MSMEs with Loans and Training

August 21, 2025
  • Home
  • African
  • News
  • Education
  • Health
  • Reports & Analysis
  • World Business

© 2025 KBF

No Result
View All Result
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business

© 2025 KBF