Member deposits in savings and credit co-operative societies (Saccos) have crossed the Sh1
trillion mark for the first time, defying the economic hardships that had seen some savers
cash out their money to meet daily needs.
Data from the State Department of Cooperatives shows savings grew by 15.6 percent to
Sh1.047 trillion in the year to June 2023 from Sh906 billion, marking a major milestone for
Kenya’s cooperatives movement.
“Target achieved as a result of improved member confidence and access to financial
services through the adoption of digital channels by Saccos,” said the State Department.
Source: Business Daily
