By SACCOs Defy Economic Challenges, Payouts Rise To Ksh 46.99 Billion In 2024
Savings and Credit Cooperatives (SACCOs) have shown remarkable resilience in 2024, increasing their dividend payouts to Ksh 46.99 billion despite challenges linked to fraud at the Kenya Union of Savings and Credit Cooperatives (KUSCCO).
Additionally, members’ savings in cooperatives surpassed the Ksh 1 trillion milestone for the first time in June 2023, reaching Ksh 1.047 trillion.
Since then, members have continued to defy economic uncertainties, underscoring the strength of Kenya’s cooperative movement.
Speaking at a press briefing, the Cabinet Secretary for the Ministry of Cooperatives and Micro, Small, and Medium Enterprises highlighted the sector’s stability, stating, “SACCOs have paid out billions in dividends and rebates while making provisions for potential losses at KUSCCO. This reflects a solid capital base that safeguards members’ deposits against financial shocks.”
Millions of Kenyans rely on cooperatives for saving, borrowing, and investing, aligning with the government’s Bottom-Up Economic Transformation Agenda.
SACCOs Defy Economic Challenges, Payouts Rise To Ksh 46.99 Billion In 2024
KUSCCO Scandal & Forensic Audit
The Ministry has officially handed over the PricewaterhouseCoopers (PwC) forensic audit report on KUSCCO’s financial dealings to the Inspector General of Police.
This move is part of a broader strategy to restore public confidence in the SACCO sector.
“We are assured that significant steps have been taken by investigative agencies, and their findings have been shared with relevant bodies to initiate legal and administrative action. This includes supporting litigation on criminal and economic offenses as well as asset recovery,” assured CS Oparanya.
The PwC report reaffirms the Ministry’s commitment to transparency and the promotion of a robust SACCO industry in Kenya.
Cooperatives and SACCOs remain a powerful economic model for empowering communities.
As the world marks the 2025 International Year of Cooperatives, Kenya aims to showcase the transformative impact of its cooperative movement.
“As a Ministry, we are confident that the cooperative sector will not only recover but thrive, continuing to deliver value to millions of members,” concluded CS Oparanya.
The government, through the Ministry, is overseeing the establishment of a new nine-member board with a three-year mandate to revive KUSCCO and restore confidence in Kenya’s SACCO industry.
This initiative aims to enhance governance, ensuring it operates with the efficiency and agility required in the current environment.
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