The number of dormant members in savings and credit cooperative societies (saccos) grew 18.6 percent to 1.45 million in the year ended December, pointing to deeper job cuts and squeezed pay in Kenya’s soft economy amid fears the co-operatives would struggle to mobilise deposits for lending.
Latest data from the Sacco Societies Regulatory Authority (Sasra) shows 226,893 members in deposit-taking (DT) and non-withdrawable deposit-taking (NWDT) saccos became dormant last year, adding to the 1.22 million that a year earlier failed to contribute or borrow on their accounts.
