Sacco savers with more than Sh1m grows fastest to 92,000

Higher-earning Kenyans scouting for better returns on savings pushed accounts with more than Sh1 million in savings and credit cooperative societies (Saccos) to grow at the fastest pace in five years to hit 92,000 at the end of last year, defying the economic hardships facing many Kenyans.

The latest Sacco Societies Regulatory Authority (Sasra) disclosures show the accounts jumped by 29.6 percent from about 71,000 in the previous year, being more than double the 39,000 that were holding such amount five years earlier.