Member deposits in Kenya’s savings and credit co-operative societies (saccos) grew by 11.27 percent to Sh380.44 billion last year, the slowest pace in seven years, underscoring the economic hardship facing the country.
Sacco Society Regulatory Authority (Sasra) data shows that the 2019 performance marked a fifth straight year of slowdown in deposits — a trend which if prolonged may result in higher cost of borrowing since deposits is a key source of lending to members.
