Do you know which Kenyan SACCOs post the highest investment returns for its members? The Sacco Societies Regulatory Authority (SASRA) released the ranking of best performing Savings and Credit Cooperative Societies (SACCOs) in Kenya.
SASRA is responsible for licensing and supervising deposit‑taking sacco societies.
According to the list, Mwalimu National Sacco (MNS) is ranked at number one.
The teachers-owned Sacco remains the largest deposit taking SACCO in the country by total assets’ size.
Mwalimu Sacco assets stood at Ksh 57.73 Billion in 2020 compared to Ksh 52.73 Billion posted in 2019 and representing a 10.96 percent growth rate over the same period.
Stima Sacco came in at second position with a total asset base of Ksh 41.05 Billion.
At position three is the Kenya Police Sacco with an asset base of Ksh 39.05 Billion.
The comparative analysis also reveal that M/S Trans-Nation Sacco Society Ltd, with head offices in Chuka Town, Tharaka-Nithi County registered the highest growth in total assets. The Sacco’s assets had a growth rate of 29.57 percent in 2020.
This growth saw Trans-Nation climb from position 31 in 2019 to position 26 in 2020 among the large-tier deposit-taking SACCOs.
It thus displaced M/S Tower SACCO Society Ltd with head offices in Nyandarua County which had in 2018 and 2019 registered the fastest growth rates in total assets.
Metropolitan National Sacco is sixth in the list of best performing Saccos with a total asset base of Ksh 16.73 billion. The Sacco conducts a weekly financial literacy program dubbed Metro Business Café.
SACCOs have always provided a reliable investment avenue for most Kenyans. It is paramount, therefore, that more SACCOs perform well to encourage savings.
This is especially with regards to local small businesses. As more businesses access varied forms of external financing to invest in and grow their businesses, more will have to adopt better cash management practices going forward.
A thriving SACCOs ecosystem will be a clear beneficiary.