sasra supervisory report 2011

THE SACCO SOCIETIES REGULATORY AUTHORITY(SASRA)

Sacco Supervision Report

(Deposit Taking Saccos)

VisionThe vision of the Authority is to be “A world class regulator of Sacco Societies”

MissionThe mission of the Authority is “To effectively regulate, and develop SACCO Societies by ensuring safety, soundness and integrity in their operations in order to enhance growth in National Savings and stability of the SACCO Sub-sector”

MandateThe Authority’s mandate is:

• To license Sacco Societies to carry out deposit-taking business in accordance with the Act.

• To regulate and supervise Sacco societies.

• Hold, manage and apply the General Fund of the Authority in accordance with the Act.

• Do all such other things as may be lawfully directed by the Minister.

• Perform such other functions as are conferred on it by the Act or by any other written law.

Core ValuesThe Authority in fulfilling its mission and vision shall at all times practice the following values.

• Integrity

• Professionalism

• Teamwork

• Customer focus

• Impartiality

• Innovativeness

THE SACCO SOCIETIES REGULATORY AUTHORITY(SASRA)

SASRA • Sacco Supervision Report 2011 �

List of Acronyms and Abbreviations 6

List of Charts 5

List of Tables 5

Chairman’s Statement 7

Chief Executive Officer’s Statement 8

CHAPTER ONE: Economic Outlook 10

1.1. Emerging Markets and Developing Economies (EMDEs) 10

1.2. Sub-Saharan Africa and East African Economies 10

1.3. Impact of Global Macro-financial Developments to Domestic Financial Stability 13

1.4. Domestic Economic Environment 14

1.5. Inflation Developments 14

1.6. Exchange Rates Movement 15

1.7. Capital Flows 16

1.8. Implication of Global Financial Crisis on Performance of Saccos 17

1.9. Structure of Sacco Sub Sector 18

1.10. Supervision and Regulation of Licensed Deposit Taking Saccos. 18

1.11. SASRA Board of Directors 18

1.12. Ownership and Categories of licensed Saccos 20

CHAPTER TWO: Developments in the Sacco Sub Sector 25

2.1. Introduction 25

2.2. Developments in Information and Communication Technology. 26

2.3. Balance Sheet Analysis for Licensed Deposit Taking Saccos 27

2.4. Future Growth 27

2.5. Gross Loans, Loan Account and Non – Performing Loans 28

2.6. Risk Classification of Loans and Advances 28

2.7. Profit and Loss 29

2.8. Income 30

2.9. Expenses 30

2.10. External Borrowing 30

Table of Contents

� SASRA • Sacco Supervision Report 2011

CHAPTER THREE: Developments in Regulatory Framework 32

3.1. Prudential Regulation of Sacco Societies 32

3.2. Licensing of Deposit Taking Saccos 33

3.3. Regulatory Compliance by the Licensed Deposit Taking Sacco Societies 34

3.4. Submission of regulatory returns 35

3.5. CAMELS Performance Rating 35

3.6. Challenges in the implementation of Prudential Regulations 36

3.7. Key Sub-sector Collaborative Initiatives in 2011 37

AnnexuresAnnex 1: Performance Trend for the Deposit Taking Saccos 38

Annex 2: Comparison of Deposit Taking and Non Deposit Taking Saccos 38

Annex 3: Sacco Supervision Circulars Issued in 2011 39

Annex 4: County Distribution of Deposit Taking Saccos 40

Annex 5: Composition and Distribution of Deposit Taking Saccos per County 41

Annex 6: Analysis of Deposit Taking Sacco Balance Sheet as at December 2011 42

Annex 7: List of Licensed Saccos 46

Annex 8: Market Share Analysis 48

Annex 9: Directory of Licensed Saccos in Kenya 51


List of ChartsChart 1: GDP Growth rate in Sub-Saharan Africa Vs. Other Regions 10

Chart 2: Sub-Saharan Africa and the World (%age Change in Real GDP) 11

Chart 3: Inflation Rates in EAC Region, South Africa and SSA 12

Chart 4: Annual GDP Growth Rate, 2007-2011 14

Chart 5: Inflation Trends 15

Chart 6: Average K.sh. against Major World Currencies 15

Chart 7: Trends in Capital Flows (USD Millions) 16

Chart 8: Organization Structure. 19

Chart 9: Ownership Size, Assets and Deposits of Licensed Deposit Taking Sacco 21

List of TablesTable 1: Sub-Saharan Africa - % Growth by Country Groups 11

Table 2: Actual and Projected Output(%) for EAC Region and South Africa 12

Table 3: Ownership and Categories of licensed D.T Saccos as at December 31, 2011 21

Table 4: Sacco Branch Distribution 22

Table 5: Market Share analysis for Licensed Deposit Taking Saccos as at Dec. 2011 23

Table 6: Consolidated Balance Sheet Analysis for Licensed Deposit Taking Saccos as at Dec. 2011 27

Table 7: No. of Accounts, Gross Loans and NPLs as at December 2011 28

Table 8: Risk Classification of Loans disbursed by licensed Saccos as at Dec. 2011 29

Table 9: Consolidated Income and Expenditure for licensed Saccos expressed

as a % as at December 2011 30

Table 10: Comparison Licensed D.T.S to the total applications as at December 2011 33

Table 11: Licensing Status per County 34


List of Acronyms and AbbreviationsATM - Automatic Teller Machine

BOSA - Back Office Saving Activity

BoPs - Balance of Payments

CEO - Chief Executive Officer

CBK - Central Bank of Kenya

CCD - Commissioner for Cooperative Development

CSA - Cooperatives Societies Act

COMESA - Common Market for Eastern and Southern Africa

DGF - Deposit Guarantee Fund

DTs - Deposit Taking Saccos

EMDEs - Emerging Markets and Developing Economies

EAC - East Africa Countries

FDI - Foreign Direct Investment

FOSA - Front Office Saving Activity

FSD - Financial Sector Deepening

FLSTAP - Financial and Legal Sector Technical Assistance Project

ICT - Information Communication Technology

IMF - International Monetary Fund

LIC - Low Income Countries

MDGs - Millennium Development Goals

MENA - Middle East & North Africa Region

MFI - Microfinance Institution

MoCD&M - Ministry of Cooperative Development and Marketing

MoU - Memorandum of Understanding

SACCOs - Savings and Credit Cooperatives

SASRA - Sacco Societies Regulatory Authority

SME - Small and Medium Enterprise

SSA - Sub Sahara Africa

WOCCU - World Council of Credit Unions


The Kenyan Sacco sub sector has entered a new phase in its growth and development with

the commencement of licensing of Saccos under the prudential regulatory framework. The first batch of inaugural seven Saccos was licensed to commence Deposit Taking business under the new Regulatory Framework in March 2011. By December 31st 2011, 110 Saccos had been licensed, anchoring professional and transformative approach to conducting business within the Saccos.

During the year under review, the Authority developed regulatory and surveillance structures to ensure effective implementation of its legal mandate of licensing, supervising and regulating of Saccos. A Risk Based Supervision framework is at an advanced stage of development which will enhance the supervision capacity of the Authority. The Authority continued to review Saccos Information Technology infrastructure to ensure they develop the required capacity to comply with regulatory requirements.

On the macro economic front, the sub sector faced challenges in 2011 from increased levels of inflation, bank interest rates and weakening of the Kenya shilling. The inflation rate which was 3.97 % in March 2010 rose to 12.05 % in April 2011 and rose further to stand at 18.93 % in December 2011. This was mainly attributed to increase in fuel prices and steep increase in food prices. Saccos borrow substantially

from commercial banks to lend to members and increase in bank interest rates saw Saccos borrow K.sh. 5.6 billion in 2011 down from K.sh. 15 billion in 2010.

The Authority’s big picture under the new legal and regulatory framework is to ensure a thriving and ever growing Sacco subsector competing with the very best in the world and at the same time creating opportunities for more people to

emerge from poverty into a dignified and self-reliant life. This will be achieved in collaboration with the government and the Sacco subsector stakeholders to ensure Saccos grow and remain attractive to members.

As is indicated, the Sacco sub sector recorded positive growth in all areas during the year under review. Guided by the cooperative philosophy and values, this growth momentum is expected to be maintained as Saccos seek to embrace the new regulatory framework that promotes transparency, accountability and good governance practices.

PETER GAKUNUChairman

Board Of Directors

Chairman’s Statement


In the year 2011, the Sacco Societies Regulatory Authority (SASRA) continued to implement its mandate of

licensing, regulating and supervising Deposit Taking Sacco Societies. The objective is to protect the interests of Sacco members and ensure public confidence thus sustainability of the Sacco subsector as a key player in the Kenyan financial sector.

A number of Saccos were licensed during the year, out of 215 applications received from Deposit Taking Sacco societies, a total of 110 had been licensed while 105 Saccos were at various stages of analysis and processing. The Authority also conducted onsite inspections on a number of licensed Saccos to assess their level of compliance.

In terms of Sacco performance, the Sacco sub-sector recorded an average growth of 14% in the year under review in spite of slow growth of the national economy coupled with stiff competition from conventional financial institutions. Sacco membership, a key indicator of financial growth increased to 1.9million from 1.55million in 2010.

The year 2011 witnessed a continued growth of the Kenyan Sacco sub-sector on various key fronts including increase in membership, deposits, total assets and Capital. This was as a result of encouragement by the Authority for the Sacco societies to implement their respective Business Plans submitted during licence application. In addition, most of the Saccos embraced growth strategies including adoption of Information and Communication Technology in their operations, research and marketing, partnerships in agency businesses and opening up of new branches and rebranding exercises.

Consequently, the total assets for Deposit Taking Saccos stood at Ksh.196 billion in December 2011,

a growth of 15% from the Ksh.171 billion recorded in 2010. The growth in assets was funded mainly by member deposits which also increased by 15% from K.sh 123billion in 2010 to K.sh 141billion in 2011. In the same year, a total of K.sh 148 billion was disbursed as loans and advances and this accounted for 75% of the total assets reinforcing the fact that Saccos’ core business is to lend to their members.

To effectively facilitate the Authority’s role, two key compliance driven initiatives were undertaken. These include adoption of a uniform chart of accounts by all Deposit Taking Sacco societies. This not only improved the reporting of the Sacco societies but also standardized the reporting across the board to enable peer comparison of performance. The second initiative was the development and implementation of an online return submission system to necessitate a direct up-loading of periodic returns into the Authority’s website and analysis thereafter. This improved the level of compliance in the submission and also the turnaround of the analysis of these returns to appreciate the financial conditions of the individual Saccos.

As I have previously assured, the Authority still remains committed to providing an enabling legal and regulatory framework to the Sacco societies to enable them remain competitive in the financial market, build their members’ confidence by offering them efficient services. The success cannot be achieved in isolation but rather in partnership with other stakeholders.

CARILUS ADEMBA, HSCChief Executive Officer

Chief Executive Officer’s Statement

His Excellency Hon. Mwai Kibaki, C.G.H., M.P., President of the Republic of Kenya flanked by the Minister for Co-operative Development and Marketing, Hon. Joseph Nyagah, EGH, MP share a chat with SASRA Chief Executive Officer, Mr. Carilus Ademba, HSC during the launch of the Kenyan Chapter of the International Year of Cooperatives held at K.I.C.C grounds in November 2011.


His Excellency Hon. Mwai Kibaki, C.G.H., M.P., President of the Republic of Kenya flanked by the Minister for Co-operative Development and Marketing, Hon. Joseph Nyagah, EGH, MP share a chat with SASRA Chief Executive Officer, Mr. Carilus Ademba, HSC during the launch of the Kenyan Chapter of the International Year of Cooperatives held at K.I.C.C grounds in November 2011.

10 SASRA • Sacco Supervision Report 2011

CHAPTER ONE Economic Outlook

1.1. Emerging Markets and Developing Economies (EMDEs)

Based on Central Bank of Kenya and IMF reports, Emerging Markets and Developing Economies (EMDEs) recorded an average growth of 6.2 % in 2011, compared to 7.3 % in 2010. This significant decline reflects the deterioration in the external environment. China recorded the highest economic growth of 9.2 % in 2011, maintaining its position as the world’s fastest-expanding major economy. The growth in EMDEs is however expected to further slowdown to an annual growth target of 5.4 % in 2012 due to the worsening external environment and a weakening of internal demand for goods and services. Brighter growth prospects and stronger fundamentals, combined with low interest rates in advanced economies, resulted in EMDEs attracting strong capital inflows. As indicated in chart 1 , net capital flows to emerging markets remained relatively strong, although volatile, during the first half of 2011.

However, the emerging markets have to grapple with likely sharp reversals prompted by weaker global growth, sudden capital outflows, or a rise in funding costs that could weaken domestic banks.

1.2. Sub-Saharan Africa and East African Economies

Sub-Saharan Africa countries’ economy grew by 5.13 % in 2011 from 5.29 % in 2010 and is projected to expand to 5.44 % in 2012 as indicated in the Figure below.

Chart 1: GDP Growth rate in Sub-Saharan Africa Vs. Other Regions

World Advanced Economies Emerging and Developing Economies Sub-Saharan Africa

Real

GDP

(%Ch

ange

)

Crisis Peak

-6

2002 2003 2004 2014201320122011201020092008200720062005-2

02

4

6

8

10

-4

Source: IMF, World Economic Outlook database, April 2012

SASRA • Sacco Supervision Report 2011 11

So far the global slowdown has not significantly affected the sub-Sahara region, but downside risks have risen. Most of the region’s low-income countries (LICs) have returned to their pre-crisis growth rates. Average growth for the LICs group was at 5.8 % in 2011, on the back of strong domestic demand and accelerating exports. In 2012, growth is expected to expand to 5.9 % as shown in Table 1.

Table 1: Sub-Saharan Africa - % Growth by Country Groups

Regions in Sub-Saharan Africa200�-0� 200� 2010 2011 2012 201�

Projections

Sub-Saharan Africa 6.6 2.8 5.4 5.1 5.4 5.3

Oil Exporters 8.7 5.2 7.3 6.2 7.3 6.2

Middle-Income Countries 4.9 -1.6 3.1 3.9 3.8 4.2

Low-Income Countries 6.3 4.8 5.8 5.8 5.9 5.9

World 4.6 -0.6 5.3 3.9 3.5 4.1

Source: IMF, World Economic Outlook Report, April 2012

The growth of oil-exporting economies slowed down to 6.2 % in 2011 from 7.3 % in 2010. However, the growth is projected to bounce back to 7.3 % in 2012 (Table 1). The greater integration with global markets made Middle-income countries (MICs) more vulnerable to the world economic crisis and are yet to recover fully from the impact. A rapid rise in unemployment, high household debt, low capacity utilization, the slowdown in advanced economies, and substantial real exchange rate appreciation are making for a hesitant recovery in South Africa. However, its output gap is projected to close as growth picks up to 3.9 % in 2012 (See Table 2).

Chart 2: Sub-Saharan Africa and the World (%age Change in Real GDP)

SSA

GD

P (%

)

Wor

ld (%

)

Low-Income CountriesOil Exporters Middle-Income Countries

World

Sub-Saharan Africa

Source: IMF, World Economic Outlook Report, April 2012


Economic growth in South Africa will be driven by private consumption and reinvigorated investment, supported by a low interest rate regime and a return to licensing new mines. A further deterioration of the global economic environment could have substantial spill overs to the SSA region. This is likely to pull back recovery momentum especially in non-oil commodities market, thus slowing down trade. More immediately, sharp increase in oil prices, while boosting growth in oil exporters, would pose significant challenges for oil importers. Similarly, a continued surge in non-oil commodity prices would entail large social and fiscal costs for the region’s net commodity importers. Other risks to the outlook are political uncertainty and weather shocks which also have the potential to dampen growth prospects.

Table 2: Actual and Projected Output(%) for EAC Region and South AfricaCountry/Region 200�-0� 200� 200� 2010 2011 2012*SSA 6.69 5.6 2.80 5.3 5.1 5.4South Africa 5.25 3.6 -1.5 2.9 3.1 3.9Kenya 5.80 1.5 2.6 5.7 4.4 5.2Tanzania 7.29 7.73 6.70 6.5 6.7 6.4Uganda 8.08 8.8 7.2 5.9 6.7 4.2Rwanda 7.89 11.2 4.1 7.5 8.8 7.6Burundi 3.61 5.0 3.5 3.8 4.2 4.80

Source: IMF World Economic Outlook Report April 2012 and Kenya Economic Survey 2012

Across the SSA region, the inflation showed signs of deceleration in late 2011, going into 2012 as countries took bold steps in reducing inflation. In EAC, Rwanda was the only country which maintained single digit inflation throughout the year, averaging 5.6 %. Inflation peaked at one point to 30.5 % in Uganda and 19.8 % in Tanzania. In 2011, Kenya recorded the highest overall inflation in November at 19.7 %.

Chart 3: Inflation Rates in EAC Region, South Africa and SSA

EAC

Coun

trie

s

Sout

h A

fric

a an

d SS

A

BurundiTanzania Rwanda

SSAUganda

South Africa

Kenya

Source: IMF World Economic Outlook Report April 2012 and Various Bank Annual Reports

SASRA • Sacco Supervision Report 2011 1�

1.3. Impact of Global Macro-financial Developments to Domestic Financial Stability

Kenya is an open economy with fully liberalized financial markets with free movement of capital into and outside the economy. The country has fairly diversified export and import of goods and services where exports include; tea, coffee, horticulture, industrial goods, and limited minerals. Services are mainly hospitality industry, with tourism, financial services and technology leading. The main trading partners include EAC, COMESA, Europe, United Kingdom, and the US. Therefore, economic recovery in the main trading partners has positive impact on Kenya’s macroeconomic environment and in turn overall financial system stability. It is worthwhile to note the continued fragility in Europe, declining demand in Asia and slow recovery in the US pose significant threats to Kenya’s macroeconomic and financial stability.

Besides Kenya’s improved Balance of Payments, stability of these countries’ currencies will ensure stability of Kenya Shilling, thus ensuring foreign exchange stability. In addition, the Kenya benefits from improved capital flows both in terms of foreign direct investment (FDI), capital transfers, investment in capital markets and Diaspora remittances. Improved equities markets abroad reflecting, higher risk appetite means foreign investors look for higher yields/return in emerging markets like Kenya, thus leading to stability of domestic financial markets. The weaker global demand for commodities 2011 contributed to a lower GDP growth rate for Sub-Saharan Africa from 5.4 % in 2010 to 5.1 % in 2011.

Despite positive performance and outlook from global and regional economies, Kenya’s economy and financial system stability face vulnerabilities associated with global risks. For instance, there were downside risks emanating from sharp increase in commodity and fuel prices, especially in non-oil producing countries. This led to imported inflation and impacted negatively on the stability of exchange rate. This was compounded by continued socio-political tensions in the MENA region, a key source market for oil and consumers of Kenya’s tea exports.

Rising unemployment among the youth, fiscal imbalances, households’ debt problems amid weak disposable incomes, deflation signs in some countries and vulnerabilities in real estate markets in advanced economies pose significant risks to Kenya’s macroeconomic indicators. High unemployment in Europe and declining incomes in Asia reduces disposable income and therefore impacts negatively on tourism sector. These compounded with signs of overheating, inflationary pressures, and cautious global capital and credit markets do considerably impact negatively on Kenya’s financial sector stability.

The instability in exchange rate, high inflation, foreign reserves erosion thus affecting BoPs, reduced exports markets, and strained foreign capital inflows for Kenya in 2011 could be explained largely by shocks emanating from global and regional macro financial developments. Data shows net sell-off of equities by foreign investors in domestic financial markets, perhaps signalling flight to safety rather than appetite to return.

1� SASRA • Sacco Supervision Report 2011

1.4. Domestic Economic Environment

Macroeconomic Developments in Kenya in 2011

Overall, Kenya’s economy was resilient despite the growth momentum in 2011 slowing to 4.4 % from the 5.7 % growth rate in 2010. (Chart 4 below) The decline was attributed to high oil and food prices, unfavourable weather conditions in some parts of the country during the year under review and weakening of the Kenya shilling in the foreign exchange market which suppressed domestic demand. In 2007 the GDP growth was highest at 7 % while 2008 was lowest at 1.5 %

Chart 4: Annual GDP Growth Rate, 2007-2011

2007 2008 2009 2010 2011

7%

1.5%

3.3%

5.7%

4.4%

Source: Central Bank of Kenya and KNBS Database, September 2011

Manufacturing, Transport and Communication, Financial Intermediation and Construction sectors recorded a growth of recorded a growth of 3.3 %, 4.5 %, 7.8 %, and 4.3 % in 2011 compared with 4.5 %, 5.9 %, 9.0 %, and 4.5 % respectively. Electricity and Water sector growth rate of -2.6 % in 2011 from expansion of 9.7 % in 2010. This contraction was due to insufficient rainfall during the long rains season in 2011, leading to reliance on more expensive thermal power generation to meet demand. Agriculture and Forestry and Financial Intermediation had slower growth of 1.5 and 7.8 % in 2011 from 6.4 % and 9.0 % in 2010, respectively.

1.5. Inflation Developments

Inflation rose to historical high in 2011 compared with the situation 2010. The annual and overall inflation averaged 7.99 % and 13.97 %, respectively in 2011, compared to 5.6 % and 3.9 %, respectively, in 2010 as indicated in chart 5. Month-on-month overall inflation peaked at 19.72 % in November 2011 before starting to ease in response to monetary policy actions and other government measures. High crude oil prices, credit-funded consumption and drought contributed towards the high inflation experienced in 2011.


Chart 5: Inflation Trends

Annual Average

25

20

15

10

5

0

Jan-1

0

Mar-1

0

Jun-

10

May-1

0

Aug-

10

Jul-1

0

Oct-1

0Se

p-10

Dec-1

0

Nov-1

0

Apr-1

0

Feb-

10

Jan-1

1

Mar-1

1

Jun-

11

May-1

1

Aug-

11

Jul-1

1

Oct-1

1Se

p-11

Dec-1

1

Nov-1

1

Apr-1

1

Feb-

11

Overall

Source: Central Bank of Kenya and KNBS database

1.6. Exchange Rates Movement

Kenya Shilling weakened against major world currencies in the year 2011. Against the US dollar, the shilling averaged 101.270 in October 2011 from 81.029 in January 2011. It has since strengthened to average K.sh 83.188 per USD in April 2012 following tightening of monetary policy and implementation of administrative measures to curb currency speculation.

Chart 6: Average K.sh. against Major World Currencies

Annual Average

Kshs

Per £

1 and

1¢

Kshs

Per $

1

Jan-

10

Mar

-10

Jun-

10

May

-10

Aug-

10

Jul-1

0

Oct-1

0Se

p-10

Dec-

10

Nov-

10

Apr-1

0

Feb-

10

Jan-

11

Mar

-11

Jun-

11

May

-11

Aug-

11

Jul-1

1

Oct-1

1Se

p-11

Dec-

11

Nov-

11

Apr-1

1

Feb-

11

EURO (¢) USD ($)

170

97

92

87

82

77

72

102

90100

110120

130

140

150

160

Source: Central Bank of Kenya Database


The monetary policy initiatives to address exchange rate volatility and high inflation were coordinated by all EAC central banks in October 2011 at the height of inflation and exchange rate volatility. The ensuing stability in the exchange rate positively impacted overall inflation, thereby restoring confidence in the banking sector and economic management. The high interest rates also attracted short capital flows which led to further consolidation of exchange rate stability.

1.7. Capital Flows

Remittances inflows from Kenyans in Diaspora maintained upward trend in 2011, realising 39 % growth rate above the 2010 level. This may be explained by economic recovery in traditional sources of North America. The flow of remittances gained 20.8 million to an average of USD 74.3 million in 2011 from USD 53.5 million in 2010 as indicated in Chart 7.

The short-term capital inflows including portfolio flows were largely oscillating around USD 140 million in 2011 while net Foreign Direct Investment (FDI) stayed below USD 30 million. Stability of capital flows is important in balancing the capital account. Caution must be taken when there are observed large inflows that are speculative in nature as this can trigger instability in the financial system.

Chart 7: Trends in Capital Flows (USD Millions)

Short Term Capital

Shor

t-Ter

m Ca

pita

l

Rem

ittan

ces a

nd FD

I

Dec-

09

Jun-

10

Aug-

10

Feb-

11

Dec-

10

Oct-1

0

Apr-1

0

Jun-

11

Aug-

11

Dec-

11

Oct-1

1

Apr-1

1

Feb-

10

FDI Flows Remittances

180 90

8070

10

0

2030405060

200

406080

100

120140

160

Source: Central Bank of Kenya Database


1.8. Implication of Global Financial Crisis on Performance of Saccos

Globalization has been accompanied by financial liberalization, which has seen the reform of many policies that would have previously insulated national economies from crises elsewhere in the world. Shocks in financial markets have increasingly triggered economic crisis in real economies.

The crisis that has faced global financial markets since 2007 has had dramatic implications for economic growth in developed countries and developing countries, with most countries now reporting that they’ve entered into in a recession.

However, Africa’s low level of integration into global financial markets isolated it from the immediate impacts of the global financial crisis. Extensive bail out packages for banks have not been announced in Africa and few firms held assets associated with the global financial crisis (African Co-operatives and Financial Crisis; Emma Allen and Sam Mughimbi, 2009). It is believed that financial institutions in Sub-Sahara Africa had little direct exposure to the US sub-prime market. However, the exposure of the private sector to these financial markets remains to be understood. Despite low level involvement the factors that triggered the global financial crisis, the continent has not been spared from the spillover effects associated with the financial crisis. It is noted that technological advances, trade and financial liberalization, along with regulatory reforms aimed at enhancing economic integration have decreased barriers to markets of developing countries throughout the world.

Research from the IMF (Hesse & Cihak, 2007) indicate that cooperative financial institutions tend to be more stable in times of crisis, as their investment patterns use the capital of members in ways that best serve their long term needs and interests. They have a lesser tendency to invest in high risk financial markets compared to commercial banks. It is therefore thought that their comparative stability, under both average and extraordinary conditions, can help to mitigate crisis impact for members and clientele, especially in the short-term. However, since most Saccos draw their membership from the formal sector, in times of economic downturn, the functioning of the SACCO can be undermined if member’s incomes are destabilized by volatility in the economy. This may lead to reduction of members’ savings and an increased demand for loans. SACCOs have reported increase in demand for loans, but have exercised caution in responding to requests.

Saccos are generally guided by a conservative lending philosophy that places member needs ahead of institutional profits. This restricts them from engaging in high risk lending practices, distinguishing them from other financial institutions and has shielded them from fianancial upheavals that continue to face the commercial banking sector.


1.9. Structure of Sacco Sub Sector

The Sacco sub sector comprises both Deposit Taking and non-Deposit Taking Saccos. Deposit Taking Saccos are licensed and regulated by SASRA while non-Deposit Taking Saccos are supervised by the Commissioner for Co-operatives. SASRA licenses Saccos that have been duly registered under the Cooperative Societies Act CAP 490.

As at 31st December 2011, the total number of Deposit Taking Saccos was 215 of which 110 had been licensed. 105 Saccos were at various stages of analysis and processing. It should be noted that these Deposit Taking Saccos were in operation prior to establishment of SASRA in 2009 and have applied to be considered for licensing as Deposit Taking business.

The Deposit Taking Saccos that are spread across the Counties are distributed as follows:-Government based Saccos 87, Farmers based Saccos 74, Private institutions based Saccos 24, and Community based Saccos 30.

1.10. Supervision and Regulation of Licensed Deposit Taking Saccos.

The Authority’s key mandate as spelt out in section 5(a) (b) of the Act is to license Saccos to carry out Deposit Taking business and to regulate and supervise them. The Authority carries out its mandate through the Sacco Supervision department whose major tasks include:-• Licensing of Sacco societies to carry out Deposit Taking business.• Regulate and supervise Sacco Societies• Carrying out onsite evaluation and offsite analysis of the financial condition of licensed Saccos to ensure

compliance with the statutory and prudential requirements.• The Authority also processes approvals for Saccos in regard to opening of Sacco branches, appointment

of external auditors, agency banking and annual license renewal.

1.11. SASRA Board of Directors

The board of directors oversees the operations of the Authority with the day to day functions undertaken by the management and staff. The board comprises members drawn from the following institutions:-

i) The Permanent Secretary to the Treasury or his representative;

ii) The Commissioner of Co-operatives or his representative;

iii) The Governor of the Central Bank or his representative;

iv) Four members, not being public officers, appointed by the Minister by virtue of their knowledge in co-operative practice and management, law, finance or economics; and

v) The Chief Executive Officer.


In order to effectively run its affairs, the board has the following three board committees; Finance and Human Resource & Administration committee, Research and Supervision committee and Audit & Risk Management Committee with this key additional roles and functions.

• Research and Supervision committee

• Finance and Human Resource & Administration committee,

• Audit & Risk Management Committee

The Committees are comprised of Directors appointed by the Board. The objective of having Committees is mainly to enhance corporate governance, to advise the Board on various issues, review, action and monitor tasks assigned to it and to the management; all geared towards improving efficiency & effectiveness in doing business. A substantial portion of the analysis and work of the Board is done by standing Board committees. The Committees report to the Board of Directors.

Below is the Authority’s organization structure with the various departments and board committees.

Chart 8: Organization Structure.

Board of Directors

DFG Board of Trustees

CEO

Internal Audit & Risk Management Dept.

Supervision & Research Comm.

Audit & Risk mgt. comm.

Legal A�airs Department

Policy, Research & Dev. Dept.

Sacco Supervision Department.

Finance & Planning Dept.

HR & Admin. Department

Corporate Communication

Finance& HR Comm.


The SACCO Supervision department is responsible for the implementation of the Authority’s primary mandate of licensing and regulation of licensed Saccos. Regular supervision and surveillance of Saccos ensures they operate within established legal framework and therefore ensuring safety, soundness and integrity of their operations with ultimate goal of protecting Sacco members’ funds. In order to achieve this objective the department undertakes the following functions:

• Processing of licenses for Deposit Taking SACCO Societies and monitoring and evaluating their performance.

• Continuous review and improvement of policy, regulatory and supervisory framework

• Conducting on site evaluations and off site surveillance and enforcement of compliance with the regulatory requirements:

• Investigating and enforcing cases of violation against regulatory requirements in line with the SACCO Societies Act 2008 and regulations.

• Analysis of data and information on performance of SACCO Societies and disseminating the same to the different stakeholders

The other departments of the Authority are Legal Affairs, Research and Policy, Finance and Planning, Internal Audit and risk management, and human resources & administration Departments.

1.12. Ownership and Categories of licensed Saccos

The formation of Saccos is on the basis of an agreed common bond which could be employment, geographical location or economic activity. Ownership is therefore generally structured on these considerations. The four broad categories and the number of licensed Saccos in each category as at 31st December 2011 is as shown on Table 3;

a. Government based Saccos: - Comprise members from Ministries and Government agencies, public schools, colleges and local authority/municipality employees.

b. Farmer based Saccos: - Comprise farmers in different agriculture activities.

c. Private institutions based Saccos: - Draw members from employees of private enterprises including non-governmental organizations operating in Kenya.

d. Community based Saccos: - Draw members from the local communities where they operate and include SME traders and farmers.

SASRA • Sacco Supervision Report 2011 21

Table 3 provides further insight on what each category of membership accounts for among the licensed Deposit Taking Saccos.

Table 3: Ownership and Categories of licensed D.T Saccos as at December 31, 2011

Ownership No. of Saccos Assets (K.sh) % of Total Deposits(K.sh.) % of Total

1 Government 42 119,088,314,465 71 86,707,676,208 71

2 Farmers 40 22,599,711,612 14 14,906,914,557 13

3 Private institutions 14 18,880,271,943 10 13,846,049,693 12

4 Community based* 14 6,527,491,721 4 4,879,233,698 4

TOTAL 110 1��,0��,��,��1 100 120,��,��,1�� 100

* These include Traders based Saccos, Transport based Saccos and church based Saccos

Chart 9: Ownership Size, Assets and Deposits of Licensed Deposit Taking Sacco

PrivateInstitutions

10%

Community Based4%

Government Based71%

Farmers Based14%

PrivateInstitutions

12%

Community Based4%

Government Based71%

Farmers Based13%

Assets Deposits

NB:i. Government based Saccos draw their membership from government ministries, government agencies (government owned

enterprises & statutory bodies) public schools, colleges and Local Authority/ municipality employees.

ii. Private institutions based Saccos draw their membership from employees of private limited companies and non- governmental organizations operating in Kenya.

iii. Farmers based Saccos draw their membership from farmers.

iv. Community based Saccos draw their members from local communities who are involved in either trading, local churches etc.


1.13 Distribution of Sacco Branches

Table 4: Sacco Branch Distribution

COUNTY 2010 2011 COUNTY 2010 2011

1 MOMBASA 8 8 25 SAMBURU 6 6

2 KWALE 3 3 26 TRANS NZOIA 4 4

3 KILIFI 4 4 27 UASIN GISHU 6 6

4 TANA RIVER 2 2 28 ELGEYO/MARAKWET 3 3

5 LAMU 5 5 29 NANDI 11 11

6 TAITA TAVETA 3 3 30 BARINGO 11 11

7 GARISSA - - 31 LAIKIPIA 11 11

8 WAJIR - - 32 NAKURU 10 10

9 MANDERA - - 33 NAROK 3 3

10 MARSABIT 1 1 34 KAJIADO 9 9

11 ISIOLO 1 1 35 KERICHO 22 22

12 MERU 47 47 36 BOMET 18 18

13 THARAKA NITHI 8 9 37 KAKAMEGA 10 10

14 EMBU 18 18 38 VIHIGA 1 1

15 KITUI 4 4 39 BUNGOMA 12 12

16 MACHAKOS 8 8 40 BUSIA 2 2

17 MAKUENI - - 41 SIAYA 1 1

18 NYANDARUA 10 10 42 KISUMU 15 15

19 NYERI 37 37 43 HOMABAY 6 6

20 KIRINYAGA 24 24 44 MIGORI 1 1

21 MURANGA 23 23 45 KISII 31 31

22 KIAMBU 37 38 46 NYAMIRA 7 7

23 TURKANA - - 47 NAIROBI 81 85

24 WEST POKOT 2 2 TOTAL �2� ��1

Sacco branches increased to 531 in 2011 from 526 in 2010. Nairobi recorded the highest number of branches at 85, followed by Meru County with 47 and Kiambu County with 38 branches respectively.

1.13. Sacco Market Share Analysis.

For logical market share analysis, the Deposit Taking Saccos have been categorized into three peer groups. The grouping is based on the average market share comprising capital size, deposits, total loans and assets size as indicated on the table 5 below.


Table 5: Market Share Analysis for Licensed Deposit Taking Saccos as at Dec. 2011

CATEGORY No. of Sacco

AssetsK.sh.

billion% Deposits % Loans %

AverageMarket

Size

LARGE (Above Shs.1 b)

43 142.8 85.5 103.5 80 121,900 83 78

MEDIUM (Above Shs.200m & below 1b)

43 21.2 12.6 14.8 16 21,063 1417

SMALL (BelowK.Sh 200 million)

24 3.1 1.8 2.0 4 4,775 35

TOTAL 110 1��.1 100 120.� 100 12�.� 100 100

i. Category one comprises of Saccos with assets above K.sh. 1 billion. As at 31st December 2011, there were 43 large Saccos with an average market size of 85.5% of the licensed Saccos total assets. Out of the 43 Saccos in this peer group, 29 were Teachers’ based Saccos representing 67% of the group. The higher representation of teachers’ Deposit Taking Sacco is explained by the fact that they are distributed in 42 Counties of Kenya in addition to regular income of their members.

ii. Category two comprises of Saccos whose assets are more than K.sh.200 million but less than K.sh.1billion. There were 43 Saccos in this peer group as at 31st December 2011 with a combined asset base of K.sh.21.2 billion translating to an average market size of 13% in terms of total assets.

iii. Category three comprises of Saccos with asset base of less than K.sh.200 million. As at 31st December 2011 there were 24 licensed Saccos in this category with a combined asset base of K.sh.3 billion and representing about 2% of the market size.


The Minister for Co-operative Development and Marketing, Hon. Joseph Nyagah, EGH, MP presents the first Deposit Taking licence certificate to the Chairman of Stima Sacco Society, Eng. Joseph Njoroge at the inaugural licensing ceremony held in 2011.


2.1. Introduction

The year 2011 witnessed a continued growth of the Kenya Sacco sub-sector on various key fronts including increase in membership to 2.3 million from 1.6 million in 2010, deposits increased from K.sh.158 billion in 2010 to K.sh. 180 billion, total assets increased to K.sh.248 billion from K.sh. 216 billion in 2010. The gross turnover for the sub sector grew by 13% to stand at K.sh.25 billion in 2011 compared to K.sh.22 billion in 2010. Total loans granted to members grew by 19% to stand at K.sh. 147.7 billion compared to K.sh. 124.6 in 2010 and increase of K.sh. 23.1 billion. Saccos posted a 38% increase in equity in an attempt to comply with regulatory requirements. This saw total equity for Deposit Taking Saccos increase to K.sh. 27 billion from K.sh.19.6 billion the previous year.

A total of 570 Saccos were registered during the year increasing total registered and operational Saccos to 3,632.

During the year under review most Saccos embraced growth strategies including mobile technology adoption, branch network expansion, ATMs, research and marketing initiatives, adoption of agency banking and rebranding (including change of Sacco names). Additionally, players in the sub-sector focused on innovation in the delivery of services and new products development. Key to this has been adoption of relevant information system and greater participation in mobile money revolution enabling the subsector to be more effective and efficient.

Saccos are part of the financial sector in Kenya. The development within the subsector is therefore guided by the medium-term objectives of the financial sector reform and development strategy embedded in the economic development blueprint, Vision 2030. The financial sector reforms objectives are focused on access to quality financial services in a convenient and cost effective way.

The Sacco sub-sector performance in the year under review recorded an average growth of 15% inspite of slow growth of the national economy coupled with stiff competition from conventional financial institutions.

The following key compliance driven developments were undertaken by Saccos:-

i) A uniform chart of accounts was adopted by all Deposit Taking Saccos

ii) Direct up-loading of periodic returns into the Authority’s website

iii) Upgrading management information systems of various Saccos to meet regulatory requirements.

CHAPTER TWO Developments in the Sacco Sub Sector


iv) Increased adoption of mobile financial services by Saccos with many of them entering into partnership with mobile service providers to provide financial services through the mobile phone platform.

v) Increased adoption of Agency Banking through partnership with commercial banks.

vi) During the year 10 specific circulars were issued to guide Saccos on implementation of prudential guidelines.

2.2. Developments in Information and Communication Technology.

The ICT Unit oversees the design, management and execution of the Authority’s Information and Communication Technology facilities and programs in line with the Authority’s strategic objectives.

The Unit develops, installs and maintains various systems and facilities that enable proper service delivery to both the internal and external customers.

Deposit Taking Sacco societies continued to embrace the use of technology to deliver services to members. Most notable has been the connectivity to ATMs and mobile delivery channels by a majority of the Deposit Taking Saccos. As at December 2011, 101 licensed Saccos had connected to the Sacco Link network while several others hooked on the Pesa point ATM network. Two Saccos have installed their own ATMs.

The use of mobile phone platform to deliver financial services has seen software vendors in the Sacco subsector partner with the mobile service providers to integrate mobile solutions to their core systems. Nearly all Deposit Taking Saccos are now able to have their members withdraw or deposit money in to the FOSA account, make enquiries on the accounts, get notifications on their loans as well as pay their bills. This is a significant development as it has allowed members to access Sacco services conveniently and efficiently.

While a majority of Deposit Taking Saccos continued to upgrade the management information systems, the overall business automation remains low due to low technical capacity in the subsector. This has stifled the ability of the Saccos to optimize the use of information systems to deliver services efficiently while adequately mitigating the operational risks that come with automation. Consequently, there are emerging concerns in regard to sub-optimal ICT investments and increased incidences of fraud among the Deposit Taking Sacco societies.

The Authority is currently developing a Risk Based Supervision framework with great emphasis on operational risks and ICT controls and this will lead to appropriate guidelines to standardize risk management practices across the licensed Sacco societies. There are also on-going capacity development initiatives to address governance and core capacity issues including ICT skills.


2.3. Balance Sheet Analysis for Licensed Deposit Taking Saccos

The total assets for all Deposit Taking Saccos stood at K.sh.196 billion in December 2011, a growth of 15% from the K.sh.171 billion recorded in 2010. The growth in assets was funded mainly by member deposits which increased from K.sh.123 billion in 2010 to K.sh.141 billion, a 15% growth. A total K.sh. 148 billion was disbursed as loans and advances. Total loans accounted for 75% of the total assets reinforcing the fact that Saccos’ core business is to mobilize savings lend to their members. The additional funds to the deposits were from retained earnings, loans from commercial banks, KUSCCO and other financing institutions (please refer to annex 2 for additional analysis)

Table 6: Consolidated Balance Sheet Analysis for Licensed Deposit Taking Saccos as at Dec. 2011.ASSETS 2011 2010 % ChangeCash & Cash Equivalent 14,908,356,187 14,376,566,038 3.7Prepayments & Sundry Receivables 8,028,029,923 8,499,598,626 -5.5 Financial Investments 7,659,625,328 7,173,984,887 6.8 Gross Loan Portfolio 125,596,266,019 106,130,241,472 18.3 Accounts Receivables 124,962,214 123,660,451 1.1 Property & Equipment & Other assets 10,778,550,070 9,608,672,127 12.2 Total Assets 1��,0��,��,��1 1��,�12,�2�,�01 1�.�

LIABILITIES Total Deposit liabilities 120,339,874,156 105,141,389,064 14.5 Accounts Payable & Other Liabilities 19,110,446,096 24,124,246,284 -20.8External Borrowing 5,612,072,126 15,300,000,000 -63.3 Total Liabilities 1��,0�2,��2,�� 12�,��,��,�� 12.1 EQUITY Share Capital 6,147,087,161 4,849,149,312 28.8 Capital grants 109,271,963 75,636,637 44.5 Retained Earnings 5,146,928,347 3,268,744,518 57.5 Other Equity Accounts 10,630,109,892 9,214,708,931 15.4 Total Equity 22,0��,��,�� 1�,�0�,��0,1�� 1.� Total Liabilities and Equity 1��,0��,��,��1 1��,�12,�2�,�01 1�.�

** Figures quoted are in K.sh. where applicable.

Retained earnings grew by 57.5 % with the growth attributed to the implementation of regulations that encourage Saccos to build their institutional capital.

2.4. Future Growth

While the subsector as a whole has improved in terms of management and technology capacities, the key driver for the growth in Deposit Taking Sacco societies is the opportunities in the quasi banking activity (Front Office Savings Activity-FOSA). The quasi banking services and products including salary and business accounts (demand deposits), salary processing, short-term loans/advances, ATMs, and mobile phone enabled services, has positioned Deposit Taking(FOSA operating) Saccos favourably in the market by enabling them to provide new and competitive products and services to members. This trend is expected to improve as the


benefits of the prudential regulatory framework trickle down to the members and the general public with improved governance and enhanced technical capacity through effective implementation of the operational regulations and prudential standards. This in turn will open up new growth opportunities for Saccos that will appropriately align the regulatory framework with their business strategies.

2.5. Gross Loans, Loan Account and Non – Performing Loans

Saccos do not clearly categorize loans to determine which sector of the economy is funded by such granted loans. However, most of the loans granted are in the category of personal/household sector with large amounts utilized for school/college fees, general development and for emergency purposes.

Table 7 provides Loan accounts, gross loans and gross NPLs based on 110 licensed Saccos as at 31st December 2011.

Table 7: No. of Accounts, Gross Loans and NPLs as at December 2011

No. of Loan Accounts Gross Loans Gross NPLs % of total

1,883,651 125,783,625,291 12,185,308,345 9.6%


A total of 1.88 million Sacco members were granted loans in year 2011. This translates to 90% of all Sacco members having been granted loans. In the year 2011, commercial banks had 1,990,453 loan accounts.

2.6. Risk Classification of Loans and Advances

Sacco regulations require Deposit Taking Saccos to maintain adequate provisions on non-performing loans before declaring profits and subsequent payment of dividends. Regulations 41 and 44 require Saccos to classify and provide for loans on the basis of the repayment performance by the borrowers into performing, watch, substandard, doubtful or loss categories.

i) Performing loans – These are well documented and performing loans according to contractual terms.

ii) Watch loans – These are loans whose principle or interest have remained unpaid for one to 30 days or where one instalment is outstanding.(5 % loan loss provision is required for watch loans)

iii) Substandard loans – These are loans not adequately protected by the current repayment capacity and the principal or interest have remained unpaid between 31 to 180 days or where two to six instalments have remained outstanding.(25 % provision is required for substandard loans)

iv) Doubtful loans – These are loans not adequately protected by the current repayment capacity and the principle or interest have remained unpaid between 181 to 360 days or where 7 to 12 instalments have remained outstanding.(50 % provision is required for doubtful loans)


v) Loss loans – These are loans which are considered uncollectable or of such little value that their continued recognition as receivable asset is not warranted , not adequately protected and have remained unpaid for more than 360 days or where 12 instalments have remained outstanding. (100 % provision is required for loss loans)

Table 8 provides analysis of total loans outstanding for the 110 licensed Saccos as at 31st December, 2011

Table 8: Risk Classification of Loans disbursed by licensed Saccos as at Dec. 2011

Classification Loans % of the total

Performing 103,543,494,571 82.4%

Watch 10,054,822,375 8%

Substandard 4,993,786,283 3.9%

Doubtful 2,764,642,783 2.2%

Loss 4,426,879,279 3.5%

Gross loans 125,783,625,291 100%

Source: Regulatory Returns


The non-performing loans (NPLs) which comprise substandard, doubtful and loss loan accounts constitute 9.6% of the gross loan portfolio. This level of NPL is very high and underlines the need for the Sacco subsector to strictly enforce the credit policies to minimize the credit risk and thus loan loss provisions. The guarantee system that Saccos apply in lending to member should further cushion the Saccos. The Authority is giving high priority to compliance with the regulations on credit risk management to minimize the credit risk given that over three quarters of the total assets in Deposit Taking Saccos comprise loans to members.

2.7. Profit and Loss

Turnover for Deposit Taking Saccos increased from K.sh. 18.8 billion in 2010 to K.sh. 21.3 billion in 2011, a growth of 15%. This was largely attributed to growth in credit portfolio as a result of increased product diversification during the period under review. Table 9 provides and analysis of income and expenditure of Saccos.

�0 SASRA • Sacco Supervision Report 2011

Table 9: Consolidated Income and Expenditure for licensed Saccos expressed as a % as at December 2011

INCOME 2011K.sh.

% of TotalIncome

2010K.sh.

% of TotalIncome

Financial Income from Loans Portfolio 18,049,845,464 84.6% 15,793,037,809 83.9%

Income from Investments 628,367,209 2.9% 470,654,003 2.5%

Other Operating Income-Salary processing fees, membership fees etc.

2,669,716,486 12.5% 2,552,690,388 13.6%

Total Income 21,��,�2�,1�� 100% 1�,�1�,��2,1�� 100%

EXPENSES 0 0

Interest Expense on Deposits 5,887,784,774 28% 4,499,779,691 24%

Cost of External Borrowings 1,895,382,203 9% 1,626,222,161 9%

Dividend Expenses (on member shares) 739,707,191 3% 559,737,625 3%

Fees & Commission Expense 42,162,870 0% 76,747,409 0.40%

Other Financial Expenses 669,659,304 3% 663,926,295 4%

Total Expenses 9,234,696,342 43% 7,468,983,155 39%

Net Financial Income 12,11�,2�2,�1� ��% 11,��,��,0�� 1%

2.8. Income

The largest portion of Saccos income was derived from the loan portfolio and amounted to 79 % of the total income. This was attributed to increase in loans and advances during the year. Interest income on government securities reduced from K.sh. 622 million to K.sh. 446 million, a drop of 28% while deposits with banks and other financial institutions reduced from K.sh. 436 million to K.sh.106 million, a drop of 75%. This drop was as a result of a shift from Saccos relying on external borrowings to internally generated funds deposited in other financial institutions to meet member’s loans demand.

2.9. Expenses

The total expenses for licensed Deposit Taking Saccos increased from K.sh. 7.46 to billion K.sh. 9.23 billion an increase 4 %, as a result of increase in the cost of external borrowing from K.sh. 1.6 Billion to K.sh. 1.9 billion representing a 14% increase. Payment of interest on deposit to members was the highest expense item incurred by Saccos which increased from K.sh.4.49 billion to K.sh.5.88 billion an increase of 30%.

2.10. External Borrowing

Total external borrowing reduced from K.sh. 15.3 billion in 2010 to K.sh. 5.6 billion in 2011 a decrease of 63%. This could be attributed to the sharp increase in the cost of credit during the year from an average of 11% to 25%.

SASRA • Sacco Supervision Report 2011 �1

The Attorney General, Prof. Githu Muigai, EGH, flanked by the then Institute of Certified Public Secretaries of Kenya Chairman, CS. Joe Mwangi Mbuthia hands over a trophy to Muhigia Teachers Sacco Society Chairman, Mr. Dickson Munene Muriuki who scooped first position in the Co-operative award and overall Chairman of the year award sections of the Champion of Governance awards held in 2011


3.1. Prudential Regulation of Sacco Societies

The rapid growth of Saccos has come with increased challenges which could not be adequately addressed within the provisions of the Cooperatives Societies Act (CSA) CAP 490, in spite of numerous amendments. In response to this challenge, the Ministry of Cooperative Development and Marketing (MoCDM) recognized the need for a specific legislation. Section 91A (1) of Cooperative Societies Act 1997 provided that;

“The Minister shall in consultation with the apex society constitute by notice in the Gazette a body to regulate

the operations of savings and credit co-operatives”

In this regard, the Sacco Societies Act (SSA) was enacted and assented to in 2008 providing for the licensing, supervision and regulation of Sacco Societies. The Act also provided for the establishment of the Sacco Societies Regulatory Authority (SASRA) with the mandate to enforce the new legal and regulatory framework. In addition to prudential regulation, the Act also establishes the Deposit Guarantee Fund (DGF) which shall provide protection to members’ deposits up to Ksh.100, 000 per member. The SSA commenced in 2009 but SASRA started operations in June 2010 upon publication of the Sacco Societies (Deposit Taking Sacco Business) Regulations.

The new legal and regulatory framework modelled along the same principles as those for the regulation of banks and Deposit Taking microfinance institutions has the primary purpose of improving governance of Sacco societies through enhanced transparency and accountability.

Section 3(1) provides that the Act shall apply to every Deposit Taking Sacco business and specified non-Deposit Taking business. In respect of the non-Deposit Taking business, the Minister may make regulations specifying the non-Deposit Taking business to which this Act will apply including the measures for the conduct of the specified business. The Sacco Societies (Deposit Taking Sacco Business) Regulations published by the Minister in June 2010 therefore applies to every Deposit Taking Sacco business. The Deposit Taking Sacco business refers to the taking of demand deposit from members which occur in Sacco societies operating the Front Office Service Activity (FOSA).

SASRA is in its second year of implementing the Sacco Societies Act and the Regulations. Thus as a new law, the focus has been on implementation of the law to ensure the policy objectives that informed the new regulatory framework for Sacco Societies are satisfied. However, there has been a concern in the Sacco subsector prompting proposals to amend certain provisions of the Act particularly but the same are still under consideration by the Ministry and SASRA before the changes are made.

CHAPTER THREEDevelopments in Regulatory Framework

SASRA • Sacco Supervision Report 2011 ��

3.2. Licensing of Deposit Taking Saccos

Section 69 of the Sacco Societies Act provided one year from the date of publication of the Regulations for all the Deposit Taking (FOSA operating) Saccos to apply for license. This period lapsed in June 2011 by which date 200 Sacco societies had submitted their applications for license with SASRA. The balance of eighteen (18) Sacco societies discontinued or closed the Deposit Taking Sacco business as they did not satisfy the licensing requirements. These Saccos reverted to the operations the Back Office Service Activity (BOSA) referred to in the Act as non-Deposit Taking Sacco business since they do not collect demand deposits from members. The supervision of BOSA Sacco societies remains under the Cooperative Societies Act, Cap 490 administered by the Commissioner for Cooperative Development.

Fifteen (15) Saccos applied to commence Deposit Taking operations during the year bringing the total license applications to 215 by the end of 2011. The Authority had licensed 110 Deposit Taking Saccos as at December 2011. The licensed Deposit Taking Saccos account for 85 % of the member deposits and total assets of the 215 Saccos that applied for license. Table 10 is a comparison of the licensed Deposit Taking Saccos to the 215 Saccos.

Table 10: Comparison of Licensed D.T.S to the total applications as at December 2011

ITEMS MEMBERSHIP SHARE CAPITAL

CORE CAPITAL

MEMBERS DEPOSITS TURNOVER LOANS/

ADVANCESTOTAL ASSETS

110 Licensed Saccos 1,459,943 5,587 13,010 119,440 20,006 126,866 166,086

215 Deposit Taking Saccos

2,092,679 7,220 15,778 140,651 24,463 147,737 196,480

% of Licensed D.T. Saccos to TotalD.T. Saccos

70% 77% 82% 85% 82% 86% 85%


SASRA expects to license one hundred and twenty (120) Saccos by end of June 2012.

�� SASRA • Sacco Supervision Report 2011

The Table 11 is a summary of the total license applications by County by close of 2011.

Table 11: Licensing Status per County

CountyApplications

ReceivedLicensed

Under Review

CountyApplications

ReceivedLicensed Under Review

1 MOMBASA 7 5 2 25SAMBURU COUNTY

2 0 2

2 KWALE 1 0 1 26 TRANS-NZOIA 1 1 13 KILIFI 3 2 1 26 TRANS-NZOIA 1 1 14 TANA RIVER 1 0 1 27 UASIN GISHU 5 1 4

5 LAMU 1 0 1 28ELGEYO/MARAKWET

2 2 0

6TAITA /TAVETA

1 1 0 29 NANDI 4 1 4

7 GARISSA - 0 0 30 BARINGO 2 2 08 WAJIR - 0 0 31 LAIKIPIA 2 0 29 MANDERA - 0 0 32 NAKURU 5 1 410 MARSABIT 1 1 0 33 NAROK 2 1 111 ISIOLO 1 0 1 34 KAJIADO 2 1 112 MERU 13 11 3 35 KERICHO 9 4 3

13THARAKA NITHI

2 2 0 36 BOMET 11 6 4

14 EMBU 7 2 5 37 KAKAMEGA 4 3 115 KITUI 2 1 1 38 VIHIGA 1 0 116 MACHAKOS 3 1 2 39 BUNGOMA 7 1 617 MAKUENI - 0 0 40 BUSIA 1 0 118 NYANDARUA 5 1 4 41 SIAYA 1 1 019 NYERI 10 8 2 42 KISUMU 8 2 620 KIRINYAGA 6 2 4 43 HOMABAY 4 0 421 MURANGA 6 4 2 44 MIGORI 1 0 122 KIAMBU 16 8 8 45 KISII 9 5 423 TURKANA - 0 0 46 NYAMIRA 1 1 024 WEST POKOT 1 0 1 47 NAIROBI 45 28 17

21� 110 10�

Nairobi County had the highest number of licensed Deposit Taking Saccos at 28 followed by Meru County with 11 while Kiambu and Nyeri Counties tied with 8 licensed Saccos. Thus the four Counties accounted for 50% of the 110 licensed Deposit Taking Saccos.

Five (5) Counties, three of which are in Northern region of the Country did not have Deposit Taking Saccos. These are Garrisa, Mandera, Wajir, Makueni and Turkana.

3.3. Regulatory Compliance by the Licensed Deposit Taking Sacco SocietiesThe licensing of a Deposit Taking Saccos marks the beginning of supervision through off-site and on-site surveillance to ensure compliance with the Act, operational regulations and prudential standards. The licensed Saccos are required to submit periodic financial reports to the Authority to facilitate monitoring


financial performance and taking necessary action in case of violations. A key output from these returns is data and information on the performance of the Sacco subsector to the policy makers and the public in general. This is necessary to ensure confidence in the Saccos, a prerequisite for the Sacco subsector to attract new members and mobilize deposits.

3.4. Submission of regulatory returns

Licensed Deposit Taking Saccos are required to submit returns by the 15th day of the following month. These returns include:

i. Monthly Statement of Financial Position;

ii. Monthly Statement of Comprehensive Income;

iii. Monthly Liquidity Statement;

iv. Monthly Statement of Deposit Return;

v. Monthly Capital Adequacy Return;

vi. Quarterly Investments Return; and

vii. Quarterly Risk Classification of Assets and Provisions.

The returns facilitate the continuous off site analysis of the financial performance of the Saccos against the prudential standards, comparison with the peers and all the Saccos to bring out non- compliance and unusual trends. Thus the returns are critical to regulatory work of monitoring compliance and give early warning signs on financial condition of a Deposit Taking Saccos.

Compliance in terms of submitting accurate returns and on time averaged 80% in 2011 but this is expected to improve tremendously in 2012 with the development of a web-based electronic submission of returns. As at March 2012, all licensed Deposit Taking Saccos were able to electronically upload the regulatory returns, enhancing compliance and efficiency in the process.

The challenge, however, remains on accuracy of the returns due to inadequate technical skills and accounting controls in a number of Sacco societies. Continuous training and enforcement of sanctions for non-compliance is expected to address this in 2012.

3.5. CAMELS Performance Rating

For objective analysis of the financial returns submitted by the licensed Saccos, the Authority adopted the CAMELS performance rating framework to assess the financial soundness of the Deposit Taking Saccos. The choice of CAMELS was attractive to the Authority given that it focuses on prudential standards provided for in the Regulations which include capital adequacy, asset quality, operational sustainability, liquidity and sound management practices that ensure member deposits are safe.


Adoption and implementation of CAMELS performance evaluation tool will ensure objectivity and standardization in monitoring of the financial soundness and stability of individual Saccos, peer groups and the Sacco subsector as a whole. The implementation is currently in progress under a project on developing and implementation of a Risk Based Supervision framework funded by Government of Kenya and World Bank.

3.6. Challenges in the implementation of Prudential Regulations

The new regulatory framework aims to enhance the transparency and accountability in the management of the Sacco societies. Thus, the Act and the Regulations are risk oriented to ensure that practices in the Saccos in respect of governance, operational and financial management are institutionalized and monitored to protect the interests of the members and therefore depositors.

While good progress has been made by Deposit Taking Saccos in developing policies, establishing internal audit functions and software upgrade, compliance remains a challenge due to legacy governance practices where the directors are heavily involved in operations. Thus, separation of duties and responsibilities of the Board and management has remained a thorny issue amongst some of the licensed Saccos.

Specifically, the challenges that the Authority continues to experience are summarized below:

a. Governance Structure: The historical practice where the management committee (now renamed Board of Directors) comprising of elected officers are heavily involved in the operational affairs of the Sacco to the exclusion of the technical staff is deeply entrenched limiting the effectiveness of the Act and Regulations in licensed Deposit Taking Saccos.

b. Technical Capacity: The effective implementation of the new legal and regulatory framework requires a new set of skills and knowledge. This requires financial resources and time besides the attitude change amongst the leaders.

c. Management Information Systems: The operating regulations and prudential standards define new ways of doing business thus requiring heavy investments by the Sacco societies in upgrading the existing information systems for effective compliance. The pace of the upgrade is slow due to multiplicity of factors including governance, technical capacity and financial resources.

The Authority working with the stakeholders and development agencies continues to address these challenges through the following initiatives:-

a. Developing of technical guides to assist in the interpretation of the Act and Regulations for ease of application by the Saccos. This includes Board manuals to guide the directors in their oversight function. These are availed to the Saccos through the Authority’s website as well as hard copies during trainings;


b. Member education through participation in the general and education meetings for them to appreciate the role of SASRA in the improving governance in Saccos;

c. Direct training by SASRA and also working with the key providers of technical assistance in the Sacco subsector to ensure they understand the regulatory requirements;

d. Under a Sacco subsector reform programme, funded by Financial Sector Deepening Trust Kenya (FSD Kenya), technical materials and toolkits have been developed covering governance, planning and change management and are being implemented. Besides, the technical materials that have been developed under the programme, a pool of service providers have also been trained to ensure technical support to the Sacco societies. Other areas that this programme has addressed include automation and financial reporting.

e. In 2012/13 financial year, the Authority plans to conduct a skills gap analysis among the licensed Deposit Taking Saccos to inform appropriate intervention programmes that are sustainable.

3.7. Key Sub-sector Collaborative Initiatives in 2011

During the year under review, the Authority engaged in the following collaborative initiatives:-

i. Received support from the Ministry of Co-operative Development and Marketing in the areas of financial support from the exchequer and policy guidance in implementing the prudential regulatory framework;

ii. Received support on various components from the Ministry of Finance through the Financial and Legal Sector Technical Assistance Program (FLSTAP). Key to this was engagement of a Resident Advisor with expertise in regulatory development, to advise, develop and assist in the implementation of a Risk Based Supervision System for the Authority;


ANNEx 1Performance Trend for the Deposit

Taking Saccos (K.sh. m)Performance item 200� 200� % 200� % 2010 % 2011 %Total Assets 115,900 134,018 16 146,167 9 171,345 17 196,342 15Loans/Advances 77,356 90,984 18 102,514 13 123,492 20 147,737 20Deposits/savings 61,753 71,110 15 105,929 49 123,137 16 140,650 14Share Capital/Equity 2,473 2,720 10 4,242 56 19,621 28 27,067 35Turnover 13,589 15,698 16 17,195 10 22,022 28 25,000 14Membership 955,162 1,061,348 10 1,538,993 45 1,646,966 7 2,092,946 27No. of Saccos 214 214 218 215 215

ANNEx 2Comparison of Deposit Taking and

Non Deposit Taking SaccosItem D.T. Saccos Non D.T. Saccos Total % of D.T to

Total SaccosNo. of Saccos 215 3,632 3,887 5.5%

Membership 2,092,946 475,836 2,568,782 81%

Share Capital 7,221 1,674,000,000 8,895,000,000 80%Deposits 140,651 39,296,000,000 179,947,000,000 78%

Turnover 24,464 6,331,000,000 30,795,000,000 79%

Loans 147,738 41,194,000,000 188,932,000,000 78%

Assets 196,480 51,371,000 247,851,000,000 79%Figures in Kenya Shillings where applicable


ANNEx 3Sacco Supervision Circulars

Issued in 2011Circular No. Date Title Subject

8. 14th January, 2011 2010 audits and compliance with SACCO Societies Act 2008

2010 audits and compliance with SACCO Societies Act 2008

9. 25th January, 2011 Information on current MIS software

Information on current MIS software

10. 9th March, 2011 SACCO Society Deposit Levy SACCO Society Deposit Levy Rate of 0.15%

11. 4th April, 2011 Procurement in Deposit Taking SACCO Societies

SACCOS reminded that Procurement and Disposal procedures are carried out in accordance with the Public Procurement and Disposal Act 2005, and The Public Procurement and Disposal Regulations 2006

12. 11th April, 2011 Regulatory Returns Guidelines on the relevant returns to be submitted to the Authority regularly.

13. 11th May, 2011 Deadline on submission of license application

Deadline submission of license application is 17th June, 2011.

14. 9th May, 2011 Approval of agency banking by the Authority

Approval of agency banking by the Authority

15. 24th May, 2011 Financial offers by SACCO Societies to Authority staff

SACCOS should desist from offering Financial offers to Authority staff

18. 7th July, 2011 SACCO Deposit Levy Reviewing of the SACCO Deposit Levy

22. 16th September 2011

Stakeholder views and redress mechanism

Saccos requested to formally channel their compliments and complaints to the Authority


ANNEx 4County Distribution of Deposit

Taking Saccos The table below shows distribution of licensed Deposit Taking Saccos across the Counties.

S/NO County Name Teachers Government Farmers Private Community Totals TOTALNL L NL L NL L NL L NL L NL L

1. Mombasa - 1 1 2 - - 1 1 - 1 2 5 72. Kwale 1 - - - - - - - - - 1 - 13. Kilifi - 1 - 1 - - 1 - - - 1 2 34. Tana River 1 - - - - - - - - - 1 - 15. Lamu 1 - - - - - - - - - 1 - 16. Taita /Taveta - 1 - - - - - - - - - 1 17. Garissa - - - - - - - - - - - - -8. Wajir - - - - - - - - - - - - -9. Mandera - - - - - - - - - - - - -10. Marsabit - 1 - - - - - - - - - 1 111. Isiolo 1 - - - - - - - - - 1 - 112. Meru - 1 - - 3 6 - 1 - 3 3 11 1413. Tharaka Nithi - 1 - - - 1 - - - - - 2 214. Embu - 1 1 - 2 1 - - 2 - 5 2 715. Kitui 1 1 - - - - - - - - 1 1 216. Machakos 1 - - - 1 - - - - 1 2 1 317. Makueni - - - - - - - - - - - - -18. Nyandarua - 1 - - 4 - - - - - 4 1 519. Nyeri - 1 - - 1 5 - - 1 2 2 8 1020. Kirinyaga - - 1 - 2 2 1 - - - 4 2 621. Muranga - 1 - - 1 3 - - 1 - 2 4 622. Kiambu - 2 1 - 1 4 1 2 5 - 8 8 1623. Turkana - - - - - - - - - - - - -24. West pokot 1 - - - - - - - - - 1 - 125. Samburu 1 - - - - - - - 1 - 2 - 226. Trans-Nzoia - 1 - - 1 - - - - - 1 1 227. Uasin- Gishu - 1 2 - 1 - 1 - - - 4 1 528. Elgeyo/Marakwet - 2 - - - - - - - - - 2 229. Nandi 1 - - - 2 1 1 - - - 4 1 530. Baringo - 1 - - - 1 - - - - - 2 231. Laikipia 1 - - - 1 - - - - - 2 - 232. Nakuru - 1 2 - 1 - - - 1 - 4 1 533. Narok - 1 1 - - - - - - - 1 1 234. Kajiado - - - - 1 - - 1 - - 1 1 235. Kericho - 1 1 - 1 3 - - 1 - 3 4 736. Bomet 1 - - - 3 5 - - - 1 4 6 1037. Kakamega - 1 - - 1 1 - 1 - - 1 3 438. Vihiga - - - - 1 - - - - - 1 - 139. Bungoma 1 1 1 - 4 - - - - - 6 1 740. Busia 1 - - - - - - - - - 1 - 141. Siaya - 1 - - - - - - - - - 1 142. Kisumu 2 1 2 - 1 1 1 - - - 6 2 843. Homabay 2 - - - - - 1 - 1 - 4 - 444. Migori 1 - - - - - - - - - 1 - 145. Kisii - 2 - - 3 3 - - 1 - 4 5 946. Nyamira - - - - - 1 - - - - - 1 147 Nairobi - 1 12 13 - - 2 8 3 6 17 28 45

Totals(Licensed) 28 16 38 14 14 110Total ( Not Licensed)

18 25 36 10 17 105

Total (Combined) 46 41 73 24 31 215


ANNEx 5Composition and Distribution of Deposit

Taking Saccos per CountyNo. COUNTY MEMBERS S. CAPITAL DEPOSITS TURNOVER LOANS/ADV T. ASSETS No. of FOSAs

1 Mombasa 24,362 62,719,928 3,070,854,857 1,035,212,306 4,822,680,229 5,539,782,690 72 Kwale 7,097,600 319,032,700 36,027,048 167,491,491 323,000,972 13 Kilifi 31,780 40,602,849 1,673,259,608 345,896,319 1,768,625,663 2,311,363,366 3

4 Tana River 1,073 4,154,880 93,898,792 7,682,055 63,609,368 141,637,224 1

5 Lamu 5,689 1,315,200 85,404,093 25,610,850 88,288,480 154,360,076 16 Taita /Taveta 2,637 10,980,773 408,670,487 80,034,711 322,599,896 560,330,373 17 Garissa **8 Wajir **9 Mandera **

10 Marsabit 916 465,100 158,873,032 20,005,879 123,615,677 207,992,321 111 Isiolo 702.1 1,093,120.00 102,492,831 16,200,508 127,454,116 156,226,357 112 Meru 192,214 588,317,855 4,247,847,367 736,079,220 4,182,524,437 6,734,120,142 1413 Tharaka Nithi 14,394 61,533,369 1,102,947,951 213,306,249 1,224,106,924 1,645,022,422 214 Embu 138,117 117,730,212 2,140,207,695 457,277,408 1,620,216,638 3,081,575,893 715 Kitui 10,288 27,350,205 1,311,247,404 277,237,965 1,372,251,669 1,797,887,570 216 Machakos 27,018 80,718,880 1,614,233,794 207,293,875 1,545,546,479 2,147,477,397 317 Makueni **18 Nyandarua 12,170 102,674,872 1,459,888,613 270,191,101 1,498,684,303 2,070,945,468 519 Nyeri 179,903 198,697,707 2,878,885,125 637,618,756 2,857,235,621 4,431,081,799 1020 Kirinyaga 86,999 364,326,161 1,751,044,273 446,141,822 1,245,931,271 2,708,007,019 621 Muranga 179,023 498,123,897 6,201,527,723 952,077,727 5,605,469,575 8,751,688,422 622 Kiambu 59,533 395,633,231 5,194,677,196 1,952,534,482 5,350,143,903 7,713,568,988 1623 Turkana **24 West pokot 3,322 6,551,040 420,244,020 34,548,252 269,100,156 560,908,389 125 Samburu 1,668 14,974,505 219,725,868 41,272,901 297,795,557 381,149,117 226 Trans-nzoia 4,440 33,492,682 393,069,428 72,436,283 383,022,673 584,779,995 227 Uasin Gishu 18,384 143,695,106 1,497,978,316 201,026,599 1,658,426,785 2,309,212,709 528 Elgeyo/Marakwet 5192 24,940,926 593,703,454 61,981,830 546,824,187 698,371,632 229 Nandi 11,572 37,938,503 740,002,815 103,442,894 447,662,248 846,606,803 530 Baringo 12,004 264,063,125 1,734,426,475 386,574,679 1,854,565,738 2,821,936,068 231 Laikipia 85,523,058 655,206,871 138,360,115 1,059,022,567 1,330,650,346 232 Nakuru 15,342 79,865,773 2,552,225,371 442,066,786 2,504,623,096 3,407,874,008 533 Narok 3,232 7,063,766 425,316,729 25,593,617 512,177,627 625,283,794 234 Kajiado 2,524 6,197,277 238,210,927 72,477,403 299,127,761 361,382,028 235 Kericho 86,305 343,634,866 4,687,710,936 998,748,137 5,347,701,231 7,418,424,036 736 Bomet 53,560 205,288,931 947,015,154 692,247,482 606,031,791 1,444,474,051 1037 Kakamega 107,482 304,305,755 2,826,991,249 743,155,316 3,321,855,180 4,667,514,133 438 Vihiga 7,069 16,571,164 5,776,550 7,277,930 6,145,385 28,568,781 139 Bungoma 10,218 57,526,144 858,509,207 167,279,145 689,509,568 995,346,129 740 Busia 18,254,207 362,908,652 41,690,320 349,782,614 444,444,154 141 Siaya 1,902 5,166,000 161,772,314 30,719,919 99,696,183 298,689,150 142 Kisumu 13,481 68,066,029 1,053,440,003 134,746,701 1,195,112,525 1,656,298,700 843 Homabay 3,452 14,261,038 194,366,588 16,437,573 209,271,281 286,119,239 444 Migori 5,381,120 194,831,482 19,770,053 268,384,026 323,770,553 145 Kisii 73,437 201,529,287 3,706,535,749 1,004,076,427 3,936,649,166 5,278,180,349 946 Nyamira 13,567 14,841,878 103,955,950 54,891,888 116,237,543 190,806,811 147 Nairobi 487,706 2,697,311,822 82,262,019,680 11,256,074,794 87,772,291,123 109,043,348,418 45

2,092,679 7,219,979,839 140,650,937,330 24,463,325,325 147,737,491,749 196,480,207,895 215Note: ** Counties without Deposit Taking Saccos


ANNEx 6Analysis of Deposit Taking Sacco Balance

Sheet as at December 2011S/NO CS NO Name of Sacco Member Share capital Deposits Turnover Loans/adv. Total assets

1 2,265 MWALIMU 49,040 637,317,000 15,420,454,000 2,165,788,000 17,606,221,180 19,305,419,9282 1,916 HARAMBEE SACCO 92,842 325,041,080 10,661,264,862 1,431,840,622 13,020,437,982 15,909,438,5223 1,981 AFYA 39,016 48,073,064 7,127,532,651 726,906,213 7,086,414,255 10,248,782,4594 2,092 KENYA POLICE 34,330 109,030,080 6,359,575,443 827,936,515 6,063,646,820 7,862,320,2035 2,207 STIMA 12,831 201,175,576 5,469,067,784 1,017,660,860 6,293,487,243 7,703,900,7926 2,375 UNITED NATIONS 3,969 139,773,843 4,724,584,873 775,932,543 4,832,582,691 5,610,570,7277 2,026 UKULIMA 33,387 56,785,400 4,165,983,617 589,815,479 4,093,488,281 5,080,073,5248 2,299 KENYA BANKERS 16,565 87,380,000 3,741,597,417 370,224,003 3,176,439,527 4,287,259,8989 2,885 KIPSIGIS TCHRS 17,200 131,312,773 2,402,522,226 591,320,000 2,989,437,110 4,190,385,837

10 2,641 GUSII MWALIMU 16,376 16,376,000 2,889,672,195 569,418,803 3,246,625,855 3,873,877,87011 1,946 MAGEREZA 19,489 308,422,656 2,100,841,367 258,651,751 2,539,144,663 3,350,874,44812 2,738 KAKAMEGA TRS 16,574 153,375,095 1,942,605,011 498,636,284 2,466,313,303 3,195,746,04913 6,760 MURAMATI 86,301 236,376,000 2,317,496,000 410,198,000 1,509,606,000 3,170,683,00014 2,349 BANDARI 8,629 16,356,894 1,703,662,622 465,028,347 2,705,508,553 3,007,048,00715 2,638 METROPOLITAN 20,632 36,931,659 1,672,476,261 307,981,460 2,630,833,381 2,982,974,16516 2,549 BARINGO TEACHERS 7,911 221,740,071 1,599,935,250 359,340,427 1,716,278,066 2,621,397,48017 2,567 NYERI TEACHERS 7,904 14,142,000 1,639,260,000 332,452,000 1,801,336,000 2,553,252,00018 2,406 NACICO 10,046 87,323,586 880,583,493 227,116,350 1,374,105,251 2,343,434,52619 2,255 KILIFI TEACHERS 30,590 38,962,689 1,627,216,172 336,944,901 1,710,540,269 2,216,006,03220 6,825 MERU MWALIMU 8,734 38,850,000 1,229,046,000 236,817,000 1,563,423,000 2,053,443,43021 1,991 HAZINA SACCO 5,706,000 1,735,087,901 219,333,746 1,660,203,086 2,010,281,73022 2,648 MURANG’A TCHRS 8,795 16,607,000 1,456,796,086 265,587,654 1,483,656,000 1,888,986,00023 2,275 KIAMBU UNITY 151,628,000 1,523,764,000 321,755,000 700,346,000 1,876,898,00024 2,675 NAKURU TEACHERS 8,611 60,120,520 1,618,162,196 222,249,771 1,293,318,411 1,864,791,31925 1,781 MASAKU TEACHERS - 25,431,040 1,411,857,093 143,817,372 1,261,277,682 1,761,243,89926 2,494 MUHIGIA 4,201 9,834,000 1,021,001,865 238,142,135 1,357,969,000 1,695,354,00027 2,102 SHERIA SACCO 6,255 35,073,724 1,439,289,601 147,052,475 1,410,002,269 1,634,614,03028 2,559 NYANDARUA TRS 6,839 47,980,960 1,152,925,990 227,056,766 1,318,385,301 1,590,420,61029 2,480 KITUI TEACHERS 8,889 24,339,645 1,160,852,218 253,068,288 1,226,277,186 1,585,804,55430 2,466 CHUNA 3,834 9,184,000 1,234,599,736 107,780,348 1,422,104,699 1,536,791,65931 4,107 BINGWA-KT 43,476 177,576,280 976,936,000 243,365,056 769,109,053 1,524,835,78732 10,672 MERU CENTRAL FARMER 30,559 255,736,364 1,198,550,586 114,177,792 734,405,643 1,510,759,49733 1,872 TELEPOSTA 2,886 3,539,200 918,856,734 90,378,760 1,089,144,625 1,493,162,52334 8,056 MURATA 78,886 216,353,927 882,929,322 29,612,202 1,002,460,888 1,456,375,13135 2,869 NDEGE CHAI * 24,924 96,191,917 986,237,875 153,664,664 1,271,582,369 1,442,132,19936 6,826 THARAKA NITHI TRS 8,255 50,256,629 930,189,184 213,306,249 1,084,296,079 1,391,076,34237 3,302 WAUMINI 13,407 55,232,214 1,186,155,336 132,365,464 1,103,004,043 1,386,326,94738 2,314 EGERTON UNIVERSITY 3,158 8,907,665 852,418,898 204,634,380 1,077,042,424 1,374,929,99839 4,319 MOI UNIVERSITY 4,022 103,863,514 814,563,700 82,314,235 975,575,408 1,324,909,09640 2,248 MAISHA BORA 2,768 16,441,600 1,063,942,307 165,225,847 1,214,840,798 1,305,417,74741 2,044 JAMII 12,954 42,586,113 920,102,972 161,587,784 1,065,769,946 1,271,286,97842 2,169 CHAI(KTDA) 8,168 34,029,758 948,736,801 151,403,316 1,026,902,806 1,267,422,97143 1,726 MOMBASA PORT 3,164 14,370,843 617,092,952 254,109,794 1,133,173,193 1,242,224,31244 2,077 ASILI 10,358 90,335,449 869,321,164 116,663,154 979,568,725 1,219,588,29545 2,658 LAIKIPIA TEACHERS - 71,416,937 610,573,884 121,926,790 976,244,848 1,209,364,42346 2,700 WANANDEGE 4,194 4,318,000 1,036,152,355 141,028,594 586,452,555 1,206,286,51647 6,366 SOUTH IMENTI TG 7,236 133,080,651 745,419,886 145,202,917 701,336,906 1,185,246,56048 2,633 EMBU TEACHERS 6,985 24,292,705 918,829,332 220,229,297 986,416,179 1,181,254,71849 3,468 KENPIPE SACCO 1,471 25,452,000 893,467,742 136,372,986 1,051,744,562 1,134,770,22650 6,894 EMBU FARMERS 100,933 28,288,589 782,270,750 119,070,301 294,646,702 1,119,358,020


S/NO CS NO Name of Sacco Member Share capital Deposits Turnover Loans/adv. Total assets51 6,336 KERICHO TEA - KH 37,721 82,361,000 744,775,573 168,081,000 431,887,000 1,032,252,00052 6,070 NASSEFU 3,067 62,536,097 583,333,199 139,393,155 784,572,118 1,026,686,23253 2,001 ARDHI 7,286 16,250,880 895,695,096 94,982,145 884,883,879 985,605,79654 2,185 SUKARI 33,668 16,845,309 621,427,190 154,787,327 644,594,308 965,421,83655 2,483 KENVERSITY 2,685 4,419,840 794,349,031 101,006,775 754,023,384 958,898,99956 9,510 SAFARICOM 2,430 13,192,776 643,517,144 97,487,488 858,769,159 958,130,54257 8,379 FORTUNE 42,815 118,809,685 589,891,692 175,295,534 330,302,295 924,345,74958 16,919 NAKU 10,252 27,667,269 772,431,152 80,070,681 704,092,157 899,600,02859 3,110 WANAANGA 2,048 20,634,800 686,684,660 127,980,763 647,564,618 812,605,41660 2,624 WARENG TCHRS 12,277 16,726,530 539,906,372 102,398,870 559,560,221 766,455,20361 6,531 WANANCHI - NTG 45,090 65,515,524 460,838,232 149,810,515 462,916,024 760,256,92662 6,447 TAI - KTG 83,959,509 428,792,345 92,307,165 353,085,576 691,494,24663 2,386 NATION STAFF 1,740 13,053,400 591,573,864 77,481,680 556,474,023 677,144,17264 7,178 MERU SOUTH FMRS 44,399 36,267,722 358,582,440 98,926,216 384,768,621 675,246,45665 6,433 WAKENYA PAMOJA 1,990 94,233,789 409,012,103 257,681,274 406,690,250 669,737,57366 2,085 UFUNDI 33,021 52,624,768 434,301,940 56,899,090 330,409,846 669,244,73767 1,615 KENYA CANNERS 4,945 6,583,000 508,995,177 96,452,000 463,023,000 626,911,00068 2,757 KITE 5,321 17,500,000 514,319,237 50,671,632 459,816,758 618,640,11469 3,047 MWITO 4,866 24,242,000 534,771,915 57,116,517 549,207,451 616,755,31670 2,876 BUNGOMA TRS 4,771 31,074,900 619,578,000 120,945,620 426,301,255 605,869,54471 2,032 ELIMU 11,342 14,187,136 555,001,445 93,762,854 457,089,571 603,421,86872 2,690 KAPENGURIA TRS 3,322 6,551,040 420,244,020 34,548,252 269,100,156 560,908,38973 2,660 TRANS-NZOIA TCHR 3,900 31,444,682 372,915,401 70,480,823 373,870,383 560,720,04174 2,523 TAITA TAVETA TRS 2,637 10,980,773 408,670,487 80,034,711 322,599,896 560,330,37375 2,563 RELI 8,794 7,223,040 461,758,535 - 193,778,259 544,226,32376 2,686 COMOCO 2,138 6,502,860 407,394,918 80,169,668 405,440,379 520,221,44077 1,834 JITEGEMEE 3,234 3,479,680 231,475,795 203,253,922 430,232,901 494,534,24778 2,022 TEMBO 1,252 6,288,639 400,147,752 72,719,835 357,145,438 493,418,16479 1,984 MWENDIWEGA 840 15,589,130 501,714,061 4,101,794 224,583,807 492,875,71980 2,709 NANDI TEACHERS 3,213 15,588,992 501,714,322 43,477,064 224,582,483 492,874,76081 2,678 SIMBA CHAI 6,460 13,829,939 365,992,494 62,680,060 409,989,522 482,054,27482 2,365 TRANSCOM 2,598 20,916,986 255,932,802 32,186,176 240,830,073 469,334,37583 10,308 NAROK TRS SACCO 2,030 4,118,000 312,160,753 378,914,381 459,278,63084 8,012 THIKA DISTRICT TRS 5,354,377 248,442,728 48,373,491 344,261,747 457,886,68985 3,626 FUNDILIMA 1,846 8,836,605 370,184,090 48,610,447 387,785,707 447,599,09586 2,755 BUSIA TESO TEACHERS - 18,254,207 362,908,652 41,690,320 349,782,614 444,444,15487 2,484 MOMBASA TEACHERS 2,057 5,494,823 279,839,844 67,876,418 294,845,459 422,925,48688 3,109 MUMIAS O’GROWERS 57,240 126,596,484 220,281,938 76,988,050 176,147,186 405,065,33189 6,267 MUNGANIA TG /DAIMA 20,763 40,672,344 242,429,121 65,421,450 154,265,281 390,517,84990 6,403 UNIVERSAL TRADERS 27,018 54,036,000 197,610,361 62,414,843 283,310,659 380,657,75891 7,590 MARAKWET TEACHERS 2,832 5,406,000 347,727,000 31,652,547 310,469,776 376,350,03692 6,570 SOT TEA GROWERS 11,061 75,107,865 220,493,797 43,432,940 117,088,427 362,150,84793 10,020 GITHUNGURI DAIRY 11,198 30,612,195 277,042,343 53,652,347 274,604,579 337,352,95794 5,932 BURETI TEA 5,480 52,278,255 167,956,735 48,819,914 73,261,920 335,717,24795 6,179 MASENO UNIVERSITY 1,123 845,824 119,682,865 16,996,777 287,299,008 334,649,51496 2,664 MAGADI SACCO 859 3,449,680 218,246,832 68,478,135 277,210,813 333,942,78297 6,749 NDETIKA RURAL 7,704 25,478,400 218,438,059 37,648,737 274,636,323 327,951,16098 6,721 MIGORI TEACHERS - 5,381,120 194,831,482 19,770,053 268,384,026 323,770,55399 2,635 KWALE TEACHERS - 7,097,600 319,032,700 36,027,048 167,491,491 323,000,972

100 7,591 KEIYO TEACHERS 2,360 19,534,926 245,976,454 30,329,283 236,354,411 322,021,596101 6,977 2NK - 1,451,520 249,849,287 25,414,866 117,053,204 315,058,878102 5,939 MUKI 2,472 2,157,440 189,734,259 28,160,223 128,812,357 313,051,436103 2,865 SIAYATCHRS 1,902 5,166,000 161,772,314 30,719,919 99,696,183 298,689,150104 1,920 CHEMILIL SACCO 1,137 3,410,500 159,418,050 40,227,866 114,067,158 277,820,398105 6,228 COUNTY SACCO 3,829 10,297,600 123,386,228 42,096,886 138,577,774 277,008,461106 6,432 BIASHARA 8,614 21,109,000 179,294,000 50,703,000 221,348,000 264,892,000107 10,541 UKRISTO NA UFANISI 4,393 8,175,348 239,697,481 26,170,387 235,446,278 263,553,477108 7,320 MAUA METHODIST 1,143 50,496,320 137,308,420 7,833,480 110,123,690 262,455,480


S/NO CS NO Name of Sacco Member Share capital Deposits Turnover Loans/adv. Total assets109 6,780 CHEPSOL TEA GROWERS 11,921 9,126,801 215,596,711 40,178,805 126,348,306 261,775,629110 2,747 NAFAKA SACCO 1,353 23,651,625 217,501,562 36,675,067 221,149,600 258,741,271111 2,843 IRIANYI TEA 25,000 46,125,235 110,412,286 62,630,688 64,964,170 256,568,419112 5,014 NITHI TEA GROWERS 6,139 11,276,740 172,758,767 139,810,845 253,946,080113 3,248 SAMBURU TEACHERS 833 8,476,877 109,591,847 28,070,356 193,117,037 229,239,026114 3,636 BORABU TG 23,000 10,567,886 153,046,755 49,707,138 91,032,456 212,215,048115 7,497 MWINGI MWALIMU 1,399 3,010,560 150,395,186 24,169,677 145,974,483 212,083,017116 4,918 MERU NORTH F 19,954,112 47,983,765 39,578,158 127,035,039 208,638,320117 2,785 MARSABIT TEACHERS 916 465,100 158,873,032 20,005,879 123,615,677 207,992,321118 3,176 KERENGA - 11,013,637 139,900,956 17,996,746 184,571,072 200,772,331119 5,641 BARINGO FARMERS 4,093 42,323,054 134,491,225 27,234,252 138,287,672 200,538,588120 9,208 KINGDOM 4,029 15,248,000 166,680,000 20,426,000 145,894,000 195,387,000121 3,983 KMFRI 2,444 11,361,999 127,310,675 22,089,923 139,404,575 192,047,984122 7,593 NYAMIRA TEA FMRS 13,567 14,841,878 103,955,950 54,891,888 116,237,543 190,806,811123 7,315 ACO 1,065 5,352,000 143,700,356 15,540,125 148,410,858 180,454,559124 6,569 KONOIN 5,920 14,523,006 141,730,324 25,925,379 115,065,858 179,245,896125 5,988 BARAKA.MTG 9,539 54,956,321 106,423,892 27,558,299 62,366,507.00 174,749,953126 3,363 PUAN 1,202 2,945,766 113,155,976 25,593,617 133,263,246 166,005,164127 2,511 ISIOLO TEACHERS 702 1,093,120 102,492,831 16,200,508 127,454,116 156,226,357128 2,626 LAMU TEACHERS 5,689 1,315,200 85,404,093 25,610,850 88,288,480 154,360,076129 5,142 SAMBURU TRADERS 835 6,497,628 110,134,022 13,202,545 104,678,520 151,910,091130 6,679 MWEA RICE FARMERS - 59,850,994 100,071,202 14,461,514 93,403,687 151,449,660131 7,221 KURIA TEACHERS 3,036 6,672,000 92,643,000 17,097,000 87,852,000 151,036,000132 9,233 NTIMINYAKIRU RURAL 6,574 5,709,129 50,783,665 12,441,885 92,665,206 149,439,449133 6,061 NANDI HEKIMA 5,063 10,721,000 89,670,849 37,305,606 100,361,287 143,954,697134 2,724 TANA RIVER TRS 1,073 4,154,880 93,898,792 7,682,055 63,609,368 141,637,224135 6,917 NYAMBENE ARIMI 9,599,723 106,297,090 - 66,029,677 139,161,794136 10,226 WAKULIMA DAIRY 34,712 17,013,000 99,079,116 16,677,000 75,859,000 133,784,000137 2,293 KIMUTE 1,219 9,456,640 98,400,242 2,172,370 126,656,389 131,585,592138 10,243 WEVARSITY - 4,038,724 100,655,828 16,071,888 108,460,967 131,162,925139 3,350 WASHA 797 9,870,678 77,144,568 14,687,196 84,643,662 130,864,361140 2,033 IMENTI 3,158 9,379,384 89,951,987 19,600,700 82,519,000 125,670,000141 6,645 ELGON TEACHERS 747 8,038,400 86,191,490 14,555,201 73,219,775 122,760,322142 2,310 TUPENDANE - 3,410,778 46,241,826 7,571,060 100,493,279 122,123,647143 5,676 TENHOS 1,356 16,973,820 68,830,029 22,501,325 80,191,417 121,693,979144 2,895 NANYUKI EQUATOR - 14,106,121 44,632,986 16,433,325 82,777,719 121,285,924145 6,864 URUKU RURAL/TIMES U 83,719 7,526,248 72,439,450 19,582,125 101,481,058 121,017,637146 9,141 BONDO TEACHERS 1,056 2,793,600 77,259,859 7,237,741 83,758,638 119,368,896147 5,749 AINABKOI FARMERS 1,309 13,632,678 79,196,838 9,253,041 57,135,151 118,540,638148 7,791 SUBA TEACHERS 860 5,561,728 77,885,039 5,979,001 90,098,067 118,200,711149 9,231 FARIJI 11,197,342 83,279,727 17,249,377 69,205,501 116,510,033150 8,320 RACHUONYO TRS 985 2,829,440 79,004,294 6,915,334 84,693,776 113,611,057151 8,337 BANANA HILL MATATU 2,307 14,181,696 81,211,411 168,329,762 60,898,264 112,505,686152 2,149 UFANISI - 3,222,939 85,675,912 13,694,888 85,169,617 110,781,135153 9,187 MATHIRA FMRS 13,313,000 58,933,746 17,392,000 45,011,000 110,261,000154 10,068 DIOCESE OF MERU 4,380 13,309,828 70,760,486 13,060,847 87,192,877 103,191,511155 5,733 NANDI FARMERS 1,734 2,157 64,448,333 11,825,871 44,111,040 101,413,392156 4,830 MUDETE TG - 7,488,867 42,677,110 12,743,655 34,800,383 101,280,917157 6,172 ABERDARE RURAL - 35,110,116 81,353,378 1,982,409 10,145,049 97,055,862158 2,196 NDOSHA - 4,990,000 67,193,402 14,947,691 66,650,759 95,294,664159 6,128 SOTICO 2,232 7,921,800 71,268,209 13,806,373 70,326,893 93,695,571

160 5,937MACADAMIA SACCO/JIJENGE

2,276 10,095,460 40,267,650 5,772,000 37,515,757 92,270,657

161 9,227 NGP BAMBURI 474 3,556,326 58,359,276 6,045,890 72,514,786 91,581,946162 2,735 NZOIA 632 3,794,304 35,357,403 10,169,745 48,756,761 88,973,928163 2,609 JACARANDA 318 5,273,600 55,739,246 8,696,416 59,972,639 82,969,039164 8,333 BONDE LA KERIO 599 3,272,448 49,411,519 5,833,963 56,529,180 79,605,417165 7,979 SIRAJI 1,598 1,351,459 62,568,801 10,010,266 59,960,436 78,229,820166 6,180 OGEMBO TEA GROWERS 3,678 19,782,400 43,328,679 6,389,312 21,124,139 73,074,633


S/NO CS NO Name of Sacco Member Share capital Deposits Turnover Loans/adv. Total assets167 11,193 SILIBWET FSA RURAL 10,889 17,491,400 44,108,731 15,445,854 5,970,009 66,670,141168 2,467 LENGO 1,190 1,084,000 26,743,047 6,866,240 41,217,829 66,445,076169 3,829 AGRO-CHEM 370 8,769,393 44,322,113 6,301,970 48,617,402 62,704,668170 6,302 KIPSIGIS EDIS - 8,797,600 40,058,118 3,502,351 53,974,599 61,629,307171 10,120 ORTHODOX 1,152 9,446,408 39,286,829 11,488,323 36,234,447 57,719,000172 2,271 KICOWO - 1,572,096 44,108,009 5,557,826 34,024,515 56,761,335173 4,406 BARATON 251 5,376,000 40,632,269 5,130,469 45,766,639 56,674,526174 10,474 KOLENGE TEA 1,311 6,250,354 43,537,042 5,703,884 32,840,798 51,689,427175 4,615 UCHONGAJI 4,036 1,785,011 34,328,401 8,166,706 34,871,886 50,138,293176 9,577 NYALA DAIRY 2,030 7,864,756 26,467,430 10,732,642 21,580,613 48,713,467177 9,111 KIAMBAA DAIRY 1,630 11,028,911 37,402,988 6,841,970 49,093,051 48,618,605178 6,387 GITHONGO MAJANI - 3,363,840 21,590,389 4,435,941 27,193,880 47,414,572179 10,624 GILGIL/vision Afrika 3,572 7,426,811 35,402,451 7,611,576 33,768,981 46,029,044180 2,031 TUUNGANE TUJIJENGE 576 6,732,957 25,568,473 3,237,301 17,202,997 44,671,072181 2,381 KORU-HOMALINE COM. 536 2,828,343 30,982,503 3,255,168 29,390,239 41,814,428182 9,709 GOOD FAITH 950 4,493,427 27,537,448 4,003,535 29,252,029 40,343,177183 13,033 KATHERA SACCO 984 1,472,000 26,395,950 3,908,326 21,767,506 34,786,610184 10,897 GASTAMECO SACCO 4,046 5,974,016 21,327,841 3,313,847 7,340,198 33,979,163185 8,275 NYANDO-KISUMU 3,256 15,023,192 4,672,027 4,516,596 12,276,992 32,768,057186 7,460 OMOREMI RURAL - 2,981,120 - 39,333,990 17,564,400 29,594,527187 4,541 REA VIPINGO - 556,160 19,300,389 2,085,178 16,867,565 28,912,258188 8,804 VIHIGA DISTRICT TG 7,069 16,571,164 5,776,550 7,277,930 6,145,385 28,568,781189 9,927 KAIMOSI TEA GROWERS 1,232 4,283,081 15,357,830 3,229,670 17,709,580 27,799,991190 10,737 ILKISONKO RURAL 1,665 2,747,597 19,964,095 3,999,269 21,916,948 27,439,246191 7,479 MICII MIKURU 714 2,066,915 10,961,390 3,900,143 4,932,524 26,325,525192 11,194 TESCOM 708 6,298,546 16,037,449 4,734,081 16,318,728 25,358,129193 12,243 MWIETHERI - 218,560 23,999,921 2,727,810 2,772,994 25,256,359194 6,918 TRANS-COUNTIES 540 2,048,000 20,154,027 1,955,460 9,152,290 24,059,954195 11,121 NYAHURURU UMOJA 829 9,561,600 9,407,556 2,259,060 19,760,983 21,704,093196 3,144 FLOUSPAR 177 6,199,936 14,899,887 1,226,490 9,626,825 19,702,356197 11,181 NEST 976 2,098,638 13,154,683 4,572,818 12,850,355 19,102,820198 11,934 MULOT FSA RURAL 3,682 9,900,800 15,383,709 481,411,444 15,654,007 18,899,935199 10,633 ALL CHURCHES SACCO 1,285 5,337,600 8,943,576 1,736,688 6,446,466 15,995,484200 10,718 LENGA TUMAINI 1,090 5,763,098 13,687,883 529,214 6,849,112 15,110,058201 7,057 LIMURU Traders 3,521 828,160 10,562,110 1,093 8,821,470 14,659,260202 11,005 NYABIERA SACCO 1,071 3,041,527 6,494,753 288,070 5,089,199 12,493,043203 8,261 KIKAI RURAL - 4,746,655 - 1,934,009 8,011,698 11,364,915204 10,782 NYANKOBA SACCO - 4,184,484 7,519,471 1,186,022 302,046 10,558,449205 11,346 CHEBOSOBON - 128,000 8,223,693 1,503,316 6,259,559 9,198,087206 7,896 CHESIKAKI RURAL 2,836 1,550,080 1,368,656 373,013 7,049,531 7,414,504207 11,461 KANGUNDO - 1,251,840 4,766,340 1,061,660 958,138 5,575,740208 11,434 RUBET SACCO 405 1,306,437 3,639,261 794,984,960 3,443,649 4,738,864209 12,355 SIGOR FSA RURAL 1,020 1,965,184 1,646,909 725,448 2,124,954 4,624,807210 9,026 IHURURU 1,081 - 1,927,125 361,699 2,140,385 2,317,009211 8,982 KIAMOKAMA TG 357 606,373 901,261 632,200 493,850 1,517,830212 8,721 DIMKES SACCO 2,362 2,540,800 51,422,594 3,997,857 53,909,971 -213 9,825 MULOT TEACHERS - - - - - -214 10,576 RONGAI RURAL - - - - - -215 8,315 TAIFA - NYERI DFCS 72,963 -

2,092,679 7,219,979,839 140,650,937,330 24,463,325,325 147,737,491,749 196,480,207,895


ANNEx 7List of Licensed Saccos

S/NO CS NO Name of Sacco Members Share Capital Deposits Turnover Loans/Advances Total Assets1 7,315 ACO 1,065 5,352,000 143,700,356 15,540,125 148,410,858 180,454,5592 1,981 AFYA 39,016 48,073,064 7,127,532,651 726,906,213 7,086,414,255 10,248,782,4593 2,077 ASILI 10,358 90,335,449 869,321,164 116,663,154 979,568,725 1,219,588,2954 2,349 BANDARI 8,629 16,356,894 1,703,662,622 465,028,347 2,705,508,553 3,007,048,0075 5,988 BARAKA.MTG 9,539 54,956,321 106,423,892 27,558,299 62,366,507 174,749,9536 5,641 BARINGO FARMERS 4,093 42,323,054 134,491,225 27,234,252 138,287,672 200,538,5887 2,549 BARINGO TEACHERS 7,911 221,740,071 1,599,935,250 359,340,427 1,716,278,066 2,621,397,4808 6,432 BIASHARA 8,614 21,109,000 179,294,000 50,703,000 221,348,000 264,892,0009 4,107 BINGWA-KT 43,476 177,576,280 976,936,000 243,365,056 769,109,053 1,524,835,787

10 3,636 BORABU TG 23,000 10,567,886 153,046,755 49,707,138 91,032,456 212,215,04811 2,876 BUNGOMA TCHRS 4,771 31,074,900 619,578,000 120,945,620 426,301,255 605,869,54412 5,932 BURETI TEA 5,480 52,278,255 167,956,735 48,819,914 73,261,920 335,717,24713 2,169 CHAI(KTDA) 8,168 34,029,758 948,736,801 151,403,316 1,026,902,806 1,267,422,97114 1,920 CHEMILIL SACCO 1,137 3,410,500 159,418,050 40,227,866 114,067,158 277,820,39815 6,780 CHEPSOL TG 11,921 9,126,801 215,596,711 40,178,805 126,348,306 261,775,62916 2,466 CHUNA 3,834 9,184,000 1,234,599,736 107,780,348 1,422,104,699 1,536,791,65917 2,686 COMOCO 2,138 6,502,860 407,394,918 80,169,668 405,440,379 520,221,44018 10,068 DIOCESE OF MERU 4,380 13,309,828 70,760,486 13,060,847 87,192,877 103,191,51119 2,633 EMBU TEACHERS 6,985 24,292,705 918,829,332 220,229,297 986,416,179 1,181,254,71820 9,231 FARIJI 11,197,342 83,279,727 17,249,377 69,205,501 116,510,03321 8,379 FORTUNE 42,815 118,809,685 589,891,692 175,295,534 330,302,295 924,345,74922 10,020 GITHUNGURI DAIRY 11,198 30,612,195 277,042,343 53,652,347 274,604,579 337,352,95723 2,641 GUSII MWALIMU 16,376 16,376,000 2,889,672,195 569,418,803 3,246,625,855 3,873,877,87024 1,916 HARAMBEE SACCO 92,842 325,041,080 10,661,264,862 1,431,840,622 13,020,437,982 15,909,438,52225 1,991 HAZINA SACCO 5,706,000 1,735,087,901 219,333,746 1,660,203,086 2,010,281,73026 2,033 IMENTI 3,158 9,379,384 89,951,987 19,600,700 82,519,000 125,670,00027 2,843 IRIANYI TEA 25,000 46,125,235 110,412,286 62,630,688 64,964,170 256,568,41928 2,044 JAMII 12,954 42,586,113 920,102,972 161,587,784 1,065,769,946 1,271,286,97829 2,738 KAKAMEGA TCHRS 16,574 153,375,095 1,942,605,011 498,636,284 2,466,313,303 3,195,746,04930 7,591 KEIYO TEACHERS 2,360 19,534,926 245,976,454 30,329,283 236,354,411 322,021,59631 3,468 KENPIPE SACCO 1,471 25,452,000 893,467,742 136,372,986 1,051,744,562 1,134,770,22632 2,299 KENYA BANKERS 16,565 87,380,000 3,741,597,417 370,224,003 3,176,439,527 4,287,259,89833 1,615 KENYA CANNERS 4,945 6,583,000 508,995,177 96,452,000 463,023,000 626,911,00034 2,092 KENYA POLICE 34,330 109,030,080 6,359,575,443 827,936,515 6,063,646,820 7,862,320,20335 6,336 KERICHO TEA - KH 37,721 82,361,000 744,775,573 168,081,000 431,887,000 1,032,252,00036 9,111 KIAMBAA DAIRY 1,630 11,028,911 37,402,988 6,841,970 49,093,051 48,618,60537 2,275 KIAMBU UNITY 151,628,000 1,523,764,000 321,755,000 700,346,000 1,876,898,00038 2,255 KILIFI TEACHERS 30,590 38,962,689 1,627,216,172 336,944,901 1,710,540,269 2,216,006,03239 9,208 KINGDOM 4,029 15,248,000 166,680,000 20,426,000 145,894,000 195,387,00040 2,885 KIPSIGIS TCHRS 17,200 131,312,773 2,402,522,226 591,320,000 2,989,437,110 4,190,385,83741 2,757 KITE 5,321 17,500,000 514,319,237 50,671,632 459,816,758 618,640,11442 2,480 KITUI TEACHERS 8,889 24,339,645 1,160,852,218 253,068,288 1,226,277,186 1,585,804,55443 3,983 KMFRI 2,444 11,361,999 127,310,675 22,089,923 139,404,575 192,047,98444 6,569 KONOIN 5,920 14,523,006 141,730,324 25,925,379 115,065,858 179,245,89645 7,221 KURIA TEACHERS 3,036 6,672,000 92,643,000 17,097,000 87,852,000 151,036,00046 2,467 LENGO 1,190 1,084,000 26,743,047 6,866,240 41,217,829 66,445,07647 5,937 JIJENGE 2,276 10,095,460 40,267,650 5,772,000 37,515,757 92,270,65748 2,664 MAGADI SACCO 859 3,449,680 218,246,832 68,478,135 277,210,813 333,942,78249 7,590 MARAKWET TRS 2,832 5,406,000 347,727,000 31,652,547 310,469,776 376,350,03651 9,187 MATHIRA FMRS 13,313,000 58,933,746 17,392,000 45,011,000 110,261,00052 7,320 MAUA METHODIST 1,143 50,496,320 137,308,420 7,833,480 110,123,690 262,455,48053 6,825 MERU MWALIMU 8,734 38,850,000 1,229,046,000 236,817,000 1,563,423,000 2,053,443,43054 4,918 MERU NORTH FARMERS 19,954,112 47,983,765 39,578,158 127,035,039 208,638,32055 7,178 MERU SOUTH FARMERS 44,399 36,267,722 358,582,440 98,926,216 384,768,621 675,246,45656 2,638 METROPOLITAN 20,632 36,931,659 1,672,476,261 307,981,460 2,630,833,381 2,982,974,165


S/NO CS NO Name of Sacco Members Share Capital Deposits Turnover Loans/Advances Total Assets57 1,726 MOMBASA PORT 3,164 14,370,843 617,092,952 254,109,794 1,133,173,193 1,242,224,31258 2,484 MOMBASA TEACHERS 2,057 5,494,823 279,839,844 67,876,418 294,845,459 422,925,48659 2,494 MUHIGIA 4,201 9,834,000 1,021,001,865 238,142,135 1,357,969,000 1,695,354,00060 3,109 MUMIAS O’GROWERS 57,240 126,596,484 220,281,938 76,988,050 176,147,186 405,065,33161 6,267 MUNGANIA TG /DAIMA 20,763 40,672,344 242,429,121 65,421,450 154,265,281 390,517,84962 6,760 MURAMATI 86,301 236,376,000 2,317,496,000 410,198,000 1,509,606,000 3,170,683,00063 2,648 MURANG’A TCHRS 8,795 16,607,000 1,456,796,086 265,587,654 1,483,656,000 1,888,986,00064 8,056 MURATA 78,886 216,353,927 882,929,322 29,612,202 1,002,460,888 1,456,375,13165 2,265 MWALIMU 49,040 637,317,000 15,420,454,000 2,165,788,000 17,606,221,180 19,305,419,92866 3,047 MWITO 4,866 24,242,000 534,771,915 57,116,517 549,207,451 616,755,31667 2,406 NACICO 10,046 87,323,586 880,583,493 227,116,350 1,374,105,251 2,343,434,52668 16,919 NAKU 10,252 27,667,269 772,431,152 80,070,681 704,092,157 899,600,02869 2,675 NAKURU TEACHERS 8,611 60,120,520 1,618,162,196 222,249,771 1,293,318,411 1,864,791,31970 6,061 NANDI HEKIMA 5,063 10,721,000 89,670,849 37,305,606 100,361,287 143,954,69771 10,308 NAROK TEACHERS 2,030 4,118,000 312,160,753 378,914,381 459,278,63072 2,386 NATION STAFF 1,740 13,053,400 591,573,864 77,481,680 556,474,023 677,144,17273 2,869 NDEGE CHAI * 24,924 96,191,917 986,237,875 153,664,664 1,271,582,369 1,442,132,19974 2,196 NDOSHA - 4,990,000 67,193,402 14,947,691 66,650,759 95,294,66475 5,014 NITHI TG SACCO 6,139 11,276,740 172,758,767 139,810,845 253,946,08076 9,233 NTIMINYAKIRU RURAL 6,574 5,709,129 50,783,665 12,441,885 92,665,206 149,439,44977 6,917 NYAMBENE ARIMI 9,599,723 106,297,090 - 66,029,677 139,161,79478 7,593 NYAMIRA TEA FMRS 13,567 14,841,878 103,955,950 54,891,888 116,237,543 190,806,81179 2,559 NYANDARUA TCHRS 6,839 47,980,960 1,152,925,990 227,056,766 1,318,385,301 1,590,420,61080 2,567 NYERI TEACHERS 7,904 14,142,000 1,639,260,000 332,452,000 1,801,336,000 2,553,252,00081 10,120 ORTHODOX 1,152 9,446,408 39,286,829 11,488,323 36,234,447 57,719,00082 9,510 SAFARICOM 2,430 13,192,776 643,517,144 97,487,488 858,769,159 958,130,54283 2,102 SHERIA SACCO 6,255 35,073,724 1,439,289,601 147,052,475 1,410,002,269 1,634,614,03084 2,865 SIAYATCHRS 1,902 5,166,000 161,772,314 30,719,919 99,696,183 298,689,15085 2,678 SIMBA CHAI 6,460 13,829,939 365,992,494 62,680,060 409,989,522 482,054,27486 7,979 SIRAJI 1,598 1,351,459 62,568,801 10,010,266 59,960,436 78,229,82087 6,570 SOT TEA GROWERS 11,061 75,107,865 220,493,797 43,432,940 117,088,427 362,150,84788 6,128 SOTICO 2,232 7,921,800 71,268,209 13,806,373 70,326,893 93,695,57189 6,366 SOUTH IMENTI TG 7,236 133,080,651 745,419,886 145,202,917 701,336,906 1,185,246,56090 2,207 STIMA 12,831 201,175,576 5,469,067,784 1,017,660,860 6,293,487,243 7,703,900,79291 2,185 SUKARI 33,668 16,845,309 621,427,190 154,787,327 644,594,308 965,421,83692 6,447 TAI – KTG 83,959,509 428,792,345 92,307,165 353,085,576 691,494,24693 8,315 TAIFA - NYERI DFCS 72,963 115,494,500 1,031,316,247 232,684,916 687,245,068 1,302,210,26594 2,523 TAITA TAVETA TRS 2,637 10,980,773 408,670,487 80,034,711 322,599,896 560,330,37395 2,022 TEMBO 1,252 6,288,639 400,147,752 72,719,835 357,145,438 493,418,16496 5,676 TENHOS 1,356 16,973,820 68,830,029 22,501,325 80,191,417 121,693,97997 6,826 THARAKA NITHI TRS 8,255 50,256,629 930,189,184 213,306,249 1,084,296,079 1,391,076,34298 8,012 THIKA DISTRICT TRS 5,354,377 248,442,728 48,373,491 344,261,747 457,886,68999 2,660 TRANS-NZOIA TCHR 3,900 31,444,682 372,915,401 70,480,823 373,870,383 560,720,041

100 2,026 UKULIMA 33,387 56,785,400 4,165,983,617 589,815,479 4,093,488,281 5,080,073,524101 2,375 UNITED NATIONS 3,969 139,773,843 4,724,584,873 775,932,543 4,832,582,691 5,610,570,727102 6,403 UNIVERSAL TRADERS 27,018 54,036,000 197,610,361 62,414,843 283,310,659 380,657,758103 6,433 WAKENYA PAMOJA 1,990 94,233,789 409,012,103 257,681,274 406,690,250 669,737,573104 10,226 WAKULIMA DAIRY 34,712 17,013,000 99,079,116 16,677,000 75,859,000 133,784,000105 3,110 WANAANGA 2,048 20,634,800 686,684,660 127,980,763 647,564,618 812,605,416106 6,531 WANANCHI - NTG 45,090 65,515,524 460,838,232 149,810,515 462,916,024 760,256,926107 2,700 WANANDEGE 4,194 4,318,000 1,036,152,355 141,028,594 586,452,555 1,206,286,516108 2,624 WARENG TCHRS 12,277 16,726,530 539,906,372 102,398,870 559,560,221 766,455,203109 3,350 WASHA 797 9,870,678 77,144,568 14,687,196 84,643,662 130,864,361110 3,302 WAUMINI 13,407 55,232,214 1,186,155,336 132,365,464 1,103,004,043 1,386,326,947

1,759,943 5,587,229,095 120,439,874,156 20,006,310,861 126,865,875,335 167,670,324,806

KEY:1. Large Saccos – Total assets Above K.sh. 1 billion2. Medium Saccos - Total assets Above K.sh. 200 million3. Small Saccos – Total assets below K.sh. 200 million


ANNEx 8Market Share Analysis

S/No CS NO NAME OF SACCO Membership Share Capital Deposits Turnover Loans/Advance T. ASSETS1 2,265 MWALIMU 49,040 637,317,000 15,420,454,000 2,165,788,000 17,606,221,180 19,305,419,9282 1,916 HARAMBEE SACCO 92,842 325,041,080 10,661,264,862 1,431,840,622 13,020,437,982 15,909,438,5223 1,981 AFYA 39,016 48,073,064 7,127,532,651 726,906,213 7,086,414,255 10,248,782,4594 2,092 KENYA POLICE 34,330 109,030,080 6,359,575,443 827,936,515 6,063,646,820 7,862,320,2035 2,207 STIMA 12,831 201,175,576 5,469,067,784 1,017,660,860 6,293,487,243 7,703,900,7926 2,375 UNITED NATIONS 3,969 139,773,843 4,724,584,873 775,932,543 4,832,582,691 5,610,570,7277 2,026 UKULIMA 33,387 56,785,400 4,165,983,617 589,815,479 4,093,488,281 5,080,073,5248 2,299 KENYA BANKERS 16,565 87,380,000 3,741,597,417 370,224,003 3,176,439,527 4,287,259,8989 2,885 KIPSIGIS TCHRS 17,200 131,312,773 2,402,522,226 591,320,000 2,989,437,110 4,190,385,83710 2,641 GUSII MWALIMU 16,376 16,376,000 2,889,672,195 569,418,803 3,246,625,855 3,873,877,87011 1,946 MAGEREZA 19,489 308,422,656 2,100,841,367 258,651,751 2,539,144,663 3,350,874,44812 2,738 KAKAMEGA TCHRS 16,574 153,375,095 1,942,605,011 498,636,284 2,466,313,303 3,195,746,04913 6,760 MURAMATI 86,301 236,376,000 2,317,496,000 410,198,000 1,509,606,000 3,170,683,00014 2,349 BANDARI 8,629 16,356,894 1,703,662,622 465,028,347 2,705,508,553 3,007,048,00715 2,638 METROPOLITAN 20,632 36,931,659 1,672,476,261 307,981,460 2,630,833,381 2,982,974,16516 2,549 BARINGO TEACHERS 7,911 221,740,071 1,599,935,250 359,340,427 1,716,278,066 2,621,397,48017 2,567 NYERI TEACHERS 7,904 14,142,000 1,639,260,000 332,452,000 1,801,336,000 2,553,252,00018 2,406 NACICO 10,046 87,323,586 880,583,493 227,116,350 1,374,105,251 2,343,434,52619 2,255 KILIFI TEACHERS 30,590 38,962,689 1,627,216,172 336,944,901 1,710,540,269 2,216,006,03220 6,825 MERU MWALIMU 8,734 38,850,000 1,229,046,000 236,817,000 1,563,423,000 2,053,443,43021 1,991 HAZINA SACCO 5,706,000 1,735,087,901 219,333,746 1,660,203,086 2,010,281,73022 2,648 MURANG’A TCHRS 8,795 16,607,000 1,456,796,086 265,587,654 1,483,656,000 1,888,986,00023 2,275 KIAMBU UNITY 151,628,000 1,523,764,000 321,755,000 700,346,000 1,876,898,00024 2,675 NAKURU TEACHERS 8,611 60,120,520 1,618,162,196 222,249,771 1,293,318,411 1,864,791,31925 1,781 MASAKU TEACHERS - 25,431,040 1,411,857,093 143,817,372 1,261,277,682 1,761,243,89926 2,494 MUHIGIA 4,201 9,834,000 1,021,001,865 238,142,135 1,357,969,000 1,695,354,00027 2,102 SHERIA SACCO 6,255 35,073,724 1,439,289,601 147,052,475 1,410,002,269 1,634,614,03028 2,559 NYANDARUA TCHRS 6,839 47,980,960 1,152,925,990 227,056,766 1,318,385,301 1,590,420,61029 2,480 KITUI TEACHERS 8,889 24,339,645 1,160,852,218 253,068,288 1,226,277,186 1,585,804,55430 2,466 CHUNA 3,834 9,184,000 1,234,599,736 107,780,348 1,422,104,699 1,536,791,65931 4,107 BINGWA-KT 43,476 177,576,280 976,936,000 243,365,056 769,109,053 1,524,835,78732 10,672 MERU C. FARMERS 30,559 255,736,364 1,198,550,586 114,177,792 734,405,643 1,510,759,49733 1,872 TELEPOSTA 2,886 3,539,200 918,856,734 90,378,760 1,089,144,625 1,493,162,52334 8,056 MURATA 78,886 216,353,927 882,929,322 29,612,202 1,002,460,888 1,456,375,13135 2,869 NDEGE CHAI * 24,924 96,191,917 986,237,875 153,664,664 1,271,582,369 1,442,132,19936 6,826 THARAKA NITHI TRS 8,255 50,256,629 930,189,184 213,306,249 1,084,296,079 1,391,076,34237 3,302 WAUMINI 13,407 55,232,214 1,186,155,336 132,365,464 1,103,004,043 1,386,326,94738 2,314 EGERTON UNIVERSITY 3,158 8,907,665 852,418,898 204,634,380 1,077,042,424 1,374,929,99839 4,319 MOI UNIVERSITY 4,022 103,863,514 814,563,700 82,314,235 975,575,408 1,324,909,09640 2,248 MAISHA BORA 2,768 16,441,600 1,063,942,307 165,225,847 1,214,840,798 1,305,417,74741 8,315 TAIFA - NYERI DFCS 72,963 115,494,500 1,031,316,247 232,684,916 687,245,068 1,302,210,26542 2,044 JAMII 12,954 42,586,113 920,102,972 161,587,784 1,065,769,946 1,271,286,97843 2,169 CHAI(KTDA) 8,168 34,029,758 948,736,801 151,403,316 1,026,902,806 1,267,422,97144 1,726 MOMBASA PORT 3,164 14,370,843 617,092,952 254,109,794 1,133,173,193 1,242,224,31245 2,077 ASILI 10,358 90,335,449 869,321,164 116,663,154 979,568,725 1,219,588,29546 2,658 LAIKIPIA TEACHERS - 71,416,937 610,573,884 121,926,790 976,244,848 1,209,364,42347 2,700 WANANDEGE 4,194 4,318,000 1,036,152,355 141,028,594 586,452,555 1,206,286,51648 6,366 SOUTH IMENTI TG 7,236 133,080,651 745,419,886 145,202,917 701,336,906 1,185,246,56049 2,633 EMBU TEACHERS 6,985 24,292,705 918,829,332 220,229,297 986,416,179 1,181,254,71850 3,468 KENPIPE SACCO 1,471 25,452,000 893,467,742 136,372,986 1,051,744,562 1,134,770,22651 6,894 EMBU FARMERS 100,933 28,288,589 782,270,750 119,070,301 294,646,702 1,119,358,02052 6,336 KERICHO TEA - KH 37,721 82,361,000 744,775,573 168,081,000 431,887,000 1,032,252,00053 6,070 NASSEFU 3,067 62,536,097 583,333,199 139,393,155 784,572,118 1,026,686,232

LARGE SACCOS 988,382 4,887,817,806 112,910,570,482 17,949,966,849 121,899,585,935 157,317,741,21654 2,001 ARDHI 7,286 16,250,880 895,695,096 94,982,145 884,883,879 985,605,79655 2,185 SUKARI 33,668 16,845,309 621,427,190 154,787,327 644,594,308 965,421,83656 2,483 KENVERSITY 2,685 4,419,840 794,349,031 101,006,775 754,023,384 958,898,99957 9,510 SAFARICOM 2,430 13,192,776 643,517,144 97,487,488 858,769,159 958,130,54258 8,379 FORTUNE 42,815 118,809,685 589,891,692 175,295,534 330,302,295 924,345,74959 16,919 NAKU 10,252 27,667,269 772,431,152 80,070,681 704,092,157 899,600,02860 3,110 WANAANGA 2,048 20,634,800 686,684,660 127,980,763 647,564,618 812,605,41661 2,624 WARENG TCHRS 12,277 16,726,530 539,906,372 102,398,870 559,560,221 766,455,20360 6,531 WANANCHI - NTG 45,090 65,515,524 460,838,232 149,810,515 462,916,024 760,256,92661 6,447 TAI - KTG 83,959,509 428,792,345 92,307,165 353,085,576 691,494,24662 2,386 NATION STAFF 1,740 13,053,400 591,573,864 77,481,680 556,474,023 677,144,17263 7,178 MERU SOUTH FMRS 44,399 36,267,722 358,582,440 98,926,216 384,768,621 675,246,45666 6,433 WAKENYA PAMOJA 1,990 94,233,789 409,012,103 257,681,274 406,690,250 669,737,573


S/No CS NO NAME OF SACCO Membership Share Capital Deposits Turnover Loans/Advance T. ASSETS67 2,085 UFUNDI 33,021 52,624,768 434,301,940 56,899,090 330,409,846 669,244,73768 1,615 KENYA CANNERS 4,945 6,583,000 508,995,177 96,452,000 463,023,000 626,911,00069 2,757 KITE 5,321 17,500,000 514,319,237 50,671,632 459,816,758 618,640,11470 3,047 MWITO 4,866 24,242,000 534,771,915 57,116,517 549,207,451 616,755,31671 2,876 BUNGOMA TCHRS 4,771 31,074,900 619,578,000 120,945,620 426,301,255 605,869,54472 2,032 ELIMU 11,342 14,187,136 555,001,445 93,762,854 457,089,571 603,421,86873 2,690 KAPENGURIA TCHRS 3,322 6,551,040 420,244,020 34,548,252 269,100,156 560,908,38974 2,660 TRANS-NZOIA TCHR 3,900 31,444,682 372,915,401 70,480,823 373,870,383 560,720,04175 2,523 TAITA TAVETA TRS 2,637 10,980,773 408,670,487 80,034,711 322,599,896 560,330,37376 2,563 RELI 8,794 7,223,040 461,758,535 - 193,778,259 544,226,32377 2,686 COMOCO 2,138 6,502,860 407,394,918 80,169,668 405,440,379 520,221,44078 1,834 JITEGEMEE 3,234 3,479,680 231,475,795 203,253,922 430,232,901 494,534,24779 2,022 TEMBO 1,252 6,288,639 400,147,752 72,719,835 357,145,438 493,418,16480 1,984 MWENDIWEGA 840 15,589,130 501,714,061 4,101,794 224,583,807 492,875,71981 2,709 NANDI TEACHERS 3,213 15,588,992 501,714,322 43,477,064 224,582,483 492,874,76082 2,678 SIMBA CHAI 6,460 13,829,939 365,992,494 62,680,060 409,989,522 482,054,27483 2,365 TRANSCOM 2,598 20,916,986 255,932,802 32,186,176 240,830,073 469,334,37584 10,308 NAROK TCHRS 2,030 4,118,000 312,160,753 378,914,381 459,278,63085 8,012 THIKA DIST. TCHRS 5,354,377 248,442,728 48,373,491 344,261,747 457,886,68986 3,626 FUNDILIMA 1,846 8,836,605 370,184,090 48,610,447 387,785,707 447,599,09587 2,755 BUSIA TESO Teachers - 18,254,207 362,908,652 41,690,320 349,782,614 444,444,15488 2,484 MOMBASA TEACHERS 2,057 5,494,823 279,839,844 67,876,418 294,845,459 422,925,48689 3,109 MUMIAS O’GROWERS 57,240 126,596,484 220,281,938 76,988,050 176,147,186 405,065,33190 6,267 MUNGANIA TG /DAIMA 20,763 40,672,344 242,429,121 65,421,450 154,265,281 390,517,84991 6,403 UNIVERSAL TRADERS 27,018 54,036,000 197,610,361 62,414,843 283,310,659 380,657,75892 7,590 MARAKWET TRS 2,832 5,406,000 347,727,000 31,652,547 310,469,776 376,350,03693 6,570 SOT TEA GROWERS 11,061 75,107,865 220,493,797 43,432,940 117,088,427 362,150,84794 10,020 GITHUNGURI DAIRY 11,198 30,612,195 277,042,343 53,652,347 274,604,579 337,352,95795 5,932 BURETI TEA 5,480 52,278,255 167,956,735 48,819,914 73,261,920 335,717,24796 6,179 MASENO UNIVERSITY 1,123 845,824 119,682,865 16,996,777 287,299,008 334,649,51497 2,664 MAGADI SACCO 859 3,449,680 218,246,832 68,478,135 277,210,813 333,942,78298 6,749 NDETIKA RURAL 7,704 25,478,400 218,438,059 37,648,737 274,636,323 327,951,16099 6,721 MIGORI TEACHERS - 5,381,120 194,831,482 19,770,053 268,384,026 323,770,553100 2,635 KWALE TEACHERS - 7,097,600 319,032,700 36,027,048 167,491,491 323,000,972101 7,591 KEIYO TEACHERS 2,360 19,534,926 245,976,454 30,329,283 236,354,411 322,021,596102 6,977 2NK - 1,451,520 249,849,287 25,414,866 117,053,204 315,058,878103 5,939 MUKI 2,472 2,157,440 189,734,259 28,160,223 128,812,357 313,051,436104 2,865 SIAYATCHRS 1,902 5,166,000 161,772,314 30,719,919 99,696,183 298,689,150105 1,920 CHEMILIL SACCO 1,137 3,410,500 159,418,050 40,227,866 114,067,158 277,820,398106 6,228 COUNTY SACCO 3,829 10,297,600 123,386,228 42,096,886 138,577,774 277,008,461107 6,432 BIASHARA 8,614 21,109,000 179,294,000 50,703,000 221,348,000 264,892,000108 10,541 UKRISTO NA UFANISI 4,393 8,175,348 239,697,481 26,170,387 235,446,278 263,553,477109 7,320 MAUA METHODIST 1,143 50,496,320 137,308,420 7,833,480 110,123,690 262,455,480109 6,780 CHEPSOL TG 11,921 9,126,801 215,596,711 40,178,805 126,348,306 261,775,629110 2,747 NAFAKA SACCO 1,353 23,651,625 217,501,562 36,675,067 221,149,600 258,741,271111 2,843 IRIANYI TEA 25,000 46,125,235 110,412,286 62,630,688 64,964,170 256,568,419112 5,014 NITHI TG 6,139 11,276,740 172,758,767 139,810,845 253,946,080113 3,248 SAMBURU TEACHERS 833 8,476,877 109,591,847 28,070,356 193,117,037 229,239,026114 3,636 BORABU TG 23,000 10,567,886 153,046,755 49,707,138 91,032,456 212,215,048115 7,497 MWINGI MWALIMU 1,399 3,010,560 150,395,186 24,169,677 145,974,483 212,083,017116 4,918 MERU NORTH FARMERS 19,954,112 47,983,765 39,578,158 127,035,039 208,638,320117 2,785 MARSABIT TEACHERS 916 465,100 158,873,032 20,005,879 123,615,677 207,992,321118 3,176 KERENGA - 11,013,637 139,900,956 17,996,746 184,571,072 200,772,331119 5,641 BARINGO FARMERS 4,093 42,323,054 134,491,225 27,234,252 138,287,672 200,538,588

MEDIUM SACCO 1,588,994,659 22,901,927,505 4,165,472,643 21,062,870,503 31,717,605,612120 9,208 KINGDOM 4,029 15,248,000 166,680,000 20,426,000 145,894,000 195,387,000121 3,983 KMFRI 2,444 11,361,999 127,310,675 22,089,923 139,404,575 192,047,984122 7,593 NYAMIRA TEA FARMERS 13,567 14,841,878 103,955,950 54,891,888 116,237,543 190,806,811123 7,315 ACO 1,065 5,352,000 143,700,356 15,540,125 148,410,858 180,454,559124 6,569 KONOIN 5,920 14,523,006 141,730,324 25,925,379 115,065,858 179,245,896125 5,988 BARAKA.MTG 9,539 54,956,321 106,423,892 27,558,299 62,366,507.00 174,749,953126 3,363 PUAN 1,202 2,945,766 113,155,976 25,593,617 133,263,246 166,005,164127 2,511 ISIOLO TEACHERS 702 1,093,120 102,492,831 16,200,508 127,454,116 156,226,357128 2,626 LAMU TEACHERS 5,689 1,315,200 85,404,093 25,610,850 88,288,480 154,360,076129 5,142 SAMBURU TRADERS 835 6,497,628 110,134,022 13,202,545 104,678,520 151,910,091130 6,679 MWEA RICE FARMERS - 59,850,994 100,071,202 14,461,514 93,403,687 151,449,660131 7,221 KURIA TEACHERS 3,036 6,672,000 92,643,000 17,097,000 87,852,000 151,036,000132 9,233 NTIMINYAKIRU RURAL 6,574 5,709,129 50,783,665 12,441,885 92,665,206 149,439,449133 6,061 NANDI HEKIMA 5,063 10,721,000 89,670,849 37,305,606 100,361,287 143,954,697134 2,724 TANA RIVER TRS 1,073 4,154,880 93,898,792 7,682,055 63,609,368 141,637,224135 6,917 NYAMBENE ARIMI 9,599,723 106,297,090 - 66,029,677 139,161,794136 10,226 WAKULIMA DAIRY 34,712 17,013,000 99,079,116 16,677,000 75,859,000 133,784,000137 2,293 KIMUTE 1,219 9,456,640 98,400,242 2,172,370 126,656,389 131,585,592138 10,243 WEVARSITY - 4,038,724 100,655,828 16,071,888 108,460,967 131,162,925


S/No CS NO NAME OF SACCO Membership Share Capital Deposits Turnover Loans/Advance T. ASSETS139 3,350 WASHA 797 9,870,678 77,144,568 14,687,196 84,643,662 130,864,361140 2,033 IMENTI 3,158 9,379,384 89,951,987 19,600,700 82,519,000 125,670,000141 6,645 ELGON TEACHERS 747 8,038,400 86,191,490 14,555,201 73,219,775 122,760,322141 6,645 ELGON TEACHERS 747 8,038,400 86,191,490 14,555,201 73,219,775 122,760,322142 2,310 TUPENDANE - 3,410,778 46,241,826 7,571,060 100,493,279 122,123,647143 5,676 TENHOS 1,356 16,973,820 68,830,029 22,501,325 80,191,417 121,693,979144 2,895 NANYUKI EQUATOR - 14,106,121 44,632,986 16,433,325 82,777,719 121,285,924145 6,864 URUKU RURAL/TIMES U 83,719 7,526,248 72,439,450 19,582,125 101,481,058 121,017,637146 9,141 BONDO TEACHERS 1,056 2,793,600 77,259,859 7,237,741 83,758,638 119,368,896147 5,749 AINABKOI FARMERS 1,309 13,632,678 79,196,838 9,253,041 57,135,151 118,540,638148 7,791 SUBA TEACHERS 860 5,561,728 77,885,039 5,979,001 90,098,067 118,200,711149 9,231 FARIJI 11,197,342 83,279,727 17,249,377 69,205,501 116,510,033150 8,320 RACHUONYO TRS 985 2,829,440 79,004,294 6,915,334 84,693,776 113,611,057151 8,337 BANANA HILL MATATU 2,307 14,181,696 81,211,411 168,329,762 60,898,264 112,505,686152 2,149 UFANISI - 3,222,939 85,675,912 13,694,888 85,169,617 110,781,135153 9,187 MATHIRA FARMERS 13,313,000 58,933,746 17,392,000 45,011,000 110,261,000154 10,068 DIOCESE OF MERU 4,380 13,309,828 70,760,486 13,060,847 87,192,877 103,191,511155 5,733 NANDI FARMERS 1,734 2,157 64,448,333 11,825,871 44,111,040 101,413,392156 4,830 MUDETE TG - 7,488,867 42,677,110 12,743,655 34,800,383 101,280,917157 6,172 ABERDARE RURAL - 35,110,116 81,353,378 1,982,409 10,145,049 97,055,862158 2,196 NDOSHA - 4,990,000 67,193,402 14,947,691 66,650,759 95,294,664159 6,128 SOTICO 2,232 7,921,800 71,268,209 13,806,373 70,326,893 93,695,571160 5,937 JIJENGE 2,276 10,095,460 40,267,650 5,772,000 37,515,757 92,270,657161 9,227 NGP BAMBURI 474 3,556,326 58,359,276 6,045,890 72,514,786 91,581,946162 2,735 NZOIA 632 3,794,304 35,357,403 10,169,745 48,756,761 88,973,928163 2,609 JACARANDA 318 5,273,600 55,739,246 8,696,416 59,972,639 82,969,039164 8,333 BONDE LA KERIO 599 3,272,448 49,411,519 5,833,963 56,529,180 79,605,417166 7,979 SIRAJI 1,598 1,351,459 62,568,801 10,010,266 59,960,436 78,229,820167 6,180 OGEMBO TEA GROWERS 3,678 19,782,400 43,328,679 6,389,312 21,124,139 73,074,633168 11,193 SILIBWET FSA RURAL 10,889 17,491,400 44,108,731 15,445,854 5,970,009 66,670,141169 2,467 LENGO 1,190 1,084,000 26,743,047 6,866,240 41,217,829 66,445,076170 3,829 AGRO-CHEM 370 8,769,393 44,322,113 6,301,970 48,617,402 62,704,668171 6,302 KIPSIGIS EDIS - 8,797,600 40,058,118 3,502,351 53,974,599 61,629,307172 10,120 ORTHODOX 1,152 9,446,408 39,286,829 11,488,323 36,234,447 57,719,000173 2,271 KICOWO - 1,572,096 44,108,009 5,557,826 34,024,515 56,761,335174 4,406 BARATON 251 5,376,000 40,632,269 5,130,469 45,766,639 56,674,526175 10,474 KOLENGE TEA 1,311 6,250,354 43,537,042 5,703,884 32,840,798 51,689,427176 4,615 UCHONGAJI 4,036 1,785,011 34,328,401 8,166,706 34,871,886 50,138,293177 9,577 NYALA DAIRY 2,030 7,864,756 26,467,430 10,732,642 21,580,613 48,713,467178 9,111 KIAMBAA DAIRY 1,630 11,028,911 37,402,988 6,841,970 49,093,051 48,618,605179 6,387 GITHONGO MAJANI - 3,363,840 21,590,389 4,435,941 27,193,880 47,414,572180 10,624 GILGIL/vision Afrika 3,572 7,426,811 35,402,451 7,611,576 33,768,981 46,029,044181 2,031 TUUNGANE TUJIJENGE 576 6,732,957 25,568,473 3,237,301 17,202,997 44,671,072182 2,381 KORU 536 2,828,343 30,982,503 3,255,168 29,390,239 41,814,428183 9,709 GOOD FAITH 950 4,493,427 27,537,448 4,003,535 29,252,029 40,343,177184 13,033 KATHERA SACCO 984 1,472,000 26,395,950 3,908,326 21,767,506 34,786,610185 10,897 GASTAMECO SACCO 4,046 5,974,016 21,327,841 3,313,847 7,340,198 33,979,163186 8,275 NYANDO-KISUMU 3,256 15,023,192 4,672,027 4,516,596 12,276,992 32,768,057187 7,460 OMOREMI RURAL - 2,981,120 - 39,333,990 17,564,400 29,594,527188 4,541 REA VIPINGO - 556,160 19,300,389 2,085,178 16,867,565 28,912,258189 8,804 VIHIGA DISTRICT TG 7,069 16,571,164 5,776,550 7,277,930 6,145,385 28,568,781190 9,927 KAIMOSI TEA GROWERS 1,232 4,283,081 15,357,830 3,229,670 17,709,580 27,799,991191 10,737 ILKISONKO RURAL 1,665 2,747,597 19,964,095 3,999,269 21,916,948 27,439,246192 7,479 MICII MIKURU 714 2,066,915 10,961,390 3,900,143 4,932,524 26,325,525193 11,194 TESCOM 708 6,298,546 16,037,449 4,734,081 16,318,728 25,358,129194 12,243 MWIETHERI - 218,560 23,999,921 2,727,810 2,772,994 25,256,359195 6,918 TRANS-COUNTIES 540 2,048,000 20,154,027 1,955,460 9,152,290 24,059,954196 11,121 NYAHURURU UMOJA 829 9,561,600 9,407,556 2,259,060 19,760,983 21,704,093197 3,144 FLOUSPAR 177 6,199,936 14,899,887 1,226,490 9,626,825 19,702,356198 11,181 NEST 976 2,098,638 13,154,683 4,572,818 12,850,355 19,102,820199 11,934 MULOT FSA RURAL 3,682 9,900,800 15,383,709 481,411,444 15,654,007 18,899,935200 10,633 ALL CHURCHES SACCO 1,285 5,337,600 8,943,576 1,736,688 6,446,466 15,995,484201 10,718 LENGA TUMAINI 1,090 5,763,098 13,687,883 529,214 6,849,112 15,110,058202 7,057 LIMURU Traders 3,521 828,160 10,562,110 1,093 8,821,470 14,659,260203 11,005 NYABIERA SACCO 1,071 3,041,527 6,494,753 288,070 5,089,199 12,493,043204 8,261 KIKAI RURAL - 4,746,655 - 1,934,009 8,011,698 11,364,915206 11,346 CHEBOSOBON - 128,000 8,223,693 1,503,316 6,259,559 9,198,087207 7,896 CHESIKAKI RURAL 2,836 1,550,080 1,368,656 373,013 7,049,531 7,414,504208 11,434 RUBET SACCO 405 1,306,437 3,639,261 794,984,960 3,443,649 4,738,864209 12,355 SIGOR FSA RURAL 1,020 1,965,184 1,646,909 725,448 2,124,954 4,624,807210 9,026 IHURURU 1,081 - 1,927,125 361,699 2,140,385 2,317,009211 8,982 KIAMOKAMA TG 357 606,373 901,261 632,200 493,850 1,517,830213 8,721 DIMKES SACCO 2,362 2,540,800 51,422,594 3,997,857 53,909,971 -214 9,825 MULOT TEACHERS - - - - - -215 10,576 RONGAI RURAL - - - - - -

SMALL SACCOS 353,246 743,167,374 4,838,439,343 2,347,885,833 4,775,035,310 7,444,861,067


1. ACO /AIRPORTS SACCO SOCIETY LIMITED

Chief Executive Officer: Cheruiyot Kipsoi

Postal Address: P.O. Box 19001-00501

Telephone: 822111 ext 233/382

Email:1 [email protected]

Physical l Address: KAA Complex, J.K.I.A.

Date Licensed: Licensed 19-DEC-/11

Peer Group: Small

Branches: 1

2. AFYA SACCO SOCIETY LIMITED

Chief Executive Officer: Mr. David Waroe

Postal Address: P.O. Box 11608 - 00400, Nairobi.

Telephone: 2223970/2223961

Email: [email protected]

Physical l Address: Afya Centre, Tom Mboya Street

Date Licensed: 28/July/2011

Peer Group: Large

Branches: 10

3. ASILI SACCO SOCIETY LIMITED

Chief Executive Officer: Mr. Mathias O. Oliech

Postal Address: P.O Box 49064, 00100 Nairobi.

Telephone: 0722 472 823, 020 2630244

Email: [email protected], [email protected],

[email protected]

Physical Address: Asili Co-op Centre, Ngara Road

Date Licensed: 7-Sep-2011

Peer group: medium

Branches: 2

4. BANDARI SACCO SOCIETY LIMITED

Chief Executive Officer: John O. Ragama

Postal Address: P.O. Box 95001-80104 Mombasa.

Telephone: 2316685


Physical Address: Bandari Sacco Plaza, Moi Avenue

Date Licensed: 4-Mar-2011

Peer Group: large

Branches: 1

5. BARAKA SACCO SOCIETY LIMITED

Chief Executive Officer: Zakaria K. Mwenje

Postal Address: P.O Box 1548-10101 Karatina

Telephone: 061-72174


Physical Address: Baraka Sacco Building,

Kiaruhui road

Date Licensed: 22-Jun-2011

Peer Group: Small

Branches: 1

6. BARINGO FARMERS SACCO SOCIETY LIMITED

Chief Executive Officer: Kibwalei Evans

Postal Address: P.O. Box 660-20103 Baringo.

Telephone: 051 – 752 483, 0722 161 435


Physical Address: Ravine Motor Building,

Eldama Ravine

Date Licensed: 31-May-2011

Peer Group: Small

Branches: 4

7. BARINGO TEACHERS SACCO SOCIETY LIMITED

Chief Executive Officer: Moses Chebor

Postal Address: P.O. Box 80-20103 Eldama Ravine

Telephone: 0720200689/0208024881


Physical Address: Teachers plaza, Market Road


Peer Group: Large

Branches: 7

8. BIASHARA SACCO SOCIETY LIMITED

Chief Executive Officer: M/S Rose Wangari Kimaru

Postal Address: P.O. Box 1895-10100 Nyeri.

Telephone: 066- 2034206/0722-557118


Physical Address: Lwale Place,

Field Marshal Mutungi Road

Date Licensed: 28-Jul-2011

Peer Group: Small

Branches: 5

ANNEx 9Directory of Licensed Saccos in Kenya


9. BINGWA/KIRINYAGA TEA SACCO SOCIETY LTD

Chief Executive Officer: Jane W.Mugo

Postal Address: P.O Box 434-10300 Kerugoya

Telephone: 060-21014/21278


Physical Address: Tea Growers Complex, Kutus/

Karatina Road


Peer Group: Large

Branches: 12

10. BORABU FARMERS TEA SACCO SOCIETY LTD

Chief Executive Officer: Daniel O. Ombaso-CEO

Postal Address: P.O. Box 42-40502 Kisii



Physical Address: Borabu Union Building,

Nyansiongo


Peer Group: Small

Branches: 3

11. BUNGOMA TEACHERS SACCO SOCIETY LIMITED

Chief Executive Officer: Chrispinus Baraza

Postal Address: P.O. Box 1199-50200 Bungoma

Telephone: 055-30286 0728-219226


Physical Address: Bungoma Teachers Sacco Plaza,

Moi Avenue

Date Licensed: 18-Oct-11

Peer Group: Medium

Branches: 4

12. BURETI TEA SACCO SOCIETY LIMITED

Chief Executive Officer: Catherine Kageha

Postal Address: P.O. Box 601-20210 Kericho



Physical Address: Bureti Sacco Plaza, Litein


Peer Group: Medium

Branches 2

13. CHAI SACCO SOCIETY LIMITED

Chief Executive Officer: Purity Mungure Maina

Postal Address: P.O. Box 278-00200 Nairobi

Telephone: 2214406/2214410


Physical Address: KTDA Plaza, Junction of

Moi Avenue/Ronald Ngala


Peer Group: Large

Branches: 2

14. CHEMELIL SACCO SOCIETY LIMITED

Chief Executive Officer: Mr. Olum Tom Nyumba

Postal Address: P.O. Box 14-40112 Kisumu

Telephone: 057-51586/

Mobile: 0725-271883


Physical Address: Chemelil Sugar Sports Complex,

Awasi/Nandi Hills Road


Peer Group: Medium

Branches: 1

15. CHEPSOL TEA GROWERS SACCO SOCIETY LTD

Chief Executive Officer: Mrs. Rose Chepngetich




Physical Address: Chepsol Sacco Plaza, Kimulot


Peer Group: Medium

Branches: 2

16. CHUNA SACCO SOCIETY LIMITED

Chief Executive Officer: Edward Tale Nabangi


Telephone: TEL: 318262/88/65/70 Ext 28214


Physical Address: Old Boiler House,

Harry Thuku Road

Date Licensed: 19-DEC-11

Peer Group: Large

Branches: 1


17. COMOCO SACCO SOCIETY LIMITED

Chief Executive Officer: Mr. Richard Ombai


Telephone: 650255


Physical Address: Cmc Building, Lusaka Road


Peer Group: Medium

Branches: 1

18. DIOCESE OF MERU SACCO SOCIETY LIMITED

Chief Executive Officer: Elizabeth Syengo

Postal Address: P.O. Box 1207-60200 Meru



Physical Address: Intercity Centre,

Kenyatta Avenue


Peer Group: Small

Branches 1

19. EMBU TEACHERS SACCO SOCIETY LIMITED

Chief Executive Officer: Anne M. Njue

Postal Address: P.O. Box: 696-60100 Embu

Telephone: 068- 31090


Physical Address: Embu Teachers Sacco Building,

Kenyatta Highway


Peer Group: Large

Branches 1

20. FARIJI SACCO SOCIETY LIMITED

Chief Executive Officer: Margret Njambi

Postal Address: P.O. Box 589-00216 Githuguri.

Telephone: 020-2017407/0727398699


Physical Address: Diplomat House


Peer Group: Small

Branches 5

21. FORTUNE /KIRINYAGA FMRS SACCO SOCIETY LTD

Chief Executive Officer: Amos Kimotho Njeru

Postal Address: P.O. Box 559-10300 Kirinyaga



Physical Address: Kirinyaga Sacco Building,

Kerugoya/Kutus Road

Date Licensed: 30-Jan-12

Peer Group: Medium

Branches 7

22. GITHUNGURI DAIRY SACCO SOCIETY LIMITED

Chief Executive Officer: Mary Nungari Mburu

Postal Address: P.O. Box 896-00216 Githunguri

Telephone: 020-2015366/0723400611


Physical Address: Githunguri Dairy Farmers Co-op

Society Building, Market Street


Peer Group: Medium

Branches 5

23. GUSII MWALIMU SACCO SOCIETY LIMITED

Chief Executive Officer: Charles O. Omwansa




Physical Address: Gusii Mwalimu House,

Kisii-Keroka Road

Date Licensed: 20-Apr-11

Peer Group: Large

Branches 4

24. HARAMBEE SACCO SOCIETY LIMITED

Chief Executive Officer: Mr. James M. Wandera

Postal Address: P.O Box 47815-00100 Nairobi

Telephone: 343766 / 343815


Physical Address: Harambee Co-op. Plaza


Peer Group: Large

Branches 5


25. HAZINA SACCO SOCIETY LIMITED

Chief Executive Officer: Daniel C. Kimwama

Postal Address: P.O Box 59877-00100 Nairobi

Telephone: 2719098 / 2722106

/ 0712 149 631


Physical Address: Kibera Road, off Ngong Road,

Behind Kobil Petrol Station

Date Licensed: 16-MAR-12

Peer Group: Large

Branches 1

26. IMENTI SACCO SOCIETY LIMITED

Chief Executive Officer: Judy Nkatha Kirima

Postal Address: P.O. Box 3192-60200 Meru



Physical Address: Rintaugu Building, Meru Town


Peer Group: Small

Branches 1

27. IRIANYI TEA SACCO SOCIETY LIMITED

Chief Executive Officer: Mr. Robert Ntabo


Telephone: 0729139697


Physical Address: Nyamache-Irianyi Plaza

(K.T.D.A Premises)

Nyamache-Igembe-Igage Road


Peer Group: Small

Branches 5

28. JAMII SACCO SOCIETY LIMITED

Chief Executive Officer: Mr. Eliud Chepkwony


Telephone: 552664/552448


Physical Address: Jamii Sacco Court,

Mukenia Road


Peer Group: Large

Branches 1

29. JIJENGE/MACADAMIA SACCO SOCIETY LTD

Chief Executive Officer: Dishon Kairu

Postal Address: P.O. Box 6222-00100 Thika



Physical Address: Wangu Building, Uhuru Street

– Thika Town


Peer Group: Small

Branches 1

30. KAKAMEGA TEACHERS SACCO SOCIETY LTD

Chief Executive Officer: Mr. Peter A. Vuhya

Postal Address: P.O. Box 1150-50100 Kakamenga

Telephone: 30864


Physical Address: Mwalimu Centre

- Kateco Plaza, Mmuruli Road


Peer Group: Large

Branches 3

31. KEIYO TEACHERS SACCO SOCIETY LIMITED

Chief Executive Officer: Mr. Christopher K. Cheruiyot

Postal Address: P.O. Box 512-30700 Elgeyo



Physical Address: Keiyo Teachers Sacco

Building, Iten


Peer Group: Medium

Branches: 1

32. KENPIPE SACCO SOCIETY LIMITED

Chief Executive Officer: Malingi Dzombo


Telephone: 550971


Physical Address: Kenya Pipeline Premises,

Lunga Lunga Road


Peer Group: Large

Branches: 1


33. KENYA BANKERS SACCO SOCIETY LIMITED

Chief Executive Officer: Joseph Okana


Telephone: 2720231/7


Physical Address: Kenya Bankers Sacco Center,

3rd Ngong Avenue


Peer Group: Large

Branches: 1

34. KENYA CANNERS SACCO SOCIETY LIMITED

Chief Executive Officer: Mr. David Mwangi Kioi


Telephone: 067-21162/0714499004


Physical Address: Kenya Canners Sacco Building,

Wabera Street


Peer Group: Medium

Branches: 2

35. KENYA POLICE SACCO SOCIETY LIMITED

Chief Executive Officer: Mr. Solomon A. Atsaya


Telephone: 02725794/02725580


Physical Address: Utumishi Co-op House,

Mamlaka Road


Peer Group: Large

Branches: 1

36. KERICHO TEA/K.H. SACCO SOCIETY LIMITED

Chief Executive Officer: Alice Kosgei


Telephone: 0202336640/0719471633


Physical Address: Temiik House, Kapsoit Market


Peer Group: Medium

Branches 2

37. KIAMBAA DAIRY RURAL SACCO SOCIETY LTD

Chief Executive Officer: Monica W. Muiruri

Postal Address: P.O. Box 669-00219 Kiambu

Telephone: 020- 2071289


Physical Address: Kiambaa Dairy Farmers

Building, Karuri


Peer Group: Small

Branches 1

38. KIAMBU UNITY FINANCE SACCO SOCIETY LTD

Chief Executive Officer: Mr. Simon Njenga




Physical Address: Mapa House, Biashara Street


Peer Group: Large

Branches 9

39. KILIFI TEACHERS SACCO SOCIETY LIMITED

Chief Executive Officer: Daniel Masha

Postal Address: P.O. Box 712-80108 Kilifi

Telephone: +254-41-7522572


Physical Address: Kitecoh Complex,

Kwa Charo Wa Mae Street


Peer Group: Large

Branches 3

40. KINGDOM SACCO SOCIETY LIMITED

Chief Executive Officer: Karanja Rosemary Waithira

Postal Address: P.O Box 8017, 00300 Nairobi

Telephone: 020 2089715


Physical Address: Eureca Flats, Ground Floor

– Mwihoko Road


Peer Group: Small

Branches 1


41. KIPSIGIS TEACHERS SACCO SOCIETY LIMITED

Chief Executive Officer: Mr. Mathew Arap Sigei (HSC)


Telephone: 052-30229/21028


Physical Address: Kipsigis Teachers Co-op House

Building, Kericho

- Nakuru Highway


Peer Group: Large

Branches 3

42. KITE SACCO SOCIETY LIMITED

Chief Executive Officer: Mr. Joseph Oganga

Postal Address: P.O. Box 2073-40100 Kisumu



Physical Address: Re-insurance Plaza,

Oginga Odinga Street


Peer Group: Medium

Branches 1

43. KITUI TEACHERS SACCO SOCIETY LIMITED

Chief Executive Officer: Kang’asua Florence Mbuli

Postal Address: P.O. Box 254-90200 Kitui



Physical Address: Kitui Teachers Sacco Plaza,

Kalundu Road


Peer Group: Large

Branches 3

44. KMFRI SACCO SOCIETY LIMITED

Chief Executive Officer: Mr. David Opondo Obiero

Postal Address: P.O. Box 80862-80100 Mombasa

Telephone: 020-8021560/1 Ext.169


Physical Address: KMFRI Building, Silos Road


Peer Group: Small

Branches 2

45. KONOIN TEA GROWERS SACCO SOCIETY LTD

Chief Executive Officer: Soi C. Beatrice


Telephone: 052 - 21704


Physical Address: Mogogosiek

28/July/2011 28-Jul-11

Peer Group: Small

Branches 1

46. KURIA TEACHERS SACCO SOCIETY LIMITED

Chief Executive Officer: James Mosabi Kirigiti

Postal Address: P.O. Box 208-40413 Kehancha



Physical Address: Kute Plaza, Migori-ntimaru Road

Date Licensed: 28/July/2012

Peer Group: Small

Branches 1

47. LENGO SACCO SOCIETY LIMITED

Chief Executive Officer: William Karani Yaa

Postal Address: P.O. Box 371-80200, Malindi



Physical Address: Malindi Complex, Lamu Road


Peer Group: Small

Branches 1

48. MAGADI SACCO SOCIETY LIMITED

Chief Executive Officer: James H. Ongoji

Postal Address: P.O. Box 13-00205 Magadi

Telephone: 020-6999258/350


Physical Address: Pam View & Sacco Mart Building,

Magadi Street


Peer Group: Medium

Branches 1


49. MARAKWET TEACHERS SACCO SOCIETY LTD

Chief Executive Officer: Francis Ruto

Postal Address: P.O. Box 118-30705, Elgeyo

Telephone: 053-361503/36160


Physical Address: Marakwewt Teachers Plaza,

Moi Street


Peer Group: Medium

Branches 2

50. MARSABIT TEACHERS SACCO SOCIETY LTD

Chief Executive Officer: John Ngugi

Postal Address: P.O. Box 90-60500,Marsabit

Telephone: 020-8004322 / 0720 643 604


Physical Address: Marsabit Teachers Plaza,

Mosque Road


Peer Group: Medium

Branches 1

51. MATHIRA FARMERS SACCO SOCIETY LIMITED

Chief Executive Officer: Anastacia K. Musyimi

Postal Address: P.O. Box 1836-10101 Karatina

Telephone: 061-72274/0727013987


Physical Address: Kiangararu Building


Peer Group: Small

Branches 1

52. MAUA METHODIST SACCO SOCIETY LIMITED

Chief Executive Officer:: Moses M. Nabea


Telephone: 064-21434/21250


Physical Address: Mmh Plaza, Kanuni-meru Road


Peer Group: Medium

Branches 3

53. MERU MWALIMU SACCO SOCIETY LIMITED

Chief Executive Officer: Mukiira Moses Maitethia

Postal Address: P.O. Box 1694-60200, Meru



Physical Address: Meru Mwalimu Plaza,

Gakoromone Road


Peer Group: Large

Branches 5

54. MERU NORTH FARMERS SACCO SOCIETY LTD

Chief Executive Officer: Titus Munjuri

Postal Address: P.O. Box 353-60600,Maua

Telephone: 064-21106 ,0723-147147


Physical Address: Meru North Farmers

Sacco Building, Kanuni Rd


Peer Group: Medium

Branches 5

55. MERU SOUTH FARMERS SACCO SOCIETY LTD

Chief Executive Officer: Ndegwa Joseph Wachira

Postal Address: P.O. Box 514-60400 Chuka



Physical Address: Mt. Building, Embu-meru Road


Peer Group: Medium

Branches 7

56. METROPOLITAN SACCO SOCIETY LIMITED

Chief Executive Officer: Francis Kamau Nganga- HSC


Telephone: 066-2022468/2022584


Physical Address: Kiambu Community Centre,

Biashara Street


Peer Group: Large

Branches 5


57. MOMBASA PORT SACCO SOCIETY LIMITED Chief Executive Officer: Mr. Dedan OndiekiPostal Address: P.O. Box 95372-80104 MombasaTelephone: 2220124Email: msaportsacco.co.kePhysical Address: Mombasa Port Plaza, Mwakilingo RoadDate Licensed: 31-May-11Peer Group: MediumBranches 1

58. MOMBASA TEACHERS SACCO SOCIETY LTD Chief Executive Officer: Shadrack Maina GatumbiPostal Address: P.O. Box 85515-80100 MombasaTelephone: 041-2495809Email: [email protected] Address: Mombasa Teachers Plaza, Jomo Kenyatta AvenueDate Licensed: 31-May-11Peer Group: MediumBranches: 1

59. MUHIGIA SACCO SOCIETY LIMITED Chief Executive Officer: Susan Wanjugu GachoraPostal Address: P.O. Box 83-10300 KerugoyaTelephone: 060-21582/21921Email: [email protected] Address: Muhigia Complex, Total-DC Road off Kutus-Karatina HighwayDate Licensed: 22-Jun-11Peer Group: LargeBranches 1

60. MUMIAS OUTGROWERS SACCO SOCIETY LTD Chief Executive Officer: Anerico ChitayiPostal Address: P.O. Box 295 KakamegaTelephone: 056641229Email: [email protected] Address: Mosacco Plaza, Musanda RoadDate Licensed: 28-Jul-11Peer Group: MediumBranches 3

61. MUNGANIA TG SACCO SOCIETY LIMITED Chief Executive Officer: Elijah Njeru Mugo Postal Address: P.O. Box 2032-60100 EmbuTelephone: 020-2367460Email: [email protected] Address: Mungania Sacco Building, Embu-Mutunduri-Kianjokoma RoadDate Licensed: 22-Jun-11Peer Group: MediumBranches 6

62. MURAMATI (UNITAS) SACCO SOCIETY LIMITED Chief Executive Officer: Mr. Tony Kinyua MwangiPostal Address: P.O. Box 1145-10200 Murang’aTelephone: 060-2030273/2030882Email: [email protected] Address: Muramati Building, Hospital RoadDate Licensed: 31-May-11Peer Group: LargeBranches 5

63. MURANG’A TEACHERS SACCO SOCIETY LTD Chief Executive Officer:: Mr. Alex IrunguPostal Address: P.O. Box 789-10200 Murang’aTelephone: 020-3580167Email: [email protected] Address: Murang’a Teachers Sacco Building, Uhuru HighwayDate Licensed: 9-Jun-11Peer Group: LargeBranches 2

64. MURATA SACCO SOCIETY LIMITED Chief Executive Officer:: Roy Mugo KaugiPostal Address: P.O. Box 816-10200, Murang’aTelephone: 060-2030253/4Email: [email protected] Address: Mugama Union Building, Uhuru StreetDate Licensed: 18-Oct-11Peer Group: LargeBranches 12

65. MWALIMU SACCO SOCIETY LIMITED Chief Executive Officer:: Mr. Joshua Ochieng OjallPostal Address: P.O. Box 62641-00200 NairobiTelephone: 020-2249980/312470/317133Email: [email protected] Address: Mwalimu Co-op House, Tom Mboya StreetDate Licensed: 30-Jun-11Peer Group: LargeBranches 6

66. MWITO SACCO SOCIETY LIMITED Chief Executive Officer:: Mr. George M. Mugambi Postal Address: P.O. Box 56763-00200 NairobiTelephone: 020-3505209Email: [email protected] Address: Mwito House, Desai RoadDate Licensed: 9-Jun-11Peer Group: MediumBranches 1


67. NACICO SACCO SOCIETY LIMITED Chief Executive Officer:: Patroba OkelloPostal Address: P.O. Box 34525-00100 NairobiTelephone: 2217797Email: [email protected] Address: Nacico Plaza, Landhies RoadDate Licensed: 9-Jun-11Peer Group: LargeBranches 2

68. NAKU SACCO SOCIETY LIMITED Chief Executive Officer:: Charles OngesoPostal Address: P.O. Box 16-00507, NairobiTelephone: 020-2406081/0725943018Email: [email protected] Address: Liberty Plaza, Mombasa RoadDate Licensed: 19-DEC-11Peer Group: MediumBranches 2

69. NAKURU TEACHERS SACCO SOCIETY LIMITED Chief Executive Officer:: Rose MogerePostal Address: P.O. Box 1931-20100 NakuruTelephone: 2212415/6Email: [email protected] Address: K.F.A Building, Geoffrey-Leaman WayDate Licensed: 31-May-11Peer Group: LargeBranches 1

70. NANDI HEKIMA SACCO SOCIETY LIMITED Chief Executive Officer:: Silas KipkemboiPostal Address: P.O. Box 211-30300 KapsabetTelephone: 05352019Email: [email protected] Address: Old DC’s Building, Kapsabet RoadDate Licensed: 9-Jun-11Peer Group: Small SmallBranches 5

71. NAROK TEACHERS SACCO SOCIETY LIMITED Chief Executive Officer:: Mary Seno KimintaPostal Address: P.O. Box 158-20500 NarokTelephone: 050-22011/22705Email: [email protected] Address: Mwalimu Plaza, Narok-kijabe RoadDate Licensed: 18-Oct-11Peer Group: MediumBranches 2

72. NATION STAFF SACCO SOCIETY LIMITED Chief Executive Officer:: Jacob KimathiPostal Address: P.O. Box 22022-00400 NairobiTelephone: 020-2223247Email: [email protected] Address: Cambrian, Moi AvenueDate Licensed: 28-Jul-11Peer Group: MediumBranches 1

73. NDEGE CHAI SACCO SOCIETY LIMITED Chief Executive Officer:: Simon GichuhiPostal Address: P.O. Box 857-20200 KerichoTelephone: 30121Email: ndegechaisacco.comPhysical Address: Ndege Chai House, Kisumu-kericho HighwayDate Licensed: 20-Apr-11Peer Group: LargeBranches 8

74. NDOSHA SACCO SOCIETY LIMITED Chief Executive Officer:: Christine M. ObadiahPostal Address: P.O. Box 532-60401, MeruTelephone: 0729-722900Email: ndoshasacco @yahoo.comPhysical Address: Ndosha Plaza, Chogoria TownshipDate Licensed: 19-Dec-11Peer Group: SmallBranches 1

75. NITHI TEA GROWERS SACCO SOCIETY LIMITED Chief Executive Officer:: Rose Gatakaa GithinjiPostal Address: P.O. Box 467 ChukaTelephone: 064-630545Email: [email protected] Address: Nithi Tea Growers Sacco Building, Chuka TownDate Licensed: 18-Oct-11Peer Group: SmallBranches 4

76. NTIMINYAKIRU SACCO SOCIETY LIMITED Chief Executive Officer:: Anthony Njuguna

Postal Address: P.O. Box 3213-60200, Meru



Physical Address: Coffee Tea Building,

Kirukuri Road


Peer Group: Small

Branches 2


77. NYAMBENE ARIMI SACCO SOCIETY LIMITED

Chief Executive Officer: Mr. Kobia Mwito

Postal Address: P.O. Box 493-60600 Maua



Physical Address: Nyambene Arimi Plaza,

Maua-Kanuni Road

Date Licensed: 19-Dec-11

Peer Group: Small

Branches 3

78. NYAMIRA TEA FARMERS SACCO SOCIETY LTD

Chief Executive Officer: Kepha Nyamweya Mokaya

Postal Address: P.O. Box 633-40500 Nyamira



Physical Address: Nyamira Tea Farmers Sacco

Building, Nyamira-Mabundu Road


Peer Group: Small

Branches 7

79. NYANDARUA TEACHERS SACCO SOCIETY LTD

Chief Executive Officer: Daniel Muthoga

Postal Address: P.O. Box 259-20303 Nyandarua



Physical Address: Nyandarua Teachers Sacco

Building, Ol Kalou


Peer Group: Large

Branches 3

80. NYERI TEACHERS SACCO SOCIETY LIMITED

Chief Executive Officer: Mr. John Muchiri Mathinji

Postal Address: P.O. Box 1939, 10100 Nyeri

Telephone: 020 34282


Physical Address: Old Batian Building

– Kimathi Street


Peer Group: Large

Branches 2

81. ORTHODOX SACCO SOCIETY LIMITED

Chief Executive Officer: Alice Njeri Ngotho


Telephone: 020-2655453/0736956434/

0714502558


Physical Address: Odesa Sacco Building,

Kawangware Road


Peer Group: Small

Branches 1

82. SAFARICOM SACCO SOCIETY LIMITED

Chief Executive Officer:: Vivian Awuor




Physical Address: Safaricom House, Waiyaki Way


Peer Group: Medium

Branches 1

83. SHERIA SACCO SOCIETY LIMITED

Chief Executive Officer: Kenneth Ondiala




Physical Address: Sheria Sacco House,

Off Matumbato Street


Peer Group: Large

Branches 1

84. SIAYA TEACHERS SACCO SOCIETY LIMITED

Chief Executive Officer: Joseph Onyango

Postal Address: P.O. Box 605-40600 Siaya



Physical Address: Mwalimu Plaza,

Oginga Odinga Street

Date Licensed: 18/October/20111

Peer Group: Medium

Branches 1


85. SIMBA CHAI SACCO SOCIETY LIMITED Chief Executive Officer: Wesley NgenoPostal Address: P.O. Box 977-20200 KerichoTelephone: 052-20146/7/8/9 Ext: 277Email: [email protected] Address: Kericho/Nakuru HighwayDate Licensed: 28-Jul-11Peer Group: MediumBranches 1

86. SIRAJI SACCO SOCIETY LIMITED Chief Executive Officer: Mr. Felix O. MuhandoPostal Address: P.O. Box Private Bag-10400 MeruTelephone: 0722-325654 (CEO Felix-0720-147650)Email: [email protected] Address: Nahashon Murugu Building, TimauDate Licensed: 19-Dec-11Peer Group: SmallBranches 1

87. SOT TEA GROWERS SACCO SOCIETY LIMITED Chief Executive Officer: Geoffrey ChepkwonyPostal Address: P.O. Box 251-20400 BometTelephone: 020-2045515Email: [email protected] Address: Sotteg Plaza, Silibwet StreetDate Licensed: 28-Jul-11Peer Group: MediumBranches 1

88. SOTICO SACCO SOCIETY LIMITED Chief Executive Officer: Everlyne Nyokwoyo MoraaPostal Address: P.O. Box 959-20406 BOMETTelephone: 020-2062952Email: [email protected] Address: Sotik Tea Company HouseDate Licensed: 8-Mar-12Peer Group: SmallBranches 1

89. SOUTH IMENTI TG /YETU SACCO SOCIETY LTD Chief Executive Officer: Postal Address: P.O. Box 511-60202 NkubuTelephone: 0164-51399/51202Email: [email protected] Address: Sacco Building, Nkubu - Kathera RoadDate Licensed: 4-Mar-11Peer Group: MediumBranches 7

90. STIMA SACCO SOCIETY LIMITED Chief Executive Officer: Mr. Paul WambuaPostal Address: P.O. Box 75629-00100 NairobiTelephone: 020-3751292Email: [email protected] Address: Stima Sacco Plaza, Mushembi RoadDate Licensed: 4-Mar-11Peer Group: LargeBranches 1

91. SUKARI SACCO SOCIETY LIMITED Chief Executive Officer: Hudson Ajesa AlubisiaPostal Address: P.O. Box 841 MumiasTelephone: 052 – 641 210Email: [email protected] Address: Sukari Sacco Building, Opposite Booker Post Office, MumiasDate Licensed: 8-Mar-12Peer Group: MediumBranches 1

92. TAI/KIAMBU TG SACCO SOCIETY LIMITED Chief Executive Officer: Postal Address: P.O. Box 718-00216 GithunguriTelephone: 020-2014150/020-2010334Email: [email protected] / [email protected] Address: Tai Plaza, Uplands/ Limuru RoadDate Licensed: 4-Mar-11Peer Group: MediumBranches 3

93. TAIFA SACCO SOCIETY LIMITED Chief Executive Officer: Simon M. GichingiPostal Address: P.O. Box 1649-10100 nyeriTelephone: 020-2328958Email: [email protected] Address: NCU Building, Gakere RoadDate Licensed: 22-Jun-11Peer Group: LargeBranches 10

94. TAITA TAVETA SACCO SOCIETY LIMITED Chief Executive Officer: Mr. Charo Edward GaramaPostal Address: P.O. Box 1186-80304Telephone: 0720-077658Email: [email protected] Address: Tatecoh BuildingDate Licensed: 16-Mar-12

Peer Group: Medium

Branches 3


95. TEMBO SACCO SOCIETY LIMITED

Chief Executive Officer: Ms. Lydia N. Ngima




Physical Address: Tembo Complex,

Mukima Drive


Peer Group: Medium

Branches 1

96. TENHOS SACCO SOCIETY LIMITED

Chief Executive Officer: Kemboi Kiprono

Postal Address: P.O. Box 391-20400 Bomet

Telephone: 020-8031627/8


Physical Address: Tenwek Hospital Building


Peer Group: Small

Branches 1

97. THARAKA NITHI TEACHRS SACCO SOCIETY LTD

Chief Executive Officer: Luncham Mugambi

Postal Address: P.O Box 15-60400 Chuka

Telephone: 0726 617 752


Physical Address: Mwalimu Centre Building,

Chuka Town


Peer Group: Large

Branches 2

98. THIKA DISTRICT TEACHERS SACCO SOCIETY LTD

Chief Executive Officer: Mr. James Njoroge Ngigi


Telephone: 06730480/0712-911888


Physical Address: Whiteline Building,

Commercial Street


Peer Group: Medium

Branches 1

99. TRANS-NZOIA TEACHERS SACCO SOCIETY LTD

Chief Executive Officer: George Malava

Postal Address: P.O Box 2274 Kitale



Physical Address: Trans Nzoia Teachers Plaza,

Kitale Town


Peer Group: Medium

Branches 3

100. UKULIMA SACCO SOCIETY LIMITED

Chief Executive Officer: Mr. Henry E. Nakaya


Telephone: 2785000

Email: Email- [email protected]

Physical Address: Ukulima House,

Haile Selassie Road


Peer Group: Large

Branches 3

101. UN SACCO SOCIETY LIMITED

Chief Executive Officer: Selasio Njeru


Telephone: 762700-3/7621201


Physical Address: Unsacco Building,

UN Avenue, Off Limuru


Peer Group: Large

Branches 1

102. UNIVERSAL TRADERS SACCO SOCIETY LTD

Chief Executive Officer: Kisili Stephen Kioko

Postal Address: P.O. Box 2119-90100 Machakos



Physical Address: Traders House,

Syokimau House


Peer Group: Medium

Branches 1


103. WAKENYA PAMOJA SACCO SOCIETY LIMITED

Chief Executive Officer: -


Telephone: 058-30220/1


Physical Address: Kahawa House, Kisii-Keroka Road


Peer Group: Medium

Branches 12

104. WAKULIMA DAIRY SACCO SOCIETY LIMITED

Chief Executive Officer: Paul Wanyagi Nuthu

Postal Address: P.O. Box 232-10103 Mukurwe-ini



Physical Address: Mukurwe-ini Wakulima Dairy

Ltd, Mukurwe-ini - Nyeri Road


Peer Group: Small

Branches 1

105. WANA-ANGA SACCO SOCIETY LIMITED

Chief Executive Officer: Mr. Vincent Rota




Physical Address: Meteorological Hq,

Ngong Road


Peer Group: Medium

Branches 1

106. WANANCHI SACCO SOCIETY LIMITED

Chief Executive Officer: Edward Kinyungu Njunuri

Postal Address: P.O. Box 910-10106 Othaya

Telephone: 061-3152248/3152174


Physical Address: Wananchi Sacco Building,

Nyeri-Othaya-Kiriani Road


Peer Group: Medium

Branches 8

107. WANANDEGE SACCO SOCIETY LIMITED

Chief Executive Officer: James Murithi


Telephone: 020-3535851/2/3


Physical Address: Wanandege Plaza,

Embakasi Road


Peer Group: Large

Branches 2

108. WARENG TEACHERS SACCO SOCIETY LIMITED

Chief Executive Officer: Meshack K. Maru

Postal Address: P.O. Box 3466-30100 Eldoret



Physical Address: Wareng Teachers Sacco Building,

Ronald Ngala Street


Peer Group: Medium

Branches 1

109. WASHA SACCO SOCIETY LIMITED

Chief Executive Officer: Mr. Kelvin Aywa


Telephone: 2227710/ExT. 2726


Physical Address: Agha Khan Doctor’s Plaza,

Nyerere Avenue


Peer Group: Small

Branches 1

110. WAUMINI SACCO SOCIETY LIMITED

Chief Executive Officer: Mr. Peter Kariuki


Telephone: 4441708/38


Physical Address: Waumini House, Chiromo Road


Peer Group: Large

Branches 1

THE SACCO SOCIETIES REGULATORY AUTHORITY (SASRA)Britak Centre, First Floor, Junction of Mara and Ragati Road, Upper Hill

P. O. Box 25089-00100 Nairobi, Kenya• Tel: +254 (20) 271774/5/7/8Email: [email protected] • Website: www.sasra.go.ke

Facebook: Sacco Societies Regulatory Authority • Twitter: SASRA_KE

sasra supervisory report 2011

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