Saccos Drive Grassroots Wealth Creation as Shirikiana Sacco Gains Over 12,000 Members in Western Kenya
Saccos are boosting financial inclusion and economic growth in Kenya, with Shirikiana Sacco attracting over 12,000 members in its first year as reforms target stronger governance and protection of members’ funds.
Leaders during the launch of Shirikiana Sacco at Masinde Muliro University of Science and Technology in Kakamega County, where the cooperative movement was highlighted as a key driver of financial inclusion and grassroots economic empowerment. Photo/Courtesy
By Ruth Sang
Savings and Credit Cooperative Organisations (Saccos) have been identified as key drivers of grassroots wealth creation, playing a central role in expanding access to affordable finance, supporting small businesses, and accelerating economic transformation.
The cooperative movement has over the years contributed significantly to agricultural growth, job creation, industrialisation, and the expansion of small and medium enterprises across the country.
Speaking during the launch of Shirikiana Sacco at Masinde Muliro University of Science and Technology in Kakamega County, leaders noted that the new institution is already emerging as a strong tool for financial inclusion and economic empowerment in Western Kenya.
Since its registration in January, Shirikiana Sacco has attracted more than 12,000 members and established a network of promoters across 190 wards in Kakamega, Bungoma, Busia, Vihiga and Trans Nzoia counties.
“These figures demonstrate the scale and promise of the cooperative movement in deepening financial inclusion,” the leadership noted.
Nationally, Saccos now serve over 8 million members and hold assets exceeding KSh1 trillion, underscoring their growing influence in Kenya’s financial sector.
In addition, national savings through the National Social Security Fund (NSSF) have recorded significant growth, rising from KSh312 billion in 2023 to more than KSh700 billion.
To further strengthen the cooperative sector, the government has announced plans for a comprehensive legislative review aimed at modernising governance structures, enhancing regulatory oversight, and safeguarding members’ deposits and assets.
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