Cooperatives, Micro Small and Medium Enterprises Cabinet Secretary Wycliffe Opranya has called on the Sacco Society Regulatory Authority (SASRA) to ensure all saccos operating in the country are regulated.
According to Oparanya, Kenya currently has 13,511 saccos operating in the country out of which, only 357 equivalent to 2.54pc are duly registered, regulated and supervised by SASRA.
Speaking during the celebrations of Stima DT Sacco 50th anniversary, Oparanya said strong supervision by the authority will ensure the saccos are run professionally in order to secure members’ deposits.
“Money in a cooperative sacco should be as safe as money in the bank,” said Oparanya.
“All Saccos must be regulated whether your share capital is Ksh 1 million, Ksh 100 million or Ksh 1 billion. Every Sacco that collects money from people or members must be regulated by SASRA,” he affirmed.
Saccos regulated by SASRA currently have a membership of 6.84 million with deposits amounting to Ksh 687 billon and a loan portfolio of Ksh 758 billion. SASRA was further urged to adopt technology in order to track saccos and ensure they meet the requirement of maintain a liquidity ration of 15pc at all times.
He lauded Stima DT Sacco for maintaining professionalism its management enabling it to rise to the second largest sacoo in Kenya with an asset base of Ksh 62 billion and a membership of 217,000 since founding in 1974.
“Cooperatives like Stima DT Sacco are key drivers of economic empowerment, especially for MSMEs who face challenges in accessing traditional credit. The cooperative model allows us to democratize access to financial resources, contributing to Kenya’s broader development agenda,” added Oparanya.
To encourage growth, Stima Sacco pans to increase investments in innovation, member-centricity, and sustainability according to chief executive officer Dr Hassan Gamaliel. The sacco will leverage new technologies such as artificial intelligence and blockchain to provide more accessible and efficient services while ensuring that no member is left behind.
“Our digital transformation goes beyond keeping up with trends—it’s about creating a seamless, personalized experience for our members, no matter where they are. We are not just a service provider, we are your partner, empowering you to reach your financial goals,” said Dr Hassan.
During the golden jubilee celebrations, the sacco has also committed to integrating Environmental, Social, and Governance (ESG) principles into its operations to ensure long-term value for both members and the communities they serve.
This comes amid calls to encourage industry mergers especially among large saccos in order to be able to undertake large capital projects in Kenya.
“We want to encourage mergers. Imagine if the top 10 saccos merged into one. These stories we are hearing about the airport will not be here again because the 10 saccos will able to build even 10 airports in this country without a problem,” added Oparanya.
