Youth below 24 years account for 7pc of Sacco accounts

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Out of the 4 million Sacco account holders, youth aged below 24 year account for just 7 percent.

According to a Sacco sub sector report by Sacco Societies Regulatory Authority majority of Sacco account holders are men with teachers and government based Saccos having a bigger asset base compared to other Saccos.

With the high unemployment rate in the country the youth continue to perform poorly in the financial sector with people between the ages of 18-24 years accounting for only 7 percent of the total Sacco account holders compared to 36-50 age group who were the leading account holders at 28.8 percent while those aged between 25-35 years accounted for 23.4 per cent.

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Men dominated the Sacco sector accounting for 60 percent of the total accounts.

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Despite farmers having more Sacco and membership across the country, farmers affiliated Saccos had less combined asset base compared to government and teachers affiliated Saccos.

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The 21 Community Based Deposit-Taking-SACCOs and 25 Private Sector based DT-SACCOs are common bond cluster of SACCOs that were found to have the least number of individual members which accounted for 9.38 and 9.86 per cent respectively.

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Saccos were urged to increase their product portfolio and come up with tailor made products to rope in more members.

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