Kenya leads Sacco movement in Africa - report

Kenya has the biggest movement in Saving and Credit Cooperative Organisations (Saccos) in Africa, a new report shows.

The 2022 Statistical Report by the World Council of Credit Unions shows that the country has 10.8 million members across 8,744 credit unions and financial cooperatives. They have $16.4 billion in savings and shares.

Ethiopia is ranked second with 6.9 million customers in 21,328 Saccos and $711.2 million in savings and shares, followed by Rwanda with 4.1 million customers across 459 Saccos.

Rwanda did not however provide figures on saving and shareholding.

Globally, the United States leads in the Sacco movement with 136.6 million members, followed by India at 94 million.

Savings and shares held at American credit unions are the highest at $1.87 trillion, followed by Canada, which despite having 10.9 million customers, has $325.4 billion.

With members in 80 countries, the World Council is a global network for national and regional credit union associations that engages in advocacy, development and education to grow credit unions and cooperative finance worldwide.