This archive report was first published on 10 December 2019.
According to a report by the Sacco Societies Regulatory Authority (Sasra), women are dominating the membership of savings and credit societies in Kenya, with a significant number joining at a younger age than their male counterparts.
The report, which analyzed data from 174 licensed deposit-taking Saccos (DT-Saccos) in Kenya as of December 2018, found that women made up 31.45% of total Sacco membership among those aged 36-50, compared to 28.74% for men.
Similarly, in the 25-35 age group, women accounted for 25.45% of Sacco membership, slightly higher than the concentration of male members at 22.94%.
"Female membership among those aged below 50 years accounted for 61.45% of the total female membership, while the concentration of male membership among those aged below 50 years was just about 60.74% of the total male membership," the report noted.
The study also debunked the myth that Saccos are primarily for older people, with the youth aged 18-35 making up 30.86% of Sacco members, or 1,475,482 individuals.
Furthermore, the report revealed an emerging trend where parents are enrolling their children in Saccos, with 192,274 children under the age of 18 being members as of December 2018.
DT-Saccos drew membership from various sectors, including farming, teaching, government, community, and the private sector. The report noted that 50 farmer-based DT-Saccos accounted for 47.81% of individual DT-Sacco members, while 25 private sector DT-Saccos took up 9.86%.
Sasra urged DT-Saccos to develop financial products that attract young savers and retain savers aged above 65 years.
