Inside SASRA’s 2024 Report: What Every SACCO Member Must Know

SASRA 2024 Report is a must-read for every SACCO member in Kenya. The report highlights compliance requirements, governance practices, and regulatory changes that directly impact members and their savings. At https://saccochampions.co.ke, we provide essential SACCO training to help members and leaders understand these updates and prepare for the future.

SACCO Growth and Rising Trust

SACCO usage increased from 9.6% in 2021 to 11.7% in 2024, proving more Kenyans are turning to SACCOs for financial security. The report also highlights SACCOs’ potential to enter the international remittance market, making cross-border money transfers more affordable for members.

Challenges You Must Watch

While growth is strong, risks remain. Some SACCOs still struggle with nonperforming loans and liquidity issues. Members are urged to review annual financial reports and stay alert to the health of their cooperative.

Regulation and AML Compliance

SASRA expanded its list of approved auditors to tighten oversight. A strong warning was also issued: SACCOs that fail to comply with anti-money laundering (AML) regulations face serious penalties. Members should demand accountability and encourage leaders to adopt AML practices. For tailored support, explore our https://saccochampions.co.ke/anti-money-laundering-training/.

Levies That Impact Members

From January 2024, a 0.10% annual levy applies to non-withdrawable deposits, set to rise in coming years. This cost may reduce dividends, so members should ask their SACCO how they plan to absorb or balance this impact.

Why This Report Matters to You

SASRA’s 2024 report shows that SACCOs remain powerful engines of financial inclusion. However, success depends on compliance, risk management, and strong governance. As a member, staying informed helps protect your investments and strengthen your SACCO.

For updates, news, and training resources, visit Kenya SACCO Champions.