The number of deposit-taking savings and credit cooperatives (DT-Saccos) in Kenya rose to 177 in 2024, up from 174 a year earlier, new data from the Central Bank of Kenya (CBK) shows.

The growth followed the transition of non-withdrawable deposit-taking Saccos (NWDT-Saccos) into the DT-Sacco category, as demand for more innovative financial services increased.

“The Authority considered and processed three license certificates for non-withdrawable deposit-taking Saccos that transited to deposit-taking category during the year,” CBK notes in its Kenya Financial Sector Stability Report.

The regulator said members of NWDT-Saccos are increasingly seeking services such as transactional accounts, payment services, and digital channels, which are primarily offered by DT-Saccos.

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Meanwhile, the number of non-deposit-taking Saccos declined from 183 in 2023 to 180 last year, largely due to the shift into the deposit-taking space.

“Four NWDT-Saccos had submitted applications for consideration to undertake DT-Sacco business by the end of the calendar year, of which three were approved,” the CBK report added.