{"id":30761,"date":"2021-07-03T17:54:40","date_gmt":"2021-07-03T17:54:40","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/?p=30761"},"modified":"2021-07-03T15:52:49","modified_gmt":"2021-07-03T15:52:49","slug":"saccos-perform-well-despite-economic-slowdown-due-to-covid-19","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/saccos-perform-well-despite-economic-slowdown-due-to-covid-19","title":{"rendered":"Saccos perform well despite economic slowdown due to Covid-19"},"content":{"rendered":"

Africa-Press<\/a> – Kenya<\/a>. <\/strong><\/span>Cooperative Sacco\u2019s have recorded higher total assets in 2020 despite the Covid-19 pandemic challenges<\/p>\n

Daniel Marube, Cooperative Alliance of Kenya, chief executive officer said saccos have performed relatively well despite the economic slowdown last year.<\/p>\n

He spoke during a press briefing at the CIC head office in Nairobi on how the Cooperatives have been impacted by Covid-19.<\/p>\n

Marube said the total assets at the end of 2020 was Sh627.7 billion compared to Sh556.7 billion at the end of 2019. This is an increase of 12.7 percent.<\/p>\n

According to statistics from Sacco Societies Regulatory Authority-SASRA, gross loans were at Sh474.8 billion in December 2020, compared to Sh419.6 billion in 2019. This is a growth of 13.2 percent.<\/p>\n

\u201cThe Total deposits held by the deposit taking -DT SACCOs stood at Sh431.5 billion by close of 2020, a 13.4 per cent increase on the Sh380.4 billion recorded in 2020. Non-performing loans portfolio for deposit taking Saccos closed the year 2020 at Sh36.1 billion representing 8.4 percent of the total portfolio. This is a sharp rise from 6.15 per cent or Sh25.8 billion recorded in end of 2019,\u201d the authority data showed.<\/p>\n

The authority further indicated that restructured stood at Sh.7.7 billion in December 2020 from Sh2 billion in March 2020. Core capital increased to Sh97.74 billion from Sh79.20 billion, this is a growth of 23.41 percent.<\/p>\n

Marube said the Cooperative model has been tested for its resilience and sustainability, and today there in no doubt it is well thought.<\/p>\n

\u201cThe 2020 statistics are a testament to the resilience and sustainability of the cooperative model. On positive note, the uptake and upgrade of ICT platforms has improved efficiency, and Saccos performed relatively well despite the economic slowdown. This affirms the sustainability and resilience of the Cooperative model,\u201d said Marube.<\/p>\n

He added that the International Cooperatives Day, locally known as Ushirika Day will be marked on July 3, 2021 under the theme, \u2018Rebuilding Better Together\u2019.<\/p>\n

\u201cOur strength is in numbers. With over 14 million Cooperators in Kenya, and operating on the principle of business with social responsibility, we have been able to demonstrate that the Cooperative model is resilient and sustainable as a driver of development,\u201d said Marube.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Cooperative Sacco\u2019s have recorded higher total assets in 2020 despite the Covid-19 pandemic challenges Daniel Marube, Cooperative Alliance of Kenya, chief executive officer said saccos have performed relatively well despite the economic slowdown last year. He spoke during a press briefing at the CIC head office in Nairobi on how the Cooperatives […]<\/p>\n","protected":false},"author":84,"featured_media":30760,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[6857,7003,544],"class_list":["post-30761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nSaccos perform well despite economic slowdown due to Covid-19 - kenya<\/title>\n<meta name=\"description\" content=\"Cooperative Sacco\u2019s have recorded higher total assets in 2020 despite the Covid-19 pandemic challenges Daniel Marube, C ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/saccos-perform-well-despite-economic-slowdown-due-to-covid-19\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saccos perform well despite economic slowdown due to Covid-19\" \/>\n<meta property=\"og:description\" content=\"Cooperative Sacco\u2019s have recorded higher total assets in 2020 despite the Covid-19 pandemic challenges Daniel Marube, C ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/saccos-perform-well-despite-economic-slowdown-due-to-covid-19\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-03T17:54:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/07\/img-60e087bb54593.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"540\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/saccos-perform-well-despite-economic-slowdown-due-to-covid-19#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/saccos-perform-well-despite-economic-slowdown-due-to-covid-19\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Saccos perform well despite economic slowdown due to Covid-19\",\"datePublished\":\"2021-07-03T17:54:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/saccos-perform-well-despite-economic-slowdown-due-to-covid-19\"},\"wordCount\":355,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/saccos-perform-well-despite-economic-slowdown-due-to-covid-19#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/07\/img-60e087bb54593.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/saccos-perform-well-despite-economic-slowdown-due-to-covid-19#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/saccos-perform-well-despite-economic-slowdown-due-to-covid-19\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/saccos-perform-well-despite-economic-slowdown-due-to-covid-19\",\"name\":\"Saccos perform well despite economic slowdown due to Covid-19 - 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