Broke Kenyans withdraw Sh30.8 billion savings from saccos
Sacco Societies Regulatory Authority (Sasra) chairperson Jack Ranguma during the Sacco Central (Shared Services) annual delegates meeting at Sarova Stanely Hotel in Nairobi on April 15, 2023.
Photo credit: Wilfred Nyangaresi | Nation Media Group
Withdrawable deposits (also known as Fosa savings), which are usually held by Saccos as demand deposits, also fell by 26.9 per cent to Sh83.78 billion from Sh114.59 billion.
Kenyans last year cashed out Sh30.8 billion of the money they saved in savings and credit cooperative societies (Saccos) as economic hardships characterised by the rising cost of living pushed them to the brink.
Latest figures from the Sacco Societies Regulatory Authority (Sasra) show that withdrawable deposits (also known as Fosa savings), which are usually held by Saccos as demand deposits, fell by 26.9 per cent to Sh83.78 billion from Sh114.59 billion.
