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Over 1.3M Kenyans stop SACCO contributions over job losses

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More than 1.3 million Kenyans have stopped making monthly contributions to savings and credit cooperative societies (saccos) in the wake of job cuts that followed the Covid-19 pandemic.

Data from the regulator, the Sacco Societies Regulatory Authority (Sasra), shows that the number of savers who had stopped making contributions jumped 79.5 percent from 764,472 in 2019 to 1.372 million last year.

“The sharp increase in the dormancy of members may be attributed to the general impacts of the Covid-19 pandemic on the general economy, resulting in reduced member transactions with their respective DT-Saccos,” Sasra said in its annual report for 2020.