Another Sacco joins the top tier category as its assets increase to Sh5b

Amica Savings and Credit Chief executive officer Mr James Mbui [Boniface Gikandi, Standard]

Amica Sacco has been rated among the top in the country after its assets value rose to over Sh5 billion.

According to the Sacco Societies Regulatory Authority (Sasra), Amica’s assets jumped from Sh4.5 billion in 2020 to Sh5.6 billion last year.

Chief Executive Officer James Mbui said they are now ranked in the tier one category.

Among the Saccos in this category are Mwalimu National Sacco with assets valued at Sh57.73 billion, Stima at Sh41.05 billion, United Nations (Sh14.08 billion), Harambee (Sh32.56 billion) and Afya, whose value stands at Sh19.88 billion.

There are 40 Saccos in that classification out of 175 under the regulation of Sasra.

“Total assets grew by 24.4 per cent. We hope the status will remain in the coming years,” said Mr Mbui.

The chairman of the regulatory agency John Munuve said in the last two years, the number of top deposit-taking Saccos has increased. He named Nacico and Waumini as other new entrants.

In 2020,  the Saccos accumulated assets worth Sh627 billion up from Sh556.7 billion in the previous year. In 2018, their value stood at Sh495 billion.

“In terms of membership, the 175 Saccos had 5.47 million registered members up from 4.51 million recorded in 2019,” said the chairman.

The peer grouping, he said, helps in risk assessment and monitoring compliance to regulations.