Co-op Bank Bags Top Award in Kenya’s Sacco Banking Sector

The Co-operative Bank of Kenya’s Non-Deposit Taking (NDT) Sacco has emerged as one of the country’s top performers during the 103rd International Day of Co-operatives (Ushirika Day) celebrations held on July 12, 2025.

The Sacco received the award for “Best Performing (Large & Medium) Employer-Based Saccos,” reflecting its continued leadership and excellence in Kenya’s cooperative banking sector. Co-operative Bank Group Managing Director and CEO Dr. Gideon Muriuki praised the recognition, stating it affirms the bank’s commitment to the cooperative model and service excellence.

“As we celebrate the International Year of Cooperatives, we stand proud as living proof that cooperatives do not just build a better world—they build lasting institutions that serve generations,” said Muriuki.

The Sacco’s performance was assessed on several criteria, including capitalisation, deposit and credit management, efficiency, governance, and technology adoption.

Muriuki highlighted the bank’s use of its Front Office Service Activity (FOSA) model, which has enabled over 15 million Sacco members to access financial services through 619 FOSA outlets across the country. Additionally, the bank’s MCo-op Cash mobile wallet disburses an average of KSh 6.4 billion in mobile loans monthly, with KSh 14 billion lent to MSMEs in 2024 alone.

The 2025 theme for Ushirika Day, aligning with the UN’s International Year of Cooperatives, was: “Cooperatives: Driving Inclusive and Sustainable Solutions for a Better World.”

President William Ruto, through Prime Cabinet Secretary Musalia Mudavadi, reaffirmed his government’s commitment to empowering low- and middle-income Kenyans via an efficient cooperative movement.

“We have placed deliberate focus on revitalising key agricultural value chains by supporting the creation and strengthening of cooperatives to enhance their productivity,” Ruto said.

Co-operative and MSMEs Development Cabinet Secretary Wycliffe Oparanya noted that over 30,000 cooperatives in Kenya play vital roles in agriculture, finance, housing, and health, lifting millions out of poverty through collective action.

Since its founding in 1963, Co-op Bank has grown from a KSh 255,000 start-up to become Africa’s largest cooperative bank, with an asset base of KSh 774.1 billion and over 9 million account holders. The bank is 64.5% owned by the cooperative movement, underscoring its model of democratic ownership and shared prosperity.

In other news:World Bank Assures Kenya’s Debt Sustainable If Properly Managed

Co-op Bank Bags Top Award in Kenya’s Sacco Banking Sector