Browsing: COVID-19 updates in Africa

In the wake of Covid-19, the co-operative sector which is a key driver in Kenya’s economy has not been spared in experiencing the devastating shock waves caused by the pandemic that continues to ravage the world at an alarming rate. Savings and credit co-operatives (saccos) make up about 45% of Kenya’s Gross Domestic Product (GDP), with an asset base of over Ksh1 trillion, mobilized savings and deposits in excess of Ksh732 billion and a loan portfolio of Ksh700 billion. In addition, the sector employs more than 500,000 people whilst necessitating self-employment especially through lending.

The Ministry of Co-operative Development estimates that 80% of Kenya’s population derives its income either directly or indirectly through co-operative activities. In a recent report by the World Council of Credit Unions (WOCCU) Kenya has the largest co-operative movement in Africa and is ranked in 7^th position globally, making it very pertinent in the economic …