How to read a SACCO's annual results

Updated 26 September 2026

Every year SACCOs announce a dividend rate on shares and an interest rate on deposits. Knowing what each number means, and what sits behind it, helps you compare SACCOs and price shares.

Most SACCOs hold their annual general meeting early in the year and announce the previous year's results there. The headlines usually say something like "SACCO pays 12% dividend and 9% interest on deposits". This guide explains what those numbers mean for you, and what else to look at before you join a SACCO or buy its shares.

The two headline rates

Rate	Paid on	What it means
Dividend on share capital	Your share capital	Your share of the SACCO's surplus as an owner. Paid only if the SACCO has a surplus and meets capital requirements.
Interest on deposits (sometimes called a rebate)	Your non-withdrawable deposits	What the SACCO pays you for keeping savings with it.

The regulations say shares "may earn dividends paid from net surplus after required transfers to reserves" in line with the SACCO's dividend policy, and a SACCO "shall not pay dividends unless it has complied with the prescribed capital adequacy" rules (regulation 21(4) and (5), Deposit-Taking Sacco Business Regulations, 2010). Deposit interest is set by the SACCO "as dictated by external market forces or internal funding needs" (regulation 22(4)).

Why the dividend rate is usually higher

Share capital is usually a much smaller balance than deposits, so a SACCO can pay a higher percentage on it. For a typical member, the interest on deposits often brings in more shillings. Work it out for yourself:

Share capital KSh 20,000 at 12% = KSh 2,400
Deposits KSh 300,000 at 9% = KSh 27,000

(These are example numbers to show the arithmetic, not any SACCO's actual rates.)

The sector average, for context

SASRA's Sacco Supervision Annual Report 2024 gives averages for all regulated SACCOs:

	2023	2024
Average dividend on share capital, all regulated SACCOs	10.92%	10.46%
Deposit-taking SACCOs	10.79%	10.54%
Non-withdrawable deposit-taking SACCOs	11.06%	10.37%
Average interest on members' deposits, all regulated SACCOs	7.45%	7.14%

SASRA says the fall in dividends in 2024 was largely because of regulatory pressure on SACCOs to retain surpluses to build institutional capital, "rather than increased payout". In other words, a lower dividend is not always bad news. It can mean the SACCO is strengthening its balance sheet.

Total assets: size is not the same as strength

Results often mention total assets, for example "assets grew to KSh 20 billion". Total assets are mostly the loans the SACCO has given out to members, plus cash and investments. Across the sector, SASRA reports total assets of KSh 1.076 trillion at December 2024, up from KSh 971.96 billion in 2023.

A big asset figure tells you the SACCO is large. It does not tell you on its own whether loans are being repaid, or whether the SACCO has enough capital. Ask the SACCO for its audited accounts, which show loan quality and capital, and use SASRA's annual report to see how the sector as a whole is doing.

Questions to ask about any year's results

Is this rate typical for this SACCO? Compare at least three years. One unusually high year can come from a one-off gain.
Did the SACCO pay a dividend at all? Some years a SACCO pays none, or pays deposit interest only, because it must build capital first.
How is the dividend worked out? Ask whether it is calculated on your year-end share balance or on a monthly average, and when it is paid.
Is it paid in cash or converted to shares or deposits? Some SACCOs let members choose.
Is the SACCO still licensed and unrestricted? Check SASRA's latest list. For 2026, SASRA named five SACCOs restricted to credit-only business.

Where to find the numbers

The AGM notice and annual report. Members receive these before the meeting. They contain the audited accounts and the board's proposed dividend and interest rates.
The SACCO's website and official social media pages. Many SACCOs post the approved rates after the AGM.
Named news reports. Business papers regularly report the rates announced by larger SACCOs. Check that the report names the financial year, since a February announcement usually refers to the previous year.
SASRA's annual Supervision Report for sector averages and trends.

Be wary of rates passed around in WhatsApp groups or unsigned posters. Confirm them with the SACCO.

Using results when buying or selling shares

A SACCO's dividend record is the main thing a share buyer is paying for. If you are selling, mention the SACCO's recent dividend history in your listing. If you are buying, check it yourself with the SACCO before agreeing a price. Our guide on pricing SACCO shares shows how this feeds into the discount.

You can also browse SACCOs and their published results in the SaccoLink SACCO directory. Always treat past dividends as history, not a promise.

Sources

This guide is general information, not financial advice. SACCO rules differ, so confirm details with your SACCO.