Representing 33% of the national total, Kenya's credit unions have mobilized a record 490 billion Kenyan shillings or $5.7 billion in savings.

According to Industrialization and Enterprise Development Principal Secretary Wilson Songa, the country's credit unions, known as savings and credit cooperatives or SACCOs, play a key role in creating vibrancy and competitiveness in the financial sector, the World Council of Credit Unions reported.

Kenyan SACCOs have the highest growth rates in Africa and rank seventh worldwide, according to the World Council.

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