Kenya: Qona Sacco Targets Gen Z in Plan to Triple Membership By 2028

By Phidel Kizito

Nairobi — Qona Sacco has unveiled a five-year strategy to more than triple its membership to 70,000 by 2028, with a focus on tapping into Generation Z, Kenya's most digitally active demographic.

The Sacco, founded in 2001, currently serves 19,332 members with an asset base of Sh14 billion. The new growth drive builds on its November 2024 rebrand and the recent opening of its headquarters at Goodman Plaza, Nairobi.

The institution says Gen Z presents its biggest growth opportunity as the age group increasingly shapes Kenya's financial services sector through digital-first habits, demand for personalized solutions, and rising economic participation.

Kenya's financial landscape is undergoing rapid shifts driven by youth adoption of mobile credit, savings tools, and instant loans. A Kenya Bankers Association report released in 2024 highlighted Gen Z as a key driver of this transformation, while also warning that mobile-driven debt has pushed non-performing loans to 16.4 percent by the end of last year.

At the same time, financial inclusion has hit a record 84.8 percent, according to the Central Bank's FinAccess 2024 survey, with over half of Kenyans using mobile money daily. But nearly half of rural youth aged 18 to 25 remain excluded, largely due to lack of IDs or mobile devices -- a gap Saccos are positioning to bridge.

Qona says its strategy will focus on offering tailored financial products, digital accessibility, and inclusive services that appeal to younger members while supporting its broader membership base.

Read the original article on Capital FM.

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