Effect of Deposit Diversification on Financial Performance of Deposit Taking Saccos in Kenya: The Moderating Role of corporate Governance
Gilbert Lumbasi Chepkania · Maniagi Musiega · Charles Tibbs
International Journal of Research in Business and Social Science · 2026 · Vol. 15 / Issue 5 · 134-145
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Abstract
This study examined the effect of deposit diversification on the financial performance of Deposit-Taking Savings and Credit Cooperative Societies (DT-SACCOs) in Kenya and evaluated the moderating effect of corporate governance on this relationship. The study adopted a positivist research philosophy and a causal research design. The target population comprised 176 SASRA-licensed DT-SACCOs in Kenya, from which 122 SACCOs with complete financial records for the period 2015–2024 were selected using simple random sampling. Panel data techniques, including fixed-effects and random-effects regression models, were employed to estimate the direct and moderating effects, while hierarchical regression was used to test the moderation hypothesis. The findings revealed that non-withdrawable deposits significantly and positively influenced both surplus and dividend payout after introducing lags, whereas withdrawable deposits had no significant effect on financial performance. The results further established that corporate governance had a positive and significant direct effect on financial performance and significantly strengthened the relationship between deposit diversification and financial performance. The findings provide practical guidance for DT-SACCO managers and policymakers to strengthen stable deposit mobilization and corporate governance as mechanisms for enhancing financial sustainability and institutional performance.
Keywords: {'name': 'Deposit Diversification, Financial Performance, Deposit-Taking SACCOs, Corporate Governance'}
Authors & affiliations
Gilbert Lumbasi Chepkania
Masinde Muliro University of Science and Technology
Maniagi Musiega
Masinde Muliro University of Science and Technology
Charles Tibbs
Masinde Muliro University of Science and Technology
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