By Asa Maina
Biashara Sacco was the first among business Saccos that paid the highest dividends on shares and highest interest rates on deposits during Nyeri’s Ushirika Day celebrations.
The Sacco paid out dividends at a rate of 18 per cent on shares to its members and a 13 per cent interest rate on deposit for the year ended December 31, 2021.
In March, during the Sacco’s Annual General Meeting (AGM), Chairman Joseph Njamuku said the Sacco’s success was due to dedication, support and resilience by members.
Newfortis secured top spot in the urban Sacco category after paying the highest interest rates on deposits at 12.9 per cent and position two in highest dividend payment rates at 14 per cent.
In January, the Sacco pumped Ksh740 million into the economy after members approved its interests and dividends.
Chairman John Githinji attributed the performance to resilience, patronage and general goodwill of the members, the commitment and dedication of the staff and prudent management by the Board.
“In the 46 years of our journey, we have experienced both exciting and dramatic changes from political, economic, social, and technological, plus the recent unprecedented Covid-19 pandemic that is hitting us hard,” he said. “However, we shall continue to adapt, evolve and hopefully thrive in the midst of this turbulence.”
The Sacco was founded in 1976 by teachers and was known as Nyeri Teachers Sacco before rebranding in 2015 and opening doors to other professionals.
In Rural Saccos, Wakulima Sacco bagged the first position in both Saccos that paid the highest dividends at 12 per cent and the highest interest rates on deposits at 8 per cent.
It was followed by Taifa Sacco which paid interest rates on deposit at 7 per cent.
Wakulima Sacco’s subsidiary Mukurwe-ini Staff Sacco, which falls under the urban Saccos category, came third after paying interest rates on deposits at 10 per cent.
For transport Saccos, 2NK came first after paying out interest on deposits at a rate of 8.7 per cent and second in giving the highest dividend rate on shares at 15 per cent.
