“Stima Sacco was established in 1974. It started with the goal of providing financial services to employees in the energy sector in the country,” says Stima Sacco CEO Gamaliel Hassan in a recent interview with one of the media house.
“At the beginning, it aimed to provide savings and credit services to its members to enable them to achieve their financial goals.”
Over the years, Stima Sacco has expanded its membership to include individuals from various sectors and business groups. Since its inception, Stima Sacco has employed over 30,000 people and now operates nine branches across various counties, with its head office situated at Stima Sacco Plaza on Mushembi Road in Parklands, Nairobi County.
For the fiscal year ending December 2023, Stima Sacco showcased remarkable financial growth with deposits increased by 9.4 per cent, reaching KSh 43.13 billion, while the loan portfolio grew by 9.3 per cent, totaling KSh 45.2 billion.
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Additionally, total assets rose by 10 per cent, amounting to KSh59.15 billion, and total revenue surged by 21 per cent to KSh8.96 billion.
“”In the past years, we started with only 10 members. Currently, we have over 200,000 members. Looking at the asset size, we have managed to reach KSh59 billion, and in terms of revenue from the financial statement of the past year, the revenue itself exceeded KSh8.9 billion,” Hassan said.
Stima Sacco’s main goals are to provide a secure place for its members to save, offer affordable credit, and deliver impressive dividends.
The organization offers a range of services, including savings options, investment opportunities, access to credit, and insurance products. Members also benefit from low-interest loans.
Stima Sacco has concentrated on several key strategic areas including the establishment of new branches in Nairobi, Kisii, and Meru.
They have also upgraded their technology by transitioning to a core-banking system in January 2023.
Additionally, they have implemented comprehensive risk management frameworks that address business continuity, data and cyber security, and compliance with environmental and sustainability standards.
By Frank Mugwe
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