Stima Sacco to launch new branches by end month

Stima DT Sacco is gearing up for the launch of new branches in Kisii, Meru and Nairobi counties.

The branches, which will be launched on June 30, 2023, will be located on the ground floor of Waumini Plaza, second floor of Greenwood Mall and First Floor of Electricity House in Kisii, Meru and Nairobi counties respectively.

Stima Sacco has continued to record tremendous growth across all key market parameters.

During the financial year ending December 2022, the tier 1 Sacco recorded an increase in total revenue from Ksh6.8 billion the previous year to Ksh7.4 billion.

Speaking during the Sacco’s 49th AGM held at the College of Insurance in Nairobi on March 3, 2023, Sacco Acting National Chairperson Engineer Rosemary Oduor revealed that dividends pay out increased from Ksh306.8 million in 2021 to a whopping Ksh395.7 million in 2022.

The Sacco paid dividend of 15 per cent on share capital.

Eng Oduor noted that the Sacco’s loan portfolio grew to Ksh41.3 billion from Ksh36.9 billion in 2021 and that the Sacco raised its investment in government securities to Ksh1.97 billion from a flat Ksh1 billion previously.

Consolidated deposits increased by 15 per cent from Ksh34.2 billion in 2021 to Ksh 39.3 billion in 2022, a move that allowed the Sacco to invest in new initiatives that will benefit members in the long run.

She attributed the growth to the successful launch of new products, expansion into markets, and on-going commitment to delivering exceptional customer experiences.

 “Overall, our financial performance for the fiscal year 2022 has been very strong hence we are confident in our ability to continue to deliver growth and value for our shareholders in the years ahead,” the chair said.

 Initially set up in 1974 to assist the East African Power and Lighting Company, Stima Sacco has since opened its membership to include Kenyans from all sectors. This has resulted to a rapid growth of membership which stands at 177, 260 in 2022 from 154, 308 in 2021.

By Vostine Ratemo

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