Fredrick Odiero
STIMA savings and credits cooperative society (SACCO) now intends to open a branch in Ksii region in order to satisfy the ever increasing demand for its services.
According to Kisumu branch manager Mrs. Ann Ayoro the new branch will serve far flung areas such as Nyamira, Homa Bay and Migori together with Mbita.
In the past potential members have in the past been forced to travel all the way to Kisumu in order to secure their services hence the decision by the management to open an officer nearer there.
Stima DT Sacco which was established in1974 to serve employees of the then East African Power & Lighting Company has steadily grown in terms of asset base and membership to become one of the most stable Saccos in Africa.
The society is currently ranked as the 2nd best Sacco in Africa.
Ayoro told SACCO Review at her Kisumu office that the organization currently enjoys a membership from all sectors of the economy.
“We currently have a membership base of 24,000 within Kisumu region.’ She said.
She said the organization offers services such as savings, affordable credit, salary processing, cheque processing, inter-bank money transfers, insurance services.
The manager said their staff is highly motivated via better pay packages, good working environment and provision of relevant infrastructure to help them carry out their daily operations.
Ayoro said their high member retention is due to their affordable products and efficient services with very low turnaround times.
Among the society’s future plans is growing their membership base to 40,000 with an asset base of 6 billion by 2024.
The SACCO which iscurrently ranked the 2nd best Sacco in Africa and which was feted being the Most Innovative Nationwide during the 2019 Ushirika Day Celebrations, has also been working closely with the community to deliver its Corporate Social Responsibility.
“Some of the CSRs we have undertaken include the Kisumu Oginga Odinga Street round about beautification, Donation of text books to Obambo Secondary School in Siaya County and Nyagowa Secondary School in Homa bay County and Refurbishment of a Special unit classroom at Acts of Hope Academy in Kisumu county” She said
To join the SACCO one needs to fill a membership application form, attach copies of the national ID and KRA PIN certificate, a recent passport size photo and pay a joining fee of Ksh. 2500/.
The manager says some of the challenges which face the organization include reduction in number of daily operations due to the effects occasioned by the inception of the novel covid19 pandemic.
Due to Covid 19, some members lost their jobs others had cut in salaries hence reduced savings and defaulting on loans.
However, according to the manager, the Sacco kept a high profile due to High dividends on share capital, High interest rebates on Alpha deposit savings, One day loan processing period, Low interest rates on loans as low as 1% p.m. on reducing balance, and Access to deposit-based loans up to 5 times of a member’s Alpha deposit savings.
Other competitive services include Access to up to 3million salary based loans, Access to low premium insurance services and Access to Shariah compliant banking services.
The society has managed to weather a lot of storms in recent times by being a caring and listening partner.
“We are a hub of efficiency in terms of services and high returns on investment have helped boost members’ confidence.” She says.
Stima Sacco Kisumu branch was established in the year 2013 serving the following counties: namely Kisumu County, Siaya County, Migori County, Homabay County and Vihiga County.
Others are Busia County, Bungoma County, Kakamega County, Kisii County and Nyamira County
