Stima Sacco, the largest savings and credit cooperative (Sacco) in Kenya and the second-largest in Africa by asset base has achieved remarkable recognition at the Cooperative Insurance Society (CIS) Annual General Meeting (AGM) 2024.
Demonstrating its financial strength and exemplary performance, Stima Sacco was honored as the Winner in the Highest Shareholding Category for Parastatals. This accolade underscores the cooperative’s robust financial framework and its significant impact within the parastatal sector.
“This award is a testimony of what we do. Our mission is to always give our members the best, safeguard their savings, and meet their interests. It is also a challenge to us that we always need to retain and sustain our excellence, not just for our members but the country at large,” said Stima Sacco in a statement.
In addition to this prestigious award, Stima Sacco also secured the position of 1st Runners Up as the Best Insured Cooperative Society in the Nairobi Region. This recognition highlights Stima Sacco’s commitment to providing comprehensive insurance solutions and ensuring financial security for its members.
The accolades at the CIS AGM 2024 are a testament to Stima Sacco’s dedication to excellence, innovation, and member-centric services, solidifying its leadership position in the cooperative movement in Kenya and beyond.
These awards reflect Stima Sacco’s strategic initiatives aimed at enhancing member value through sustainable growth and prudent management of resources.
As the cooperative continues to expand its footprint, it remains committed to fostering financial inclusion and empowering its members economically. The achievements at the CIS AGM 2024 mark another milestone in Stima Sacco’s journey towards greater heights in the cooperative sector.
Stima Sacco recorded a 21 percent growth in revenue to 8.96 billion shillings for the financial ending December 31, 2023, compared to 7.5 billion shillings the previous year.
The Sacco asset base grew by 10 percent to 59.1 billion shillings from 53.8 billion shillings in the previous year. The loan book grew by 9.3 percent to 45.2 billion shillings from 41.3 billion shillings in 2022.
“Although we retained the same percentage payouts, the amounts are higher because the share capital increased during the year, and the member deposits also increased. So the base on which the percentage is calculated is what increased thereby increasing the total quantum from Ksh 3.5 billion to Ksh 4 billion while retaining the same percentages,” said Mary Maalu, National Treasurer.
The Sacco members now expect to be paid 485.5 million shillings from share capital compared to 395.7 million shillings paid out last year while earnings from interest will amount to 3.6 billion shillings from 3.2 billion shillings.
“Our liquid assets against total deposits and long-term liabilities ratio increased from 78.98% in 2022 to 90.08% at the end of 2023. These figures are well above the statutory required limit of 15%, marking our liquidity ratio as the highest in the market,” said Stima Sacco CEO Gamaliel Hassan.
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