Stima Sacco Gave Out Ksh 45.2 Billion In Loans To Members In 2023

by Business Watch Team
Stima Sacco

Stima Sacco members borrowed at least 45.2 billion shillings in 2023 from Kenya’s largest and second-largest Sacco in Africa in asset base. In 2022, members borrowed 41.3 billion shillings with the 2023 growth closing at 9.3 percent.

“Our audited financial performance for the past year has been remarkable as we have achieved remarkable growth in all our key performance indicators, including assets, deposits, loans, and profitability,” said Stima Sacco CEO Gamaliel Hassan during this year’s investor briefing.

For years, Stima Sacco has continued to support members in realizing their financial goals, whether it be through loans for home ownership, education, or business expansion with Hassan promising more product inventions this year.

“Overall, our financial performance for the fiscal year 2023 has been very strong, and not only ensures our sustainability but also enables us to reinvest in our members and communities. It is important to also note that our balance sheet grew by 10 percent from 53.8 billion shillings in 2022 to 59.15 billion shillings in 2023,” he added.

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To help members access loans easily, Stima Sacco made it easy for the majority of their loans and products to be accessed online. The Sacco has an M-Stima and Internet Banking platform that offers loans and services quickly and seamlessly.

Through M-Stima and Internet Banking platforms, one can access loans and products such as M-Pawa Loan applications, M-Pawa Loan Top-Ups, Funika, Dividend Discounting, and Salary Advance, among others within the shortest time possible.

At the same time, Stima Sacco is committed to paperless transactions and continues to invest in technology in their loan processing to reach as many members as possible any time they need it.

“This has led to the availability of the Salary Advance Loan on our Mobile and Internet Banking platforms. We further intend to have Prime Advance and Emergency Loans available digitally by the close of the year. Additionally, as we value the conservation of our natural resources, all loan applications for construction within riparian land are rejected,” added Hassan.

During the year, the Society’s total income increased by 20.27 percent from 7.4 billion shillings in 2022 to 8.9 billion shillings in 2023. This growth was driven by investment income and growth in interest income from members’ loans.

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