Stima Sacco has come out to explain a system disturbance that had caused panic in a section of its customers who could not perform certain transactions. The Sacco has said that it is currently working towards bettering its system for all its customers.
In a statement, Stima Sacco said that its systems witnessed high traffic from Kenyans shortly after it announced its annual dividends “leading to service disturbance that has strained the response time between our M-Pawa Mobile Channel and the core banking system.”
Stima Sacco, currently the fastest-growing sacco and among the largest in asset and deposits base, recently transitioned to a new core banking system prior to holding its AGM. The new system is aimed at making transactions for customers fast, secure, and seamless.
“We are in full gear with all parties concerned and are putting in every resource to prioritize the optimization of the system in order to better serve our esteemed members, as soon as possible,” said Stima Sacco in a statement.
During the Annual General Meeting that was held on Friday 3rd March 2023, Stima Sacco declared Dividends and Interest Rebates at the rate of 15 percent per paid-up share and 11 percent interest rebates on members’ deposits.
“The total payout for the two items was 3.56 billion shillings compared to 2.99 billion shillings in 2021,” added the sacco in a statement.
In the past financial year, Stima Sacco’s loan book grew by 12 percent from 36.8 billion shillings to 41.3 billion shillings in 2022 according to the latest stats released by the investment vehicle during their annual investor briefing. This makes it among the few facilitating financial inclusion.
According to the statements for the full year, the balance sheet for Stima Sacco grew by 16 percent from 46.48 billion shillings in 2021 to 53.8 billion shillings during the same year. The Sacco is now among the fastest growing in Kenya with more investors’ cash.