Stima SACCO declares Sh3 billion dividend payout

Stima SACCO’s growth has been anchored on the SOCIETY’S 2019-2024 strategic plan.

The strategy seeks to drive growth by harnessing the power of mobile banking, and agency banking even as the SOCIETY revamps its branch network across the country, besides wooing Kenyans living and working abroad.

“We have built capacity within the management team to be able to effectively deliver on our strategy and we are optimistic that we shall witness tremendous growth and increase on the SACCO’s bottom-line,” explained Mrs. Miano.

The CEO, Dr Gamaliel Hassan, said the SOCIETY’S agency banking plan will not only help bring services closer to the members but also bolster financial inclusion, besides reaching a wide customer base.

“It is one of the methods for the Society to extend our branch network in a cost-effective way, via authorized agents in remote areas,” Dr. Hassan said.

The CEO explained that by adopting Shariah-compliant products, the SACCO aligns well with its strategic plans of mobilizing savings while ensuring that savers can access financing at reasonable market rates.

At the moment, Stima SACCO subscribes to the Kenya Mortgage Refinance Company (KMRC) and members are accessing mortgages at rates between 9 and 9.5 percent for repayment terms capped at 25 years.

This year, the SOCIETY has set out to court Kenyans working and living abroad by deploying a new member on-boarding and referral functionality will turn the existing diaspora savers into Stima SACCO agents.

“In 2021, we achieved KSh6.89 billion (99 percent) of the income target. As we continue to grow and expand, risk management will continue to play a central role in our operations in line with international best practices,” Dr. Hassan told members adding that “internal processes and procedures will be continually reviewed, revised, and updated with a view to strengthen process controls.”

Stima DT Savings and Credit Cooperative Society Limited was set up in 1974 to serve the employees of the then East African Power and Lighting Company, but it has since opened doors to Kenyans from all walks of life, SMEs, Chamas among others subsequently driving membership to over 154,000 currently.

With the head office in Nairobi, and three branches in the capital city alone, Stima SACCO also runs six other branch offices spread across key towns and cities in Kenya.

Over the years, Stima SACCO has been diversifying its income streams through the creation of strategic partnerships as well as the provision of alternative business channels such as Shariah-compliant products and insurance services.

Stima Sacco National Treasurer, Dr. John Mudany

Supervisory Committee Chairman, Mr. Stephen Vikiru.

Commissioner of Cooperatives, Mr. David Obonyo gives his remarks on the financial standing of Stima Sacco during the ADM.

Stima Sacco subscribes to the Kenya Mortgage Refinance Company (KMRC) and members are accessing mortgages at rates between 9 and 9.5 percent for repayment terms capped at 25 years.