Lender reports growth in key parameters during the 2024 financial year
Amica Sacco has successfully held its 27th Annual Delegates Meeting (ADM) . This marked yet another year of remarkable growth for the tier one Sacco, challenges in the operating environment notwithstanding. The meeting was a moment of reflection and celebration of the Sacco’s major achievements in the 2024 financial year, as well as a strategic focus on its road ahead in 2025 . The Chairman, Mr. Jediel Kahungu and the Chief Executive Officer, Dr. James Mbui were the key presenters.
Economic landscape and the Sacco’s resilience
Mr. Kahungu provided an insightful overview of the Kenyan economic environment in 2024. The country’s GDP growth slowed to 4.7% from 5.6% the previous year, but Amica Sacco remained resilient, posting a 16.2% revenue growth and a 15.1% expansion in its loan portfolio.
He noted that inflation eased to 3% from 6.8%, while the Kenyan shilling strengthened by 17%, closing the year at Kshs. 129 against the US dollar. However, an increase in statutory deductions in the country strained disposable incomes, hence affecting savings and repayment of loans among various households. Amica Sacco navigated these challenges by prudently managing its costs, developing innovative products and enhancing its customers’ experience.
Outstanding Sacco performance
The Sacco’s performance in 2024 was a testament to its solid strategies and commitment to serving members. In that vein, its membership grew by 4.5% to 199,460 from 190,845 in 2023, while the share capital increased by Kshs. 86.7 million to reach Kshs. 7.1 billion. Deposits rose to Kshs. 6.5 billion from 5.37 billion in 2023, driven by a sustainable savings strategy and diligent field service officers.
Additionally, Amica’s loan book expanded by 15.1% to Kshs. 7.1 billion, fueled by demand for tailored financial products such as the personal development loan and asset finance. Additionally, the Sacco’s total revenue grew to Ksh. 1.3 billion, reflecting its ability to deliver competitive financial solutions.
Investment in human capital
Acknowledging that human capital is a key driver of its success, Amica Sacco has launched an E-learning portal to enhance staff skills and performance. The portal provides structured training programmes, measuring learning outcomes while ensuring continuous professional development.
Leadership changes were also highlighted, with the CEO’s contract extended for another five years, affirming his role in the Sacco’s continued growth. In the same regard, CPA Dorcas Wanjiku was appointed the chief manager of commercial and strategy, and tasked with overseeing business growth and branch performance. The Sacco also bid farewell to long-serving staff members including: Mr. James Gachau, general manager, who retired after thirty eight years, Ms. Nancy Wairimu, secretary to the board, and Mr. John Kibe, former Kahatia branch manager, who retired after thirty six and thirty nine years, respectively. The institution applauded them for being committed to their jobs over the years.
Supervisory committee
According to the supervisory committee report, Amica Sacco remains committed to community empowerment, workforce development, and improved service delivery. Through its corporate social responsibility ( CSR) programmes, the Sacco actively supports mentorship initiatives, including the pre-university mentorship programme for needy students and the young entrepreneurs programme for aspiring business owners.
To spearhead its growth, Amica Sacco maintains a strong workforce of two hundred personnel, supported by one hundred and nine direct field sales officers . A performance management system ensures fair compensation and high productivity. To enhance customer experience, the Sacco has introduced customer experience ambassadors at all branches.
Dividends and interest
Members got a good return on their investment – a 5% dividend payout on shares, while the interest on non-withdrawable deposits ranged between 6% and 10%.
Amica Ventures, the Sacco’s real estate subsidiary, reported good results, generating Kshs. 109 million in revenue and a net profit of Ksh. 1.9 million after tax. By the end of 2024, the company had sold 1,097 plots and issued 805 title deeds, reinforcing trust in its real estate projects.
Vision for 2025
Looking ahead, Amica Sacco has ambitious goals for 2025, including; growing membership by 15,000, increasing share capital by Ksh. 150 million and expanding the loan portfolio by Kshs. 1.2 billion. It is also planning to raise deposits amounting to Kshs. 1.55 billion. In the same vein, it is projecting to grow its revenue by Kshs. 1.27 billion, while its projected net income is Kshs. 378 million.
To fund operations’ sustainably, Amica will continue mobilizing capital through shares, non-withdrawable deposits and strategic partnerships – such as the one with the Kenya Development Corporation (KDC) – which provided a Kshs. 300 million loan facility under the safer programme to support the growth of micro, small and medium enterprises ( MSMEs).
The board reaffirmed its commitment to strengthening governance, transparency, and accountability while embracing technological advancements and member engagement. Close collaboration with SASRA, county governments, and stakeholders remain a priority to ensure financial sustainability and exceptional customer experience.
Strategic expansion and branch growth
“ Fulfilling its promise of expansion, Amica Sacco successfully opened its eighteenth branch in Gatura in October 2024, which is strategically positioned to serve tea and dairy farmers, businesses, and various institutions in Kiambu, Murang’a and Nyandarua counties,” said Dr. Mbui. Within the first two months, the branch opened 530 new accounts and disbursed Kshs. 16.7 million in loans.
Additionally, five new service centres were launched in Mununga, Ndunyu Chege, Kihoya, Kabati, and Makongeni, improving accessibility by members.
Amica Sacco’s 27th ADM highlighted the institution’s resilience, growth, and its commitment to serving members. With strategic expansion, strong governance, and innovative financial solutions, the Sacco remains focused on financial stability and member empowerment. By embracing strategic partnerships, the Sacco is well positioned for sustainable growth in 2025 and beyond.
