Stima Sacco members are smiling all the way to the bank following an improved performance of the giant Sacco last year. The members are set to benefit from a Kshs. 2.3 billion payout in dividends and interests on deposits.
The Sacco’s board of directors has recommended payment of a first and final dividend at 14 per cent per share (on fully paid up shares as at 31st December 2019) and interest rebates on members’ deposits at the rate of 10.5 per cent.
Speaking during the 46th Annual General Meeting (AGM) held at the Kenya School of Monetary Studies, the national chairperson Rebecca Miano said that as a responsible corporate entity, Stima Sacco is committed to embracing sustainable practices to support its long term growth.
“We believe that these are good returns on members’ investments in the Society and we are committed to supporting the long term growth of this Sacco,” said Miano.
The improved performance was as a result of an aggressive growth on the loan portfolio occasioned by the review of products and services in line with the members’ needs.
“Our performance clearly demonstrates the underlying health of the business and the potential of our strategy,” Miano noted.
The Sacco’s 2019-2024 strategic plan aims at driving sustainable growth through three priorities namely: business growth and brand equity, member value creation and capital as well as financial sustainability.
The strategy focuses on internet and mobile banking, physical branch footprints, branchless/agency banking and strategic alliances as the key drivers of growth.
Stima Sacco chief executive officer, Chris Useki disclosed that the lender is in the process of rolling out more customer-focused products and services aimed at empowering members.
The tier one Sacco boasts of 131,616 members with an asset base of Kshs 36.5 billion, a Kshs 2.6 billion loan book and a deposit of Kshs 28.7 billion.