Top tier one Sacco, marks its golden jubilee with a bold message that it is well positioned to conquer the future
By George Gichuki
Stima Sacco’s audacious journey over the last fifty years is a rich tapestry full of suspense. A humble beginning with no funfair. An incredible fifty years whose climax is full of accolades? This is a story told while bearing in mind that many organizations don’t live to celebrate their fiftieth birthdays. This is an omen that hangs over entrepreneurs’ heads like the sword of Damocles. How has an organization that was started by only five employees of the then East Africa Power and Lighting Company (EAPLC) in 1974 managed to be one of most successful tier one deposit taking the saving and credit co-operatives in Kenya? Not many organizations can match that grit. It is worth a million claps.
As the giant Sacco celebrated its golden jubilee with a gala dinner at Carnivore Grounds, Nairobi on 12th October, Dr. Eng. Joseph K. Siror, the National Chairman captured the gist of this story in his speech.
“When this Sacco was founded in 1974, few could have imagined the incredible journey that lay ahead,” he said. “What began as a small co-operative driven by a shared commitment to uplift each other financially has blossomed into a robust institution that has touched and transformed the lives of countless members, their families and communities,” he added.
A section of Stima Sacco Delegates pose for a photo with the Sacco Board, the Principal Secretary, State Department for Cooperatives,
Mr. Patrick Kilemi, the CS for Tourism & Wildlife, Hon. Rebecca Miano, and the CS for Cooperatives & MSMEs Development, Hon.
Wycliffe Oparanya.
According to the 2023 Sacco Supervision Annual Report, Stima DT had an asset base of Kshs.59.15 billion, ranking it the second biggest tier one Sacco in Kenya. Currently, it is estimated that this asset base has grown to Kshs. 62 billion, while the membership stands at 217,000. That is no mean achievement. “Our growth is a testament to the enduring values our founders instilled – integrity, inclusivity and accountability,” said Dr. Siror.
Dr. Siror further observed that in a world where inequality is rising and financial systems often serve the privileged few, co-operatives remains a force for democratizing access to financial resources. “We exist not to serve shareholders, but to uplift stakeholders, to empower communities, promote a more inclusive economy and make financial independence a reality for many,” he said. “This ethos has sustained our growth over the last five decades, and we are proud to remain at the forefront of financial inclusion in Kenya,” he added.
Committed to innovation
In his key note speech, Dr. Gamaliel Hassan, CEO, Stima DT Sacco highlighted the lender’s achievements over the years. He emphasized that the Sacco’s journey has been defined by resilience and transformation, despite economic, regulatory and technological shifts. Additionally, he outlined a forward looking vision for the Sacco, built on three pillars: innovation, member centricity and sustainability. He further said that the lender is dedicated to leveraging emerging technologies to enhance service delivery.
“Our digital transformation goes beyond keeping up with trends, it is about creating a seamless, personalized experience for our members , no matter where they are,” emphasized Dr. Hassan. “ We are not just a service provider, we are your partner, empowering you to reach your financial goals,” he added.
Underpinning its commitment to digital transformation, Stima DT Sacco is integrating cutting-edge technologies like blockchain and artificial intelligence to deliver seamless and personalized services to its members. “Our journey has been defined by resilience and transformation,” noted Dr. Hassan.
Given the ever changing tastes and preferences of its members, against a backdrop of cutthroat competition in the market, Stima DT Sacco has managed to stand out by being innovative and agile. “We are committed to staying ahead of the curve, ensuring that every member experiences efficient and innovative financial solutions tailored to their needs,” averred Dr. Hassan.
He further stressed the importance of financial sustainability, while underscoring the Sacco’s commitment to integrating environmental, social, governance (ESG) principles into its operations to ensure long term value for both members and the communities they serve.
Invited guests take a moment to network and socialize before the celebrations commence.
A Milestone in Kenya’s Cooperative Movement
The celebration also served as a reflection on the broader impact of co-operatives in Kenya. Cabinet Secretary for Cooperatives and MSMEs, Hon. Wycliffe Oparanya, praised Stima DT Sacco for its role in democratizing access to financial resources, particularly for ,micro, small, and medium enterprises (MSMEs). He noted that Stima DT Sacco’s licensing by SASRA in 2010 to undertake front office service activity (FOSA) expanded its outreach, enabling it to serve Kenyans both locally and in the diaspora. “Stima DT Sacco is more than just a financial institution; it is a beacon of empowerment for communities,” Oparanya remarked. “The cooperative model allows us to broaden access to financial services, contributing to Kenya’s broader socioeconomic agenda.”
Oparanya further underscored the importance of the government’s role in supporting cooperatives through policy, legal, and institutional reforms, ensuring a favourable environment for the growth of institutions like Stima DT Sacco.
Legacy of empowerment and inclusivity
The acknowledgment of past leaders who laid the foundation for Stima DT Sacco’s success was a key moment in the celebrations. Former board members, including Mr. Elijah Aminga, the first Stima Sacco Manager were recognized for their invaluable contribution to the Sacco’s steady growth over the years. By the same token, Hon. Rebecca Miano, Cabinet Secretary for Tourism and Wildlife, and who has also chaired Stima DT Sacco’s board noted that the lender’s legacy is deeply rooted in unity, integrity and shared vision. These values have played a pivotal role in its success over the last fifty years.
Hon. Miano further said: “Stima DT Sacco has consistently focused on empowering its members and securing their future. As we celebrate fifty years of success, we must commit to driving sustainable growth for the next fifty years.” She also underscored the parallels between her current role in the tourism industry and Stima DT Sacco’s mission: building platforms for sustainable growth that promote equity.
She encouraged the Sacco’s board and management to put in place measures in a bid to ensure that all members, regardless of their location, benefit from the Sacco’s products and services.
Stima DT Sacco’s milestones
Stima DT Sacco’s history is filled with strategic milestones that have shaped its growth:
● 1974: Registered as a Sacco.
● 1986: Moved to its own premises at Paramount Plaza, becoming independent from KPLC.
● 2010: SASRA licensing enabled the Sacco to offer front office service activity (FOSA) services, significantly expanding its business operations.
● 2014: launched diaspora services to cater to members living abroad.
● 2017: opened its fifth branch outside Nairobi, in Olkaria.
● 2019: introduced the Mpawa Insurance agency, modifying its service in enhancing financial security and well-being of its members.
● 2021: rolled out key innovations, including Salo Chap Chap (an instant salary and pension processing solution), affordable mortgage solutions, and Shariah-compliant banking.
The road ahead
As Stima DT Sacco prepares for its next half-century, the focus remains on embracing technology and inclusivity. Dr. Hassan reaffirmed the Sacco’s mission to empower members for life, ensuring no one is left behind in the digital era.
The Sacco’s leadership, staff, and members are united in their vision of a future where the lender continues to serve as a premier financial institution, promoting financial independence and improving the quality of life for its members.
With unwavering principles, and a clear roadmap for the future, Stima DT Sacco has laid a strong foundation that will enable it to continue playing a vital role in the development of Kenya’s cooperative movement for decades to come.
