Yetu Sacco shines as the best in paying high interest during Ushirika Day celebrations
As Kenya Marked Today marked the 101st International Day of Cooperatives themed “Cooperatives for Sustainable Development”, Yetu Sacco has been feted as one of the best Saccos in the Country.
The growing Sacco emerged as the best in paying high interest on Members’ deposits and dividends during the Ushirika Day commemoration at Kaaga in Meru County, an event hosted by Meru Governor Kawira Mwangaza.
Yetu Sacco is one of the wealthiest Saccos in the Country categories as tier-1 by the Sacco Societies Regulatory Authority (SASRA).
The Sacco performance has been exceptional. As of 31st December 2022, the Society’s asset base, turnover, loan book, and balance sheet had grown by double-digit percentage points.
The growth, largely boosted by good management, focuses on Yetu Sacco’s key values and mission which is to grow and empower its member by adopting innovative market-driven services through observing its values which include professionalism, equity, accountability, innovation, and integrity among others.
Other Key drivers such as mobile banking, agency banking, and physical branch network, diversification of income streams through strategic partnerships, and delivery of alternative business channels and investments such as Yetu Pamoja Investment have seen the Sacco grow tremendously.
During the financial year ended 31st December 2022, its asset base shot to Sh 5.7 billion, compared to Sh4.7 billion reported in 2021. It also paid mouthwatering dividends on share capital at 18% and 13% interest on members’ deposits.
The Sacco investments income also grew to Sh 137 million while revenues grew by 13.6%. Deposits also grew by 13.6% while lending increased by 10.5%.
As of 31st December 2022, the Sacco recorded a membership of over 59 thousand derived from the Agricultural, education, Bodaboda, Matatu, services, diaspora, individuals, groups/ Chamas, and small and micro enterprises (SMEs) among other sectors.
On key fronts, Yetu DT Sacco has not disappointed, setting the pace among its peers.
The 32-year-old Sacco prides itself as a leading institution playing a central and supportive role in the social and economic development of the country through the provision of competitively priced financial products.
The Sacco has increased its branch network to six with an additional branch in Chuka Town with its headquarters in the Nkubu in Meru County.
The acclaimed Sacco that started with a handful of members now stands as a towering financial figure in the Kenyan cooperative movement.
Yetu Sacco currently boasts of an assets growth from Sh4.7 billion in 2021 to Sh5.37 billion in 2022 projecting it as one of the top financial institutions that contribute to the livelihoods of many Kenyans working in various sectors.
Cooperatives from around the world have been observing Ushirika day Since 1923 in recognition of its economic significance.
