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All smiles as high-riding Solution Sacco Shareholders receive handsome 2023 dividends

Solution Sacco story is a bottom-up story, a story of consistent and cumulative progress over the last three decades that came from close collaboration among its members, staff and the board.

The Sacco is a licensed tier one; Deposit taking Sacco established in 1976 with an aim to champion social economic prosperity of its members.

Agriculture CS Mithika Linturi shares a light moment with Solution Sacco chairman Francis Rimberia during the AGM

Established 30 years ago, the giant Sacco has attained phenomenal growth by being innovative and paying close attention to its members.

Over the years Solution Sacco has positioned itself as a leading financial institution in the country and beyond by offering competitive member-focused savings and credit products and services

One of the many achievements that Solution Sacco boast of is offering unique and quality financial solutions to members.

Additionally, the determination to reach out to even the remotest part of society to deliver a financial solution to the underserved and unbanked members of the community makes Solution Sacco unique.

Having automated all processes, the Sacco has been focusing on offering value delivery and convenient banking solutions.

Solution Sacco started its FOSA operation in 2002 to provide competitive and member-focused financial services for members’ empowerment.

Since then, the fast-growing Sacco has maintained a growing streak, with its leaders’ setting precedence in the Sacco’s footprints that future leaders would aspire to emulate as a mark of excellence.


The Sacco Chairperson Francis Rimberia noted that the Sacco future business model is anchored on using technology to improve efficiency in service delivery.

It should be noted that Solution Sacco was the first Sacco in Africa to own a worldwide connected ATM network, taking services at par with banks giving its members reliable, accessible, and affordable services.

The Society was also among the first to establish Agency Banking and Mobile Banking (Solution App and USSD). Members can also get guarantors online and have their loans approved, while business people enjoy Lipa na Solution services, a merchant tailored payment service. These innovative solutions have ensured that Solution Sacco stays ahead of the curve.

Through its Solution Mashinani, with over 750 agents, Solution Sacco has increased its footprint to serve even those in remote areas, giving many the opportunity to save and borrow with ease

In addition, the Sacco is Verve Card enabled, and members can receive or transfer cash, and obtain services from any point-of-sale outlet across the globe. The virtual branch helps to serve diaspora members from all over the world.

Having been certified Visa acquirer Sacco, members of Solution Sacco can access their accounts using Visa and Verve cards from several banks across networks.

CS Linturi addresses Solution Sacco members when he graced the AGM at Gikumene Primary School grounds

The Verve Card allows members to withdraw cash from any Verve-enabled ATM and can be used at points of sale.

“We continue to leverage and further invest in technology to improve the overall banking experience. To do so, in 2024, we are upgrading our core Banking systems to enhance our digital platforms to ensure a great experience for our members, boost efficiency, effectiveness, and productivity in our day-to-day operations,” Mr Rimberia noted during the Society AGM.

Financial growth

Generally, Solution Sacco posted notable growth across key segments, with total assets increasing to Sh9.47 billion from Sh8.3 billion in the year 2022

Solution Sacco registered an upward growth trajectory in the 2023 financial year, with the Board of Directors now seeking to strengthen operations, spur growth and development to maximize members’ benefits.

Despite harsh economic conditions due to post-election Solution Sacco recorded an increase in membership deposits by 17% to Sh6.15 billion in the year ended 2023 as compared to Sh5.25 billion in the year 2022.

According to the Sacco leadership improving its liquidity through increased savings will enable the Sacco to meet the loan requests from members besides meeting some of its critical liquidity ratios as outlined under the regulator, Sasra.

The Sacco has been offering affordable and flexible loan facilities to provide attractive investment options to its members.

Building a strong capital base is critical for any financial institution and the appealing growth of the Sacco membership deposit affirms its efforts to encourage members to save more.

Solution Sacco revenue also rose sharply by 8.1% to Sh1.7 billion compared to Sh1.6 billion in 2022.

The Chairman reported a strong demand for credit with good growth in loan volumes during the year attributing it to the friendly rate offered by Solution Sacco as compared to other finance institutions.

The Society reported an 11.9% growth in loans to Sh7.65 billion in 2023 as compared to Sh6.84 billion in the year 2022.

Mr Rimberia advised members to invest wisely by capitalizing at least 10% of their net pay each year and re-investing dividends into additional shares noting that will strengthen their financial position.

Solution Sacco members during the 2024 AGM


During its current AGM the Sacco announced a mouthwatering 15% payment of dividends and 12.5% payment of rebates on members’ deposit.


The Sacco’s innovative financial services greatly supported members enabling many, especially teachers and business people to overcome the negative effects of the post-covid-19 pandemic and post-election that disrupted the economy.

Mr Rimberia oozed confidence that the Sacco future is bright, announcing that the membership has increased by 13% to 30, 859.

He cited the Sacco ability to reach a broad geographical reach and to offer services to members globally as one of the causes of the increase in the membership.

Solution Sacco board members present school shopping items to a beneficiary during a CSR activity

Corporate Social Responsibility

Corporate Social Responsibility is at the heart of Solution Sacco, which regularly participates in welfare and charity activities; striving to continually improve the living standards of people in the community in terms of health, education, and the environment.

Last year the Sacco launched a tree planting campaign dubbed A journey to 30,000 trees. The Society eyed planting 30,000 trees as it marked 30 years of excellent service and empowering communities.

Solution Sacco is among the very few Sacco’s in the Country with a registered CSR.

Through its registered CSR arm of the Sacco dubbed as ‘The Solution Foundation’, last year, Solution Sacco managed to promote sustainable development in communities through its focus areas of environment, education, and economic empowerment. Tens of bright needy learners drawn from the Counties that the Sacco operates have been sponsored to access education.

Financial Literacy

The acclaimed Sacco has also set the pace on conducting members education drive.

According to Solution Sacco CEO Mr Daniel Kinyua Marete the financial literature forums have been aiming at boosting the saving culture among members.

A year ago, various retired teachers were trained on how to handle their finances. 

Mr Kinyua added that educating members enables them to make informed decisions with regard to their financial resources.

Additionally, Kinyua termed the success of Solution Sacco as a journey that has been marked with bravery and experienced sustained, exponential growth.

Solution Sacco was borne after the split of the Meru Teachers Sacco in 1993, giving rise to Meru Mwalimu Sacco, which rebranded to Solution Sacco in 2012.

Last year SASRA CEO Peter Njuguna identified the Sacco as one of the top-performing tier-one Saccos in the country.

“Solution Sacco has continued to actively champion socio-economic empowerment through its vast savings, credit and investment products and services. The Sacco has depicted steady growth as per the audited financial statements,” he said.

Njuguna said that its impressive growth has made contributions to the financial empowerment of its members and the Kenyan economy at large.

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