By Gerald Mukembu
Cooperatives Cabinet Secretary Wycliffe Oparanya has announced that the ministry is developing policies to address management issues within Saccos that have led to the misappropriation of funds.
Speaking at the Yetu Sacco Annual General Meeting in Nkubu, Oparanya noted that management challenges have plagued many Saccos, prompting new policies to protect members’ finances.
He commended the management of Yetu Sacco for its transformative initiatives that align with the Kenya Kwanza administration’s objectives. “We are confident that if all Saccos operate with the same prudence and transparency as Yetu Sacco, we can significantly transform the economy. In my visits to various Saccos, Yetu Sacco stands out as the one that has paid the highest dividends to its members and shareholders in the country,” Oparanya stated.
Yetu Sacco Chairman Mark Gitonga highlighted that in their 33 years of operation, they have achieved unprecedented turnover in both membership and financial performance during the year 2024. He pointed out that despite the challenges faced by the farmers who make up their membership, the Sacco recorded an impressive 23% growth, a commendable milestone.
“We will be distributing a total of 443 million shillings in dividends and interest on members’ deposits. I urge everyone to invest this money wisely,” Gitonga said.
Yetu Sacco CEO Dennis Kirimi emphasized that through focused execution, the organization has delivered strong performance while ensuring predictable, transparent, and sustainable practices that empower members and businesses. “We have strengthened our balance sheet, enhanced risk management and controls, maintained sufficient liquidity, and achieved sustainable profits. Our revenue has surpassed 1 billion shillings over the past year, marking a historic achievement,” Kirimi added.
Former Meru Governor Kiraitu Murungi and former Senator Kathuri Murungi encouraged farmers to continue investing in the Sacco. MPs Kareka Mbiuki (Maara) and Shadrack Mwiti praised the Sacco management for their impactful products that are transforming lives.
