This year has started well for members of Yetu Sacco who got paid lucrative dividends and interest on deposits, despite economic hardships occasioned by the disruptive post-election effects and Ukraine war.
The fast-growing Sacco made a generous payment to members by distributing a higher Sh350 million as dividends to members for the financial year ended December 31, 2023, lifting the distribution from Sh290 million last year.
Members of the booming Sacco reaped big from the mouthwatering dividends on share capital at a rate of 19 percent and 13% Interest on deposits.
The Society revenue also grew by 16.5% that is, Sh919,904,458 as compared to 789,154,498 in the year 2022 while the share capital surged by 36.5%.
Addressing the member Yetu Sacco CEO Mr Dennis Kirimi announced that the Sacco has increased membership by 28% from 66084 in the year 2022 to 84075 in the year 2023.
Additionally, Mr Kirimi reported that the Sacco has increased its loans to members by 20.8% and members deposit by 25%.
“Through our free paybill (512100) we were able to mobilize deposits of over Sh6 billion. Our dedicated Saving officers who collected over Sh812 million and our brand Yetu Sacco has become a big trade mark in the financial sector,” read a statement from the CEO.
The tier one Sacco is now ranked among the best Saccos in the Country with an asset base of Sh6.4 billion in year 2023 from Sh5.37billion in the year 2022, an increase of Sh1.05billion (19.8%) within a year.
Mr Kirimi noted that the Sacco is aiming at building a stronger customer centric culture in its services and products delivery backed by improved technology.
“Moving forward we are stepping up the implementation of our digital strategy. We shall move to finalize digitalization of our registry, improved digital loans and other digital platforms,” Kirimi said.
Speaking the Sacco Chairperson Mr Mark Gitonga lauded the members, board and the staff for their effort to grow the Sacco.
Gitonga noted that the Sacco has managed to launch new branches and as well push their brand visibility by approximately 30%.
He thanked the members for their patronage and the board for providing good leadership and governance.
The Chairperson noted that the Sacco has been embracing and observing good corporate governance and practices in line with the guidelines and rules of the cooperative laws
The event was graced by the Director Co-operatives Banking Division in the Cooperative Bank Mr Vincent Marangu who glorified Yetu Sacco for the huge milestone.
Mr Marangu called up on Kenyans to join the fast-growing Sacco and save noting that this will enable them to grow economically.
“Yetu Sacco is a very strong Sacco and we have continued to partner with them. If you want to grow join Yetu Sacco,” Marangu said.
