Yetu Sacco ups financial deepening with opening of Chuka branch

One of Kenya’s largest Saccos in asset-base and dividend payment, Yetu Sacco has increased its branch network to six with an additional branch in Chuka Town.

The acclaimed Sacco that started 31 years ago 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.

The new Yetu Sacco branch that was opened on Monday is located opposite Chuka Market. The new branch has modern facilities that provide affordable products and services that meet customer needs.

Present during the launching fete was Chuka Igambang’ombe MP Patrick Munene, South Imenti MP Shadrack Mwiti, and a bunch of MCAs among other leaders.

Speaking, the Chuka Igambangombe MP urged residents to join the Sacco terming it the best financial institution in the Country.

Mr Munene called on Yetu Sacco to financially support the residents through its various products and services so that they can improve their livelihoods.

“A good politician will always want his people to prosper and I know that this Sacco will help our people to develop. We are aware that Yetu Sacco has the best services and our coming here during the launch is a show of confidence,” the legislator who opened an account with Sacco said.

The MP further urged residents and his fellow politicians to embrace a culture of saving.

Munene also lauded Yetu Sacco for entrusting its top leadership to young people.

Yetu Sacco CEO Dennis Kirimi said the new branch will not only offer financial solutions to residents but also employment.

Mr Kirimi added that Yetu Sacco growth is based on the many pocket-friendly products they offer to their customers.

Yetu Sacco Chairperson Mark Gitonga called on residents to take advantage of the new branches to transact at their convenience and save on time and resources.

According to him, Yetu Sacco is among the few financial institutions paying the highest dividends in Kenyan Sacco history

Mr Gitonga disclosed that the Sacco will keep expanding its catchment areas in order to enroll more members who are willing to join the society whose membership has risen to over 65000 members.

By the end of last year, Yetu Sacco reported an increase in lending by 10.5%, and growth of members’ deposits at the rate of 13.6% was reported by the end of the year 2022. This was followed by the registration of 6,743 new members and an increase in staff.

The famous growing Sacco has also managed to diversify its income sources by investing excess liquidity of 46% in 2022 breaking the record and exceeding the regulators’ requirement of 15%.

Early this year Yetu Sacco made headlines after paying dividends on share capital at 18 percent and interest on members’ deposits at the rate of 13 percent for the year ended December 2022.

The Sacco revenues also grew by 13.6% an aspect that the Sacco treasurer Mr Paul Mwiti said showed the members’ money is being invested well.

Yetu Sacco has also managed to grow its investment income to Sh 137 million as of 31st December 2022.

Other than the newly opened Chuka branch the Sacco also has branches in Nairobi, Meru, Kionyo, Kitengela, and Kinoro with the headquarters located at Nkubu town in Meru County.

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