Stima sacco to open three branches in expansion drive
Stima Sacco CEO Gamaliel Hassan. The Sacco is opening three more branches across the country this month.
Stima Sacco is set to open three more branches across the country in April as part of its expansion plan.
The Sacco said the three new branches will help net 30,000 new members by end of 2023.
Stima Sacco currently has nine branches in the country. Three are within the city while the rest are spread across the country.
“The new branches that we are opening next month as part of our growth plan will be situated at Electricity House in Nairobi, Kisii, and Meru,” said the Sacco’s chief executive Gamaliel Hassan in an interview Tuesday.
The Sacco had 177,260 members as at December 2022 from 154,308 members in December 2021.
Mr Hassan said the outlets will also create employment for about 36 permanent staff. The Sacco employs about 12 staff members in each of its branches.
The Sacco is opening the branches barely a few weeks after it distributed a higher Sh395.7 million as dividends to members for the financial year ended December 31, 2022, lifting the distribution from Sh306.8 million last year.
The higher payout is despite a 36 percent drop in surplus for the period from Sh1.432 billion to Sh996.3 million.
During the year, Stima Sacco loans to members grew to Sh41.3 billion from Sh36.9 billion in 2021 while the Sacco raised its investment in government securities to Sh1.97 billion from a flat Sh1 billion previously.
The growth has pushed Stima Sacco asset base to Sh53.8 billion from Sh46.5 billion previously.
The Sacco’s membership has grown by an average of 12 percent per annum since 2018.
Stima Sacco remains adequately capitalised with both capital adequacy ratios and liquidity ratios sticking well above statutory requirements.
