By Swao Mururi
In Kenya’s dynamic financial industry, the cooperative movement is a shining light of unity, resilience, and shared success. The Sacco Sector Supervision Report 2024 by the Sacco Societies Regulatory Authority (SASRA) is a positive picture of performance in the sector-one where Deposit-Taking Saccos (DT Saccos) weathered economic storms but emerged as growth and trust drivers.
The report indicates that total deposits in the DT Sacco segment increased by Ksh 71.13 billion, the largest increase in two years. The growth is a testament to the confidence millions of Kenyans still have in cooperative financial institutions as safe, accessible and rewarding investment and savings tools.
Similarly, loans and net advances augmented by Ksh 88.9 billion, a whopping 14.94% rise, while gross loans, which are the lifeblood of Sacco business, went up by Ksh 92.09 billion, further attesting to the sector’s decisive role in propelling grassroots enterprise and credit growth.
But among these impressive sector-wide figures, one of the institutions stood out in consistency, creativity and financial strength, Stima DT Sacco Society Ltd. According to SASRA’s research, Stima DT Sacco was one of Kenya’s best-performing cooperative financial institutions, outperforming industry averages in almost all the key performance indicators.
Best Asset Growth in the Industry
Stima DT Sacco posted a Ksh 7.36 billion increase in total assets in 2024, up by 12.44%.
Not only did this surpass the 10.72% industry average growth but also cemented Stima’s position as one of the largest and most dependable Saccos in the nation. The stunning asset growth was induced by sustained deposit inflows, prudent management, and a member-centric investment philosophy that continues to deliver tangible value to shareholders.
Solid Credit Portfolio and Strong Membership
Among the highlights of the report was Stima DT Sacco’s Ksh 5.49 billion jump in gross loans, an 11.11% growth. The surge is an indication of the rising appetite for low-cost and flexible credit products by members, the bulk of whom are professionals, entrepreneurs, and operators of small enterprises. By maintaining a strict lending policy and focusing on productive credit, Stima DT Sacco remains a life-altering force in individual and business advancement.
Member Confidence at Historical High
The society’s deposit base also recorded robust growth, rising by Ksh 3.56 billion, an 8.25% increment from the previous year. This is an affirmation of the unshakeable confidence that members have in the leadership, stability, and values-driven approach of Stima DT Sacco. It also attests to the organization’s commitment to widowing financial inclusivity, offering competitive rates, and maintaining transparency in all transactions.
Record-Breaking Total Income
Most importantly, SASRA ranked Stima DT Sacco as the largest earner in terms of total income of all DT Saccos, with the institution boasting of a record Ksh 10.26 billion in 2024. This marker speaks to its operational effectiveness, strategic diversification and ability to enjoy profit in spite of a highly competitive financial space.
Leading with Integrity and Innovation
Stima DT Sacco’s consistent growth pattern is no coincidence. The Sacco has solidified a strong foundation of professional management, technological innovation, and active member outreach. Its uncompromising commitment to technology and innovative products has not only enhanced service delivery but also made it a benchmark for excellence in Kenya’s cooperative sector.
As stima DT Sacco Chairman, Eng. Dr. Joseph Siror and the Board of Directors have played an important role in governance oversight, maintaining strategic direction, and ensuring the equilibrium of the supervisory role of the Board. Eng. Siror has been credited with promoting sound risk management, increasing the SACCO’s capital cushion, and being a proponent of member education.
Under his leadership, the Board has underlined fiscal discipline e.g., requiring prudential ratios from SASRA, regular risk stress testing, and ensuring credit growth does not outstrip liquidity support. Informants within the company say he has also promoted better Board-management collaboration, with Board retreats dedicated to horizon scanning and scenario planning.
Examining the 2024 performance, Stima Sacco CEO Dr. Gamaliel Hassan, PhD said: “Our focus has always been to manage members’ funds prudently, while ensuring the resources finance productive lending. We see those two goals, not growth for the sake of growth, but sustainable growth, irrevocably linked. I believe the numbers that we posted in 2024 are a vindication of that approach.”
He also added that Stima is diversifying revenue bases to ensure stability in the course of economic cycles. SACCO, for instance, plans to upgrade its current insurance agency into an independent brokerage business, hoping to achieve synergies between credit, insurance, and risk mitigation.
He continued to point out: “When a member borrows, we want that loan to be covered against loss, and where possible, include value-added services to protect the member and the SACCO. That is why the brokerage strategy is no accident, it is part of our long-term thinking ecosystem.”
Dr. Hassan also said the SACCO persists to invest in digital channels, customer experience, and employees’ capacity, so that business scales without compromising controls.
Promoting Cooperative Excellence
The 2024 SASRA report effectively reiterates the self-evident to those who know the cooperative sector. Stima DT Sacco remains a paragon of prudent management, financial discipline, and its members’ empowerment.
Read also:- Stima DT Sacco Celebrates 50 Years Of Empowering Lives
Its own story of success is symbolic of the overall evolution of Kenya’s Sacco sector from traditional savings societies into cosmopolitan, regulated financial institutions harnessing economic empowerment at every level.
While the country is moving closer to a sustainable and inclusive financial future, Stima DT Sacco’s performance offers a compelling lesson: with trust, innovation and shared purpose combined, prosperity results.