Founded in the year 1974, Stima Sacco first served employees of the then East African Power & Lighting Company. Over the years the Society has grown to draw members from individuals in employment from all sectors, business persons, groups, and corporates and has dedicatedly provided members with a haven for savings, availed affordable credit to members and returned impressive dividends. The Sacco has grown to become a leading financial partner in the country with an asset base of over Ksh60 Billion, a massive membership coupled with dynamic products. As the Society celebrates 50 years of empowering lives, it reflects on its past achievements and looks ahead at its bright future as Corporate Watch Magazine’s KJ Odongo narrates.
As Stima DT Sacco marks its 50th anniversary, it is seeking to further transform its business model and growth trajectory through innovative products, unparalleled customer service, aggressive resource mobilization, and expanded distribution channels.
Speaking at the Society’s 50th anniversary celebrations, Stima DT Sacco Chief Executive Officer, Dr. Gamaliel Hassan, PhD noted that in celebrating the institution’s 50 years, it was not merely a celebration of the passage of time, but a celebration of the vision that has empowered generations, fostered inclusivity and driven innovation.
“This vision, born five decades ago has shaped our past and will continue to guide us into the future as we seek to empower our members for life. AS Chief Executive Officer, my responsibility goes beyond overseeing daily operations, it is to ensure that we remain aligned with our founding mission to provide meaningful financial services that evolve with your needs while staying true to the values that have defined Stima DT Sacco since 1974,” the CEO said adding that the Society’s journey thus far has been that of growth, resilience and transformation.
The Sacco Board Chairman Dr. Eng. Joseph Siror echoed the CEO’s sentiments noting that the celebration marks a monumental milestone not just in the life of the Sacco but in the broader trajectory of Kenya’s co-operative movement.
“Stima DT Sacco is a pillar that has stood tall in driving economic and social transformation for our members. 50 years is no small feat, as we come together not only to commemorate our past, but to look forward with excitement as we chart the course for our future. 50 years is more than just a measurement of time, it is the culmination of a vision realized through shared commitment, sacrifice and a relentless pursuit of excellence. From humble beginnings, we have grown into one of the leading financial co-operatives in Kenya with over 217,000 members and Kshs 62 Billion in assets. Our growth is a testament to the enduring values of integrity, inclusivity and accountability our founders instilled,” he emphasized.
Despite weathering many storms including economic downtimes, regulatory shifts and technological revolutions, Stima DT Sacco has remained strong, adaptable and forward thinking. This endurance is a testimony to the strength of the Society’s governance, the tireless dedication of staff and the trust and loyalty of members.
“As the Chairman of the Board, my role is to ensure we remain steadfast in upholding the values upon which this great Sacco was built. Together with the Board, we have worked as stewards of this Sacco ensuring that the interest of our members are at the heart of every decision we make. Our vision for the next 50 years embraces the opportunities and challenges of the digital age. As we look to the future, we must invest in leadership that is visionary ethical and accountable,” stressed the Chairman.
He added that the Society’s story is one of a collective effort, a true testament to the power of co-operation that will not thrive only for the current membership but for future generations.
“As we celebrate 50 years today, allow me to shift your focus towards the next 50. As we embark on the next chapter of our journey, we are guided by a roadmap built on three essential foundations; innovation, member centricity and sustainability,” the Sacco CEO said.
Innovation…
In an era of rapid technological evolution, and where Artificial Intelligence (AI), data analytics, digital banking are redefining financial services Stima DT Sacco is not just following trends. The institution is embracing these advancements to better serve its members. According to the Chief Executive Officer, Stima DT Sacco’s digital transformation is not just about keeping up with technology but about creating seamless personalized experiences that reach every corner of the world.
“Whether you are applying for a loan in the heart of Nairobi, saving for your future from a remote village or investing your hard-earned money from the diaspora, we are commited to making sure your financial journey is smooth, efficient and secure,” said Dr. Hassan.
Member Centricity…
Defining the members as the soul of Stima DT Sacco, the CEO revealed that as the institution moves forward, it is deepening its understanding of the members’ unique needs, aspirations and challenges. “Whether you are building a business, purchasing your first home, saving for your child’s education or planning for retirement, we are here to support every stage of your financial journey,” he noted.
The CEO went on to add that the Sacco is dedicated to ensuring that it remains the members’ trusted partner empowering members for life to reach their financial goals.
Sustainability…
Looking ahead, the Sacco is not only focusing on profitability but also on the long-term impact it creates as the Society is for people and not for profit. The institution believes that true financial sustainability is about creating value that endures, equipping members with financial literacy, empowering them to make informed decisions for the future and integrating environmental, social and governance (ESG) principles in to its operations.
“As we grow, we must do so responsibly, contributing positively to the communities we serve and protecting the environment we depend on,” the CEO declared.
Fusing the past with the present
In recognition of the institution’s past, the CEO recognized its first manager as well as subsequent managers, who steered the Society to where it is today.
“I am here today, as CEO, standing on the shoulders of our past management teams who laid the foundation for my team and me. Representing that legacy is Mr. Elijah Aminga who was the manager of Stima DT Sacco before its formal registration in 1974. He managed the Sacco affairs from 1974 to 1978 before the hiring of the late Mr. Julius Mucha who was the first independent manager coming away from Kenya power in 1979. As we look towards the next 50 years, let us move with confidence, optimism and a renewed sense of purpose. Together, we will continue to build a financial institution that does not only meet the needs of its members, but also empowers them to achieve their dreams and to create brighter futures for themselves, their families and communities,” he affirmed.
Hearty Congratulations…
Addressing attendees at the event, State Department of Cooperatives Principal Secretary Mr. Patrick Kilemi stated that Stima Sacco occupies a very special position in the cooperative movement in Kenya for demonstrating exemplary Governance and the adoption of Technology; with mitigation mechanisms against threats like cyber-attacks.
He added that Stima DT Sacco is ranked second in the Country on its market dominance and performance in the Sacco sub-sector.
“Congratulations Stima DT Sacco! 50 years is quite a journey, I turned 50 this year and I already know that journey has been quite a bit. But for 50 years Stima Sacco has continued to serve and impact people’s lives,” said the PS.
Gracing the event, Cabinet Secretary Tourism and Wildlife Ms. Rebecca Miano, who also served as the Sacco’s Board Chair lauded the institution’s resilience noting that the event seems to her as a reunion of sorts having chaired the board in the past.
“This is not just a moment of pride for Stima DT Sacco, but also for every individual who has played a role in its success. Having had the honor to serve as a Board member and a Chairman of Stima DT Sacco, I have witnessed first-hand the tremendous growth and impact the institution has had on its members. It exemplifies the true meaning of empowerment, sense of community and unbending resilience,” she said.
The Tourism and Wildlife CS asked the Sacco leadership to consider onboarding a special product for tourism and conservation to esure she remains committed to the Sacco. “As we gather to celebrate this incredible journey, let us renew our commitment to the future and remain focused on ensuring that every member of this Sacco, whichever part of Kenya they call home continues to experience the refreshing empowerment radiated by Stima Sacco,” she said.
The Chief Guest; Cabinet Secretary for Co-operatives and MSMEs Development, FCPA Wycliffe Oparanya, while congratulating Stima DT Sacco commended the leadership for their sensible leadership that has enabled the Sacco grow thus far. “Congratulations for being 50 years. 50 years is not a short time, it is a very long time but 50 years can also just be numbers.
However, for you Stima DT Sacco, 50 years is what you have done for your members over the 50 years,” the CS began his speech. He went on to articulate the gains made in the Sacco sector over the years noting that Sacco’s have proven beyond doubt that they are engines for driving financial inclusion especially for the people at the bottom of the economic pyramid.
He urged cooperation among cooperatives and championed shared services to enable smaller Saccos benefit from the same.
“I therefore call upon established Saccos like Stima DT Sacco to initiate and support mentorship programs for “small Saccos” ensuring no one is left behind”, said the Cabinet Secretary.