Harambee Sacco records improved performance, declares 15% dividend on shares

Harambee Sacco CEO Dr George Ochiri (left) and Society Chairman Macloud Malonza (right) flank  Cooperatives PS David Obonyo as he addresses the media during the 54th Harambee Sacco Annual Delegates Meeting on March 3, 2025/HANDOUT

Harambee Sacco held its 54th Annual Delegates Meeting on Monday, March 3, 2025, boasting an improvement in its financial performance for the year 2024

The Sacco’s National Chairman, Macloud Malonza, was delighted to announce that, for the first time since its inception, the Sacco is declaring an all-time high dividend of 15 percent on share capital.

"Ladies and gentlemen, the society is proposing to pay an all-time high interest on deposits of 9%, against what we paid out in 2023 at 8.5%. We are also proposing to pay another all-time high of 15% on share capital, up from 12% in 2023." Malonza said.

Harambee Sacco's total assets grew by over Sh2 billion from Sh36.7 billion in 2023 to Sh38.6 by the close of business on 31^st December 2024.

"The loan book of Sh29.1 billion in 2023 now stands at an all-time high of Sh32 billion. In 2023, our members deposits were at  Sh24.6 billion, the same now stands at Sh26.2 bilion," the CEO Dr George Ochiri, said in a statement.

The Sacco’s core capital, which stood at Sh5.1 billion in 2023 grew to Sh6.3 billion by end of 2024.

"Share Capital was at Sh2.3; it now stands at Sh2.5 billion. Our total revenues were trending at Sh5.7 billion, they are now at Kes. Sh7.01 billion and finally, our net surplus was Sh1.2 billion, we closed the FY 2024 at SH1.46 billion," Ochiri said.

On future prospects, Malonza said the Harambee Sacco is now a mature institution, and it is resilient enough to face the present and prepare for the future with boldness and confidence because they have the experience, knowledge, and know-how.

"As we approach 2025, much is expected of us and much we will achieve. This is nonetheless a team effort. The membership at the base of the pyramid must play their role. They must believe in the sacco and support all its initiatives. The delegates must play their role without ceasing, giving the Board and Management all the necessary push, Malonza said.

"The Board working closely with the management, must meet and exceed the expectations and aspirations of our membership and the Society at large."

Malonza said the Sacco's focus for the year 2025, will be anchored on five key strategic areas: revenue growth, strategic plan for the next five years, service delivery, ICT excellence, and improved stakeholders engagement.

Finally, according to the CEO, Dr George Ochiri, the Harambee Sacco's strategic theme for 2025 is “exceeding expectation.”

"This is a clarion call to the possibility of the Society shuttering the glass ceiling of expectations and doing greater than ever imagined before in all aspects of our business arena," Ochiri said