Shofco Sacco Limited, one of Kenya’s leading savings and
credit cooperatives, has demonstrated remarkable financial growth in its 2024
fiscal year.
According to their audited financial results released during
its Annual Delegates Meeting (ADM) held on Tuesday March 18, 2025, consolidated
assets increased to Ksh662,803,159 in 2024.
The increase represents 70% growth compared to Sh389,979,688
recorded in 2023.
The loan portfolio to members expanded by 89% to Sh514,805,34,
compared to Sh272,914,922 disbursed the previous year.
“Shofco Sacco has demonstrated remarkable growth
and resilience, achieving significant milestones in the past year.
“Our financial performance has improved, with notable
increases in loan disbursements, member deposits, and overall revenue,
reinforcing our commitment to providing accessible and impactful financial
solutions,” Shofco Sacco Chairman Dr. Kennedy Odede said.
At the same time, members’ deposits grew by 62% to 362,847,929
compared to Sh224,069,652 in 2023.
Dr. Odede attributed the growth to Sacco's commitment to
sound financial management and prudent risk practices.
“Our investment strategies have been optimized to ensure maximum
returns, fostering long-term sustainability.
“As we look to the future, our focus remains on
strengthening financial sustainability, diversifying income streams, and
enhancing service delivery,” he stated.
Shofco Sacco General Manager Victor Owiti said the lender
demonstrated remarkable success in membership growth during the year 2024,
surpassing its strategic targets and achieving significant milestones.
“The Sacco had set an annual goal of attracting 8,000 new
members; however, the year concluded with an impressive 10,714 new members,
exceeding the target by 33.92%.
“This substantial growth underscores the effectiveness of
the Sacco’s strategic initiatives, including targeted outreach, digital
onboarding, and enhanced member engagement programs,” Owiti stated.
The Sacco also grew its revenue by 74% to Sh68,578,185,
compared to Sh39,505,247 in 2023.
Nairobi County Chief Officer for Cooperatives, George Mutiso
termed Shofco Sacco’s growth as impressive.
“Growing your assets by 70% is not a joke. I have attended
several AGMs this year in Nairobi and I have not seen a Sacco that has grown
like this one.
“You have also grown your investment and almost doubled your
share capital. Growing your share capital by 70% shows that your Sacco is able
to withstand any calamity. Congratulations for that,” Mr. Mutiso said.
Lillian Omboni, Shofco Sacco member awarded for being top
female saver, lauded the Sacco for helping her sustain her retail business.
Lillian joined the Sacco in 2022 and could save Sh100 daily
and has managed to grow her daily savings many fold.
“Shofco Sacco is where I rushed to whenever I have any
financial shortages. I have managed to grow my savings to now over Sh1 million
and I’m proud of it.
“I encourage young people to save whatever little they get
in the Sacco even if it is Sh20 daily. In the long run, that money will be
enough for you to start a business because in a Sacco, you can borrow three
times your savings,” she said.
Shofco Sacco was founded in 2015 with a handful of SHOFCO
staff and it has now grown to over 30, 000 members across Kenya.
