According to national chairman Macloud Malonza, Harambee Sacco plans to reward members with record-high returns. Members will receive nine percent interest on deposits, compared to last year's 8.5 percent. The organization also intends to boost share capital payments to fifteen percent, up from twelve percent during the previous year. Members can expect an additional three percent rebate when they capitalize dividends plus two percent for any deposit interest they reinvest.
CEO George Ochiri shared impressive financial results during the 54th Annual Delegates Meeting. The organization achieved a net surplus of 1.46 billion shillings, exceeding last year's 1.2 billion figure. Revenue jumped significantly from 5.7 billion to 7.01 billion shillings. Because of the cooperative business structure, this surplus represents excess payments from members rather than profit.
Total assets grew to 38.6 billion shillings by December 31, compared to 36.7 billion at the end of 2023. The loan portfolio reached an impressive 32 billion shillings, setting a new record above the previous 29.1 billion mark. Core capital increased from 5.1 billion to 6.3 billion shillings, with share capital climbing to 2.5 billion from 2.3 billion shillings during the same period.
Ochiri admitted the organization faced challenges despite these positive results. They failed to open five planned satellite offices across Kenya, and renovation projects for the Fosa Nairobi Branch and the third floor of their plaza remained incomplete. The executive confirmed these projects must move forward during the upcoming year as they work toward their 2025 theme of "exceeding expectation."
Malonza described how 2024 presented numerous obstacles, including economic difficulties, disruptive political demonstrations led by younger citizens, and heavier tax burdens. Despite these challenges, plus widespread financial pressures affecting businesses nationwide, Harambee Sacco maintained strong performance. The chairman proudly announced that they had resolved many past problems and achieved compliance with all essential statutory requirements.
CEO George Ochiri shared impressive financial results during the 54th Annual Delegates Meeting. The organization achieved a net surplus of 1.46 billion shillings, exceeding last year's 1.2 billion figure. Revenue jumped significantly from 5.7 billion to 7.01 billion shillings. Because of the cooperative business structure, this surplus represents excess payments from members rather than profit.
Total assets grew to 38.6 billion shillings by December 31, compared to 36.7 billion at the end of 2023. The loan portfolio reached an impressive 32 billion shillings, setting a new record above the previous 29.1 billion mark. Core capital increased from 5.1 billion to 6.3 billion shillings, with share capital climbing to 2.5 billion from 2.3 billion shillings during the same period.
Ochiri admitted the organization faced challenges despite these positive results. They failed to open five planned satellite offices across Kenya, and renovation projects for the Fosa Nairobi Branch and the third floor of their plaza remained incomplete. The executive confirmed these projects must move forward during the upcoming year as they work toward their 2025 theme of "exceeding expectation."
Malonza described how 2024 presented numerous obstacles, including economic difficulties, disruptive political demonstrations led by younger citizens, and heavier tax burdens. Despite these challenges, plus widespread financial pressures affecting businesses nationwide, Harambee Sacco maintained strong performance. The chairman proudly announced that they had resolved many past problems and achieved compliance with all essential statutory requirements.
