Sacco posts impressive growth as total assets hits Ksh5.37BN.
It was a dividend windfall for Yetu Sacco members, who received high annual returns from their investments. Following an impressive performance in the financial year 2022, the Sacco Board of Directors declared a total payout of over Ksh290 million, up from Ksh240 million in 2021, to be distributed to members at the rate of 18% on dividend on share capital and 13% interest on members deposits.
The annual returns announced by the Society are among the highest in the country, making Yetu Sacco a choice financial investment institution. The Sacco has sustained payment of high annual returns over the last five years.
At the same time, Yetu Sacco’s exemplary growth of total assets from Ksh4.7 billion in 2021 to Ksh5.37 billion in 2022 elevates it among the country’s fast-growing Tier 1 deposit-taking Saccos. This positions the Sacco as a financial powerhouse offering competitive services and products.
The Sacco maintained a robust financial performance last year, supported by Strategic Business Continuity Plans put in place by the management to defy a struggling economy. The Society achieved new growth levels, with members’ deposits growing by 13.6% to Ksh3.238 billion while the total revenue increased by 13.6%, boosted by diversified income sources and prudent investments. The Sacco loan book grew from Ksh2.9 billion in 2021 to Ksh3.3 billion last year.
 “Yetu Sacco is guided by the principle of good corporate governance that has given us a great environment to manage the members’ funds while maximizing their wealth prudently,” said Mr. Mark Gitonga, Sacco Board of Directors Chairman. The Sacco recruited over 6,700 new members to grow its total membership above 60,000.Â
 Financial reports and statements presented to members during its 32nd Annual General Meeting held at Yetu Pamoja Investment Park, Nkubu, Meru County, paint a picture of a Sacco that is scaling new heights with impressive results across all growth parameters.
Cabinet Secretary for Co-operative, Micro, Small, and Medium Enterprises (MSMEs) Development Simon Chelugui, who was the Chief Guest, commended Yetu Sacco for playing a significant role in serving the agriculture and business sectors noting it offers diversified and affordable loans.
 “Yetu Sacco network with over 60,000 members spread across three counties of Meru, Nairobi and Kajiado makes it possible to disburse affordable credit to members. It is encouraging to note that Yetu Sacco has diversified products and services to meet members’ emerging needs, like affordable mortgage products to address the housing deficit in the country,” he said.
The CS noted that the co-operative business model is an ideal vehicle for ensuring financial inclusion for the majority of the Kenyan population who would otherwise not have access to financial services from conventional institutions.Â
Yetu Sacco’s remarkable growth last year was attributed to the successful implementation of ICT projects that significantly enhanced service delivery. “We have been able to meet key milestones in our digitization journey by successfully enabling members to interact with us online and access services from the comfort of their offices and homes,” said the Sacco CEO CPA Dennis Kirimi.
Joining the Sacco has been simplified through its interactive website, where new members can register online and engage with Sacco staff. Customer service is key to Sacco’s focus on improving members’ satisfaction and experience.
“We introduced a free pay bill platform that has enabled our members to save from their convenient places. We have also adopted Microsoft 365 for emailing, which has enhanced effective and efficient collaboration among staff members in executing their service delivery mandate,” said Mr. Kirimi.
To boost financial inclusion, the Society has increased its Sacco agency outlets across counties to over 54 and opened a new Kitengela branch while refurbishing its Nairobi and Meru branches. The Sacco has also revised all its business policies and re-aligned its operations to current business needs to achieve product diversification and customer experience while leveraging on digital technologies and innovation.
 “To sustain the high growth momentum going to the future, the Sacco is leveraging on technology, embracing diversification of business channels, improving member service, value-adding and strategic partnership for the benefit of members among other strategic matters,” said Mr. Paul Mwiti, Sacco Hon Treasurer.
Yetu Sacco’s future is driven by digital transformation, having embraced automated banking solutions. Last year, the Sacco migrated to *691# USSD code and launched Android and iOS Apps, among other digitization programmes.
It has also developed a wide range of products and services and aligned policies to its growth model. Its product mix and friendly conditions are tailored to satisfy members’ financial goals. This has enabled many to grow businesses and accomplish personal development, thereby attaining financial freedom.Â
To be an inclusive financial institution offering high-quality services
To grow and empower our membership by adopting innovative market-driven services
[email protected] 0724114444
