USHIRIKA WITH A DIFFERENCE
Affordable lending was the driving force behind Centenary Sacco’s remarkable growth in 2024, financial reports presented during the recent members’ annual general meeting show. Despite facing economic challenges, the Sacco demonstrated resilience by expanding its services and ensuring financial empowerment for its members. It provided competitive interest rates on loans, enabling many members to achieve their financial goals.
The audited financial statements showed that the Society’s net loans and advances to members increased to Ksh 992.9 million in 2024, up from Ksh 880 million in 2023. The Society reported a notable rise in total assets, reaching Ksh 1.54 billion in 2024, compared to Ksh 1.38 billion the previous year. Members’ total deposits surpassed the one-billion mark, rising from Ksh 980 million in 2023 to Ksh 1.09 billion in 2024.
The Sacco total revenue increased by 15.12%, surging to Ksh 242.97 million, reflecting Sacco’s strong performance and sound financial management. To appreciate members’ loyalty and trust, the Sacco Board of Directors announced a dividend payment of 12% on share capital and 10% interest on deposits.
“We have witnessed a positive growth trend in all key areas. We encourage members to repay loans on time, as this will ensure they continue receiving better returns,” said Mr. Joseph Magambo, the Sacco Board of Directors Chairman. Speaking during the Society’s 21st Annual General Meeting, Mr. Magambo described the financial year 2024 as a year of growth, resilience, and efficiency for the Sacco.
“We continued to offer affordable loan facilities at 1% per month on a reducing balance, enabling our members to achieve their financial goals,” said Mr. Magambo.
The excellent financial services provided by the Sacco led to a growth in membership to 58,488, adding 6,702 new members. The Sacco’s financial strength also improved, with share capital and reserves growing by 16.9% and 7.69%, respectively.
“We will continue upholding the highest standards of governance. The Board remains dedicated to transparency, accountability, and compliance with regulatory requirements. This commitment is why the Sacco Societies Regulatory Authority (SASRA) has consistently renewed our license annually,” added Mr. Magambo.
To bring services closer to the people, the Sacco opened a branch in Nkubu and expanded its network of agents. This enhancement improved service delivery by increasing accessibility and brand visibility.
“We will continue upholding the highest standards of governance. The Board remains dedicated to transparency, accountability, and compliance with regulatory requirements. This commitment is why the Sacco Societies Regulatory Authority (SASRA) has consistently renewed our license annually.”
Mr. Joseph Magambo, Chairman.
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Members’ welfare is a priority at the Sacco. Last year, the Sacco conducted financial literacy programs, educating members on savings, investments, and responsible borrowing. This initiative has empowered members to make informed decisions, improving their lives.
The impact of Centenary Sacco extends beyond banking services. The Society embraces the cooperative principle of concern to the community, supporting needy students in achieving their educational dreams through sponsorship. The Sacco’s Corporate Social Responsibility activities are implemented through the Centenary Foundation.
“The continued growth of the Sacco underscores our sound governance and management practices. The Sacco has also adapted to technological advancements,” said Erick Muriti, Chairman of the Supervisory Committee.
The Sacco has utilized alternative banking channels, such as mobile banking through the USSD code *477#, agency banking, Visa-branded ATM card services, personalized checkbooks, and a Paybill number. These innovations have significantly enhanced the convenience of banking for members.
Centenary Sacco aims to provide affordable credit facilities that promote economic prosperity for its members, regardless of their financial status. It seeks to demonstrate that lending and educating members can transform lives and foster personal satisfaction.
According to Mr. Phineas Kithinji, the Sacco CEO, individuals from various backgrounds—employees, small-scale entrepreneurs, farmers, casual laborers, “Jua Kali” workers, traders, and retirees—are vital to the economy and should be supported at minimal cost. This support will ultimately contribute to the growth of the entire country’s economy.
