  Cosmopolitan Sacco reported remarkable financial results for the fiscal year 2024, showcasing a robust performance that reflects its commitment to serving its members effectively.
The Society’s total income experienced a significant surge, reaching an impressive Ksh1.61 billion, up from Ksh1.35 billion in 2023. This increase in revenue not only highlights the Sacco’s growth trajectory but also enhances the overall value delivered to its members.
As a result of the strong financial performance, members benefitted from improved annual returns, with the Sacco distributing a total payout of over Ksh870 million as annual returns. Shareholders enjoyed dividend payments at a high rate of 16%, while interest on dividends was paid at 12.04%.
“These returns underscore the Sacco’s commitment to rewarding its members through effective profit-sharing practices,” said Mr John Rukwaro, the Sacco Board of Directors Chairman. He spoke during the 45th Annual General Meeting.
Cosmopolitan Sacco demonstrated impressive growth in balance sheet, with total assets rising significantly to Ksh11.68 billion, up from Ksh10.28 billion in the previous year. This increase of over Ksh1.37 billion indicates a strong foundation for future growth. Additionally, the share capital experienced a healthy rise, reaching Ksh387.2 million, which positions the Sacco well for further investments and member services.
The Sacco has also successfully fulfilled its core mandate by enhancing its product offerings to better align with the diverse needs of its members. In a bid to tailor its services, Cosmopolitan Sacco improved its salary advance product by extending the payment period from 12 months to an attractive 18 months, thus providing greater flexibility to members.
This customization of products resulted in a notable increase in loan uptake, with the loan book expanding to Ksh8.94 billion in 2024 from Ksh8.18 billion in the previous year. The membership base has also posted growth, registering an increase of 13.19%, bringing the total number of members to 38,629 at the close of the financial year under review. This growth is in line with the strategic plan set forth by the Sacco leadership to enhance its reach and impact.
As a result of this surge in membership, total deposits also rose substantially, reaching Ksh9.06 billion in 2024, compared to Ksh8.17 billion in 2023. To recognize the efforts of its savers, the Sacco leadership acknowledged best savers were publicly, further encouraging a culture of saving among its members.
Cosmopolitan Sacco opened a new office in Olenguruone last year, bringing services closer to its members and facilitating easier access to Sacco products. To further enhance the member experience, the Sacco established a dedicated call center, ensuring prompt communication and assistance for members. For any inquiries, members can reach out using designated phone numbers, 0111003500 or 0722388616.
Looking ahead to 2025, the Sacco has scheduled various training and education forums to empower members with knowledge and skills that will benefit their financial decision-making.
Mr. Rukwaro emphasized the importance of leveraging technology to drive growth and improve service delivery. As part of this initiative, the Sacco has enhanced its network connectivity by installing additional masts in Orkuto and Olenguruone, ensuring that members have seamless access to services and information.
“Our strong financial results and strategic initiatives reflect our commitment to enhancing our members’ experience, promoting growth, and fostering a supportive community for all,” he said.
Cosmopolitan Sacco has transformatively served its members for the last 48 years. Established in 1977, the main objective of the Sacco is to promote thrift amongst members and accumulate savings, creating a source of funds from which the members can borrow at a fair and reasonable cost. This promotes the economic and social welfare of the members and the community.
Cosmopolitan Sacco has been regulated by SASRA (Sacco Society Regulatory Authority) as a deposit-taking business since 2011.
“We are committed to our members, which drives us to create innovative products and invest in cutting-edge technology. Our product offerings are among the most competitive in the financial market. Currently, we are executing a five-year strategic plan (2024 – 2028) designed to elevate our growth to new heights. We anticipate remarkable financial improvements by 2025,” stated Mrs. Elizabeth Njoroge, the Sacco CEO.
