Your Success, Our Pride
Sacco revenue hits the billion-mark
Yetu Sacco achieved a significant milestone last year, with its total revenue surpassing Ksh 1 billion for the first time in its 33 years of service. As of December 31, 2024, the Society’s total revenue increased from Ksh 919.9 million in 2023 to an impressive Ksh 1.15 billion. The net profit rose by 58%, highlighting the Sacco’s financial performance strength.
Thanks to this success, the Sacco members enjoyed substantial annual returns of over Ksh 443 million, a significant increase from Ksh 340 million the previous year. The Sacco Board of Directors announced a dividend payment of 19% on shares and an interest rate of 13% on deposits. For five consecutive years, the Sacco has demonstrated its commitment to delivering high payouts, emphasizing the value it places on its members.
Yetu Sacco continues to thrive, experiencing rapid growth while ensuring financial stability to adequately meet its members’ needs. Total assets grew by 23%, reaching Ksh 7.86 billion in 2024, up from Ksh 6.4 billion in 2023. Notably, the quality of assets improved, with a significant decline in non-performing loans.
“Our impressive growth reflects our sound financial performance, marking yet another milestone for which we are immensely proud. We extend our gratitude to our members for their unwavering support, the Board of Directors for their visionary leadership, and our dedicated staff for their hard work in executing our strategic plan,” said Mr. Mark Gitonga, the Sacco Chairman, during the Sacco’s 33rd Annual General Meeting.
Yetu Sacco has consistently demonstrated its resilience in a challenging economic landscape. Loans to members surged by 37%, growing by Ksh 1.5 billion to reach Ksh 5.52 billion in 2024. Concurrently, members’ deposits grew by 20%, rising to over Ksh 4.87 billion from Ksh 4.05 billion in 2023. Prudent financial management has allowed Sacco to establish a contingent provision on its loan portfolio.
Its share capital also doubled, increasing from Ksh 254.7 million in 2023 to Ksh 553.9 million in 2024, signaling its robust financial stability in serving members. With competitive interest rates and exceptional service tailored to members’ unique needs, the Sacco continues to attract new members. Last year alone, 20,084 individuals joined its community, bringing its total membership to 104,159.
Members attended the Annual General Meeting (AGM) in large numbers, demonstrating their confidence in the Sacco. Last year, the Sacco opened new branches across various counties, which have continued to register growth.
To provide members with quality financial solutions, the Sacco has embraced good corporate governance, ensuring that all operations adhere to the rules and regulations governing the Sacco industry.
“Our stellar performance is a result of operating within the guidelines stipulated by the regulator. We have ensured compliance with all prudential guidelines, which has been the foundation of our tremendous growth as we strive to improve the lives of our members and build a sustainable financial institution. We have emerged as a benchmark for others,” said Mr. Gitonga.
The Sacco has constructed a magnificent six-floor headquarters in Nkubu town, featuring spacious banking halls and offices to enhance customer satisfaction. The building is now an iconic structure in Meru County.
Mr. Gitonga emphasized the Sacco’s commitment to providing value to its members. “Our main focus is on continuously digitizing our processes and services to improve our customer-centric culture and enhance our operations,” he stated. He is optimistic that the Sacco will achieve even better results in 2025.
Hon. Wycliffe Oparanya, the Cabinet Secretary in charge of MSMEs and Cooperative Development, who graced the colorful AGM along with his Principal Secretary, Patrick Kilemi, congratulated Yetu Sacco for upholding good leadership and management, noting that these qualities are the backbone of an organization’s success.
He emphasized that the government would oversee Saccos to ensure they continue thriving, given their potential to promote the nation’s development agenda.
“I am happy to note that Yetu Sacco has maintained sustainable growth. Your high annual returns to members as dividends and rebates, as well as provision of affordable loans, tells Yetu is a good Sacco. You must continue adhering to the set rules and regulations,” the CS said.
The event was also attended by various leaders, including Kiraitu Murungi, former Meru Governor; Mithika Linturi, Former Agriculture CS; Imenti South MP, Ithinji Shadrack Mwiti; and Nithi MP, Kereke Mbiuki, among others. They all commended the Sacco for leading the way in improving members’ lives.
CPA Dennis Kirimi, Yetu Sacco CEO, described the year 2024 as a transformative period for the organization. “By embodying our mantra, ‘Your Success, Our Pride,’ and through focused execution, we delivered robust performance while building a predictable, transparent, and sustainable institution that empowers both individuals and businesses,” he stated.
He affirmed that Yetu Sacco is on solid ground with a strengthened balance sheet, enhanced risk management and controls, sufficient liquidity, and sustainable profitability.
“We have invested in strengthening our risk management and technology capabilities to support our growth trajectory. Additionally, we have enhanced our use of data intelligence and analytics to make informed decisions and effectively meet our customers’ needs. The digitization of our operations has significantly improved our efficiency in serving members,” added CPA Kirimi.
Yetu Sacco is positioning itself to become the most preferred Sacco in the industry. The organization has launched new products, revamped its digital loans, and improved its consumer and retail banking services.
“We are building a Sacco that will reach new heights and stand as a testament to the relationships we have nurtured over our 33 years of impacting lives,” stated the CEO.
Last year, Yetu Sacco received three national awards for outstanding performance, recognizing its consistent provision of financial solutions that have greatly improved the lives of its members during Ushirika Day. The Sacco excelled in areas such as technology optimization, deposit management, and risk management.
As a leader in digital banking solutions, Yetu Sacco has enhanced its technology to facilitate efficient member transactions, increased agent banking, and offer free paybill transactions. Members can access all services from their offices and homes through mobile banking via the USSD code *691# and the Yetu-Cash app. The management has also established an interactive Member Portal.
The Sacco adopts market-driven services tailored to its members’ needs, ensuring they receive the best financial products and services available.
Ksh 7.86B
Total Assets
37%
Loans Growth Percentage
Mission
To grow and empower our membership by adopting innovative market-driven services
Vision
To be an inclusive financial institution offering high-quality services
