Stima Sacco Records Remarkable Performance at 50th AGM, Sets Pace For Growth in 2024 and Beyond

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By Corporate Watch

Celebrating five decades of dedicated service and experience within the Sacco sector, Stima DT Sacco’s long standing presence and proven track record underscores the institution’s deep understanding of the intricacies in the SACCO industry. Stima Sacco is positioned as a trusted partner and leader in providing innovative financial solutions and fostering sustainable growth within communities. The institution’s ascension to leadership within the Sacco sector has been characterized by an unwavering commitment to excellence, exemplifying a relentless pursuit of innovation, integrity, and service to its members as Corporate Watch Magazine’s KJ Odongo narrates from the institution’s 50th Annual General Meeting.

Stima DT Sacco , the 2nd Largest Sacco in Africa by asset size celebrates 50 years of empowering lives this year having posted impressive and solid results and achieving 100% of its total revenue target in the year 2023.

The institution’s consolidated deposits increased by 9.4% from Kshs.39.43 billion in 2022 to Kshs.43.13 billion in 2023. Stima Sacco’s loan book grew by 9.3% from Kshs.41.3 billion to Kshs.45.2 billion. The Sacco’s balance sheet grew by 10% from Kshs.53.8 billion in 2022 to Kshs.59.15 billion in 2023.

“We have been able to increase our total revenue from Kshs7.4 billion to Kshs 8.9 billion. This growth is a testament to our commitment to sound financial management and prudent risk practices. We have continued to support members in realizing their financial goals, whether it be through loans for home ownership, education, or business expansion. Overall, our financial performance for the fiscal year 2023 has been very strong, and not only ensures our sustainability, but also enables us to reinvest in our members and communities,” said Stima Sacco National Chairman Eng. Albert Mugo in his report at the Annual General Meeting.

In view of the good results, the Board of Directors recommended the payment of a first and final dividend of 15 percent per share on fully paid-up shares as of December 31, 2023, further recommending a payment of interest rebates on members’ deposits at the rate of 11% for the year under review.

The total pay-out for the two items approved by delegates was thus Kshs.4.06 billion in 2023 compared to Kshs. 3.56 billion in 2022.

“We delivered on our Vision of redefining financial wellness and our mission of empowering our members for life. As a Sacco, we understand the importance of having sufficient funds to meet our members’ needs.

To this end, we put measures in place to ensure that we maintained adequate liquidity levels at all times. Our liquid assets against total deposits and long-term liabilities ratio increased from 78.98% in 2022 to 90.08% as at the end of 2023.

These figures are well above the statutory required limit of 15%, marking our liquidity ratio as the highest in the market,” reported Stima Sacco Chief Executive Officer Dr. Gamaliel Hassan, Ph.D.

Moreover, the Sacco’s core capital over total assets and core capital over total deposits ratios increased from 17.22% and 23.49% to 17.94% and 24.60% respectively, well above the required limits of 10% and 8%. The Statutory minimum Core Capital is Kshs10m against the Saccos’ Kshs10.6B in core capital.

Stima Sacco’s institutional capital versus total assets ratios improved from 11.66% in 2022 to 11.93% in 2023, adhering to the regulatory requirement of 8%, cushioning the Society against external shocks.

“We are well positioned to absorb volatility in the external environment and pursue future growth opportunities. It is exactly this exemplary performance that drives our ability to invest, grow, face disruption in distribution and demonstrate tremendous resilience against adversity and change,” noted the Stima Sacco CEO adding that he is particularly proud to highlight the remarkable growth in the institution’s membership base, a testament to the trust and confidence members place in the Sacco.

Presiding over Stima Sacco’s 50th Annual General Meeting (AGM), Cabinet Secretary Ministry of Co-operatives and MSMEs Development Hon. Simon Chelugui lauded the institution for its impressive performance while encouraging it to create an environment where co-operatives thrive, empower communities, and drive inclusive growth.

“Recently, significant progress has been achieved with the Co-operatives Bill successfully clearing its final hurdle following constructive discussions between my office and the Council of Governors and now in Parliament.

Once enacted, this bill will establish a regulatory framework that not only conforms to constitutional principles but also incorporates best business practices, propelling our co-operatives towards a new era of growth and sustainability,” stated the CS.

He added that the legislative developments are a pivotal step towards elevating the co-operative sector to new heights of success.

“We envision a future where co-operatives emerge as robust, inclusive, and well-governed entities, contributing significantly to our nation’s economic landscape,” said Hon. Chelugui.

The Society’s focus on member-centricity and personalized service delivery continues to differentiate it in the market, driving sustained member engagement and loyalty. “Because we have ensured that we are delivering value to our members, our numbers in the past year grew from 177,260 to 200,145,” added Dr. Hassan.

In the previous year, the Sacco’s strategy implementation focused on three key areas: branch expansion, system upgrade, and channels improvement.

Branch Expansion…

In the year under review, the Sacco embarked on an expansion drive to bring quality products and services to all Kenyans. This saw the institution launch Branches in Electricity House – Nairobi, Waumini Plaza in Kisii, and at Greenwood City Mall in Meru.

This has improved the Sacco’s Branch network to twelve, as well as service points in Naivasha and Embu. The Sacco’s decision to expand its branch network is based on its commitment to making it easier for members to access services.

“In this modern age, we do understand that convenience has necessitated the adoption of technology in every industry. Our members may of course access services via our online platforms – be it mobile or digital banking, ATM services, as well as our 72 Stima Sacco Mlangoni agents spread throughout the country,” noted Dr. Hassan.

System Upgrade…

In January of 2023, the Sacco transitioned to a core-banking system reflecting its commitment to modernizing operations, enhancing service delivery, and staying ahead of industry trends.

By moving away from the limitations of an ERP system and adopting a specialized core-banking solution, the Sacco has positioned itself to better meet the evolving needs and expectations of its members in an increasingly digital and competitive landscape.

Undoubtedly, the transition process was not without its share of challenges. From technical complexities to organizational change management. However, despite these challenges, Stima DT Sacco has successfully navigated the transition, which speaks volumes about the resilience, determination, and adaptability of its leadership, staff, and stakeholders.

It demonstrates a commitment to continuous improvement and a willingness to embrace change in pursuit of excellence.

Moving forward, the intention is to leverage on the new core-banking system to drive operational efficiency and deliver a superior member experience. With real-time data insights, streamlined processes, and innovative digital services at its disposal, the Sacco is well-positioned to capitalize on emerging opportunities and maintain its competitive edge in the market.

Channels Improvement…

One of the most significant advancements resulting from the institution’s transition was the introduction of the Sacco’s Internet Banking platform and the M-Stima mobile banking app.

These digital channels represent a quantum leap in the institution’s ability to provide convenient and secure banking services to its members, anytime, anywhere.

Additionally, the Sacco has been able to extend its digital offerings to include credit products previously only available through traditional channels. The Salary Advance product, for example, can now be accessed and processed entirely online, providing members with instant access to much-needed funds when they need them most.

The Sacco now anticipates the introduction of the Emergency and Prime Advance loans on both platforms, in addition to the already existing M-Pawa and Funika Loans.

“It is important to note, however, that our success is not measured solely by financial metrics and the strategies involved with achieving these goals. At Stima DT Sacco, we are committed to creating meaningful impact in the lives of our members and the communities we serve.

Through our various initiatives in financial literacy, education, and social responsibility, we are empowering individuals to build brighter futures for themselves and their families. We believe that true prosperity is not just about wealth accumulation but also about creating opportunities for others to thrive,” asserted the Stima Sacco CEO.

In the year 2023, Stima Sacco was recognized for its exemplary performance with awards in the category of Most Preferred SACCO in Real Estate Financing in 2023 – Real Estate 100 Awards, Award for Best SACCO in Automotive Asset Finance in 2023 – 5th Automotive Industry Awards, Award for Best SACCO in Digital Financing 2023 – Digital Tech 100 Awards. The SACCO also attained a Gold Mark in recognition of excellence in enterprise Information Technology adoption 2023 – dx100 Awards (Formerly CIO100 Awards).

Further, Stima Sacco’s Chief Executive Officer; Dr. Gamaliel Hassan was recognised as one of the 50 Most Influential and Inspiring CEOs in Kenya.

The Sacco remains steadfast in its dedication to innovation, excellence, and customer satisfaction and continues to invest in technology to enhance its service delivery, streamline processes, and stay ahead of evolving market trends.

“We will further strengthen our risk management frameworks to ensure the safety and security of our members’ funds. And most importantly, we will remain true to our core values of integrity, transparency, and inclusivity in everything we do,” declared Dr. Hassan.

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