Digitisation Boost Harambee Sacco Revenues to Sh5Billion
Harambee Sacco defied the tough operating environment to recorded an impressive revenue increment despite the heavy burden of a depressed economy.
The giant savings and credit cooperative posted an upward revenue trajectory from Sh 4.22 billion in 2021 to an all-time high of Sh5.01 billion in 2022.
The Sacco which serves much of the civil service employees also grew it’s assets portfolio from SH 34.6 billion to Sh 37.01 in the financial year which ended in 2022.
According to the CEO, George Ochiri the Sacco also posted significant growth of loans and advances from SH 24.3 billion to Sh 27.23 billion in the period under the review.
With the rapid adoption of fit-for-purpose financial information technologies, the Sacco is currently moving its services online with 98 percent of its services and products now accessible through online platforms.
“Having started at the height of the Covid-19 pandemic, our focus with regards moving our services to the mobile platforms was crowned in the financial year 2022”, said Ochiri.
Harambee Sacco Chairman, Macloud Malonza said the high performance was attributed to the fast-adaptive nature embraced by the management to meet the diverse needs of it’s members.
“In order to sustain our growth momentum going forward, the Board of Directors, is putting in place a robust intervention mechanism that will ensure this growth curve is not only sustained but improved through the deployment of an agile, dynamic and resilient strategy,” Malonza said.
Malonza who is leading the Sacco’s 52nd Annual General Meeting on Monday said will also be rolling out an inter-generational dialogue strategies to attract young people.
“We see ourselves as a family, community and national cooperative guided by strong family values. The sacco has done extremely well and our vision is to grow it to greater heights”, he said.
This year’s highlight is the dividend payout with the society paying 8% dividend to members, which is a 2% increase from 2020.
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