In what seemed to be a difficult year for cooperatives in the country, Yetu Sacco managed to brave all the odds and post impressive returns at the end of the Year. Despite the difficult year, the Sacco registered growth in its asset base which as at December 31St 2022 stood at Kshs. 5,3Billion up from Kshs 4,7Billion December 31st, 2021. Gracing the AGM was the Cabinet Secretary Ministry of Cooperatives and MSME Hon Simon Chelugui and His Counter Part Hon Mithika Linturi Cabinet Secretary Ministry of Agriculture and Livestock Development. During the year, the Sacco was able to meet key milestones in the digitization journey by successfully enabling members to interact with the Sacco digitally and access the services from the comfort of their offices and homes. Successfully iOS users were enabled to access yetu-cash App, therefore enjoying all the services. Launch of a very interactive Member portal was one of the highlights since it has enabled members access their account across the globe.
18% Return on Share Capital and 13% Return on Member Deposit
The monumental growth through mobilization of deposits and prudent plough back of profits has left it with a healthy cash position. In the Year ended 2022 the Sacco shuttled the glass ceiling and in matters Dividend return. The Sacco paid a record high of 18% on share capital and 13% on member deposit. This was a game changer as the Sacco moved to offer reason why it is the Giant institution in the region. Key to this growth as noted by the Supervisory Committe Chairperson Mr., Palmer Nkungi was the gradual expansion that the Sacco had forged in the year under review. “The SACCO continues to seek growth by increasing its geographical footprint and enhanced customer experience at the existing branches. This has seen the launch of a new branch in Kitengela, relocation of the Meru branch, and expansion of the Nairobi branch.
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