By Anne Nyambura
Harambee DT Sacco has increased its dividend payout rate to 15%, solidifying its position as a competitive investment option for mid-to-long-term investors. The Sacco, which has been on a steady growth trajectory, also raised interest on deposits from 9% in 2023 to 10% in 2024. With these attractive rates, Harambee DT Sacco now offers some of the most competitive returns in Kenya’s financial market, surpassing some money market funds.
According to financial data from the deposit-taking institution, Harambee DT Sacco has consistently increased dividends on share capital over the last four years, while also marginally improving interest on deposits. This financial strength has helped the Sacco grow into a multi-billion-shilling institution, boasting over 80,000 members and an expansive branch network in major towns including Nairobi, Mombasa, Kisumu, Eldoret, Nakuru, and Nanyuki.
Harambee DT Sacco CEO Dr. George Ochiri emphasized that 2024 marked a turning point for the institution, citing significant financial and operational milestones. Notably, the Sacco surpassed the Institutional Capital Ratio requirement of 8%, achieving 9.9%, up from 7.7% the previous year. Additionally, the Sacco implemented the strict IFRS 9 reporting standard, ensuring compliance with global financial regulations.
“Our 2024 theme, ‘This is the Turning Point’, was truly realized as we strengthened our financial position and enhanced member engagement,” said Dr. Ochiri. “Now, we are setting our sights on 2025 with the theme ‘Exceeding Expectations’, aiming for even greater achievements.”Financial Highlights of 2024
Harambee DT Sacco posted impressive financial growth in 2024, recording:
Total Assets: Ksh 38.6 billion (up from Ksh 36.7 billion in 2023)
Loan Book: Ksh 32.0 billion (up from Ksh 29.1 billion)
Members’ Deposits: Ksh 26.2 billion (up from Ksh 24.6 billion)
Core Capital: Ksh 6.3 billion (up from Ksh 5.1 billion)
Share Capital: Ksh 2.5 billion (up from Ksh 2.3 billion)
Total Revenue: Ksh 7.01 billion (up from Ksh 5.7 billion)
Net Surplus: Ksh 1.46 billion (up from Ksh 1.2 billion)
Additionally, the Sacco successfully met and exceeded key statutory ratios, including Core Capital to Total Assets and Core Capital to Deposit Ratio, positioning it for future expansion.
The Sacco has also focused on strengthening member engagement. In 2024, the institution launched bi-weekly webinars to educate members on Sacco regulatory frameworks, mortgage loans, insurance services, and ICT innovations. Additionally, the Sacco expanded its presence across social media platforms, enhancing digital interaction with its members.
In a strategic move, the Sacco partnered with the Ministry of Interior and National Administration, allowing it to recruit new members from the Immigration and Citizen Services Department and the Internal Security Department.
Despite its strong performance, the Sacco faced some setbacks in 2024. Plans to open five new satellite offices across Kenya were postponed due to tight cash flows resulting from high loan demand. Instead, the focus shifted to renovating the Nanyuki FOSA branch, with completion expected in early 2025.
Other pending projects, including the renovation of the Nairobi FOSA Branch and the 3rd floor of Sacco Plaza, will now be prioritized in 2025.
As Harambee DT Sacco enters 2025, it aims to surpass its previous achievements under the theme ‘Exceeding Expectations’. Inspired by business leader Richard Branson’s philosophy.
“The key is to set realistic customer expectations, and then not to just meet them, but to exceed them”—the Sacco is determined to break barriers and achieve new milestones.
“Our future is bright. With a dedicated team, growing opportunities, and an unwavering commitment to excellence, Harambee DT Sacco is poised for even greater success,” added Dr. Ochiri.
