Harambee Sacco has reinforced its position as a leader in Kenya’s cooperative movement, posting strong financial growth and increased member returns even as the government rolls out reforms to strengthen the sector.
Speaking during the Sacco’s Annual Delegates Meeting in Nairobi, Cooperatives Principal Secretary Kiburi Kilemi said new laws and policy proposals are underway to enhance governance and safeguard members’ deposits.
Kilemi noted that past challenges within the sector have informed stricter oversight, particularly on leadership accountability, financial management, and auditing standards. He also cautioned Sacco leaders against misuse of members’ funds and unrealistic financial reporting.
Amid these reforms, Harambee Sacco stood out for its resilience and steady performance.
The Sacco recorded a growth of 7,000 new members over the past year, with its asset base rising from KSh 37 billion to KSh 42.2 billion. Revenue also increased to KSh 7 billion, reflecting strong operational performance.
In addition, the Sacco announced a KSh 2.8 billion payout to members, translating to a 9.1 percent dividend—an improvement from the previous year.
Chairman Macloud Malonza attributed the performance to prudent financial management, a strong governance framework, and a continued focus on delivering value to members.
Sector leaders have pointed to Harambee Sacco as a benchmark for other cooperative societies, particularly in embracing transparency, sustainable growth, and member-centered services.
As reforms in the cooperative movement gather pace, Harambee Sacco’s performance underscores the potential of well-managed Saccos to drive financial inclusion and economic empowerment.
