Meru, Kenya, 15^th January 2022 – Solution Sacco emerges the most profitable SACCO in the region as it pays out dividends at 18% and interest on deposits at 13%

With an exemplary financial performance last year, the Board of Directors declared payment of dividends at 18% up from 16%, and interest on deposits at 13% up from 12.13%. The high returns point to a Sacco that is poised to soar in the competitive financial sector. The Sacco’s agility and ability to adapt to the changing market have influenced its tremendous growth and success on many fronts.

Good governance practices coupled with members’ loyalty accelerated Solution Sacco’s financial growth. Audited Financial Statements for the year ended 31st December 2021 indicate that the Sacco registered impressive growth in all key parameters.  The Sacco posted a 45% growth on members’ deposits to reach Ksh 1.71 billion, up from Ksh1.18 billion in 2020, which the total assets jumped by 30% to hit Ksh7.35% in 2021 from Ksh 5.64 billion in 2020. The licensed Deposit-Taking Sacco generated total revenue amounting to Ksh1.34 billion from Ksh1.07 billion in 2020, with a target of hitting Ksh4 billion revenue from total assets worth Ksh20 billion by 2026.

“We will continue leveraging on technology to spur our growth and improve efficiency and convenience in the delivery of our services,” said the Chairman, Mr. Rimberia, who was speaking during the Solution Sacco members during the AGM 2022 annual general meeting, held at St Michael Retreat Centre.

Mr. Daniel Marete, the Sacco Chief Executive Officer, reiterated their commitment to partnering with communities to uplift their socio-economic status. “We are in the process of establishing a foundation for our Corporate Social Responsibility (CSR) activities. We want to be actively involved in giving back to the community,” he said. Among the key focus areas include education and environment, with the Sacco sponsoring needy and bright students and taking a leading role in environmental conservation. Currently, the inaugural tree planting exercise dubbed Panda Miti, Boresha Maisha is at the top gear with the Sacco targeting to plant over 10,000 environmentally friendly trees in partnership with schools, communities, and Kenya Forest Service (KFS).

Mr. Victor Mwikumi, the Chairman Supervisor Committee, said the Sacco has increased efficiency and convenience in banking by providing members with alternative channels such as mobile App, USSD code, ATM cards, and Agency banking. “Our members can transact anytime and anywhere. Our growth rates are encouraging, and our reserves are adequate and above the minimum recommended by the regulator.