Stima SACCO: Empowering Youth Through Financial Innovation
Stima SACCO, Kenya’s second-largest SACCO by asset base, is making waves in the financial sector with its focus on youth empowerment. Under the leadership of Gamaliel Hassan, the organization has positioned itself as a key player in driving economic growth and development, particularly among the younger generation.
Leadership and Vision
Gamaliel Hassan, the CEO of the 51-year-old financial institution, has been at the forefront of Stima SACCO’s mission to empower young people. His vision for the future includes expanding the SACCO’s asset base to KSh 113.5 billion within the next five years through the 2025-2029 strategic plan. This ambitious goal involves increasing membership from 220,650 to 385,000 and boosting revenue from KSh 10.2 billion to KSh 19.3 billion.
Hassan emphasizes that the youth are at the core of Stima SACCO’s strategy. He believes that by creating spaces and solutions that reflect the realities and aspirations of young people, the SACCO can foster sustainable change and collective progress.
Financial Growth and Achievements
According to the SACCO Societies Regulatory Authority (SASRA), Stima SACCO has total assets valued at KSh 66.81 billion, with deposits of KSh 46.69 billion. The report highlights that in 2024, the SACCOs’ total assets increased by 10.72%, surpassing the trillion mark for the first time, reaching KSh 1.076 trillion. This marks the highest growth over the last five years.
Hassan also shared insights into the SACCO’s financial performance. For the year ending December 31, 2024, the SACCO announced an interest rebate of 11% and a dividend of 16% per share on fully paid-up shares. The payout for these items rose from KSh 4.1 billion in 2023 to KSh 4.6 billion. The balance sheet increased by 12% from KSh 59.15 billion in 2023 to KSh 66.44 billion in 2024, while the loan book increased by 11% from KSh 45.15 billion to KSh 50.24 billion.
Empowering the Youth Through Education
One of the key ways Stima SACCO empowers the youth is through education. The SACCO’s Corporate Social Responsibility (CSR) initiatives include sponsoring the education of young people who show exceptional potential and commitment to growth.
“We have sponsored 10 students from high school to the university level, spending an estimated KSh 3.5 million. One of our beneficiaries recently embarked on her bachelor of laws degree journey at Mount Kenya University, a reflection of our belief that access to education is key to unlocking potential and driving sustainable change,” Hassan explained.
Investing in Youth Talent
In addition to education, Stima SACCO actively invests in youth talent through sports. The SACCO’s football sponsorship initiatives, including the donation of kits to community teams, promote teamwork, discipline, and leadership values that align with its mission to nurture the next generation.
The SACCO’s product portfolio is also designed to meet young people at every stage of their growth. From asset finance at 12.95% and mortgage loans at 9%, to business loans, flexible savings, and investment opportunities offering returns of up to 16%, Stima SACCO ensures that its services cater to the diverse needs of the youth.
Embracing Digital Innovation
Recognizing that the youth value convenience, Stima SACCO has invested heavily in digital innovations such as mobile loans and a self-onboarding portal that allows one to join and transact without visiting a branch. Hassan emphasized that the SACCO’s five-year strategy is anchored on leveraging Artificial Intelligence and emerging technologies to enhance member experience and service delivery.
To join the SACCO, one requires a minimum of KSh 3,100 to open three accounts: a prime account, an alpha deposit, and buy shares (share capital). This initiative reflects the SACCO’s commitment to making financial services accessible and inclusive for all.
This year, the SACCO undertook a deliberate journey to understand the evolving needs of the youth. Through extensive feasibility studies, it sought to identify what truly matters to them, leading to the creation of a youthful, tailor-made product that is set to launch soon.