Shofco Sacco assets cross the Sh500m mark

Shofco Sacco Ltd has recorded a 70 per cent growth in assets to Sh662.8 million, according to its 2024 audited financial results.

The results presented during the Sacco's Annual Delegates Meeting on Tuesday reflect growth from the Sh390.0 million recorded in 2023.

The loan portfolio to members expanded to Sh514.8 million compared to Sh272.9 million disbursed the previous year.

"Our financial performance has improved, with notable increases in loan disbursements, member deposits, and overall revenue, reinforcing our commitment to providing accessible and impactful financial solutions," Shofco Sacco Chairman Dr Kennedy Odede (pictured) said.

At the same time, members' deposits grew by 62 per cent to Sh362.9 million compared to Sh224.1 million in 2023.

Dr Odede attributed the growth to what he termed the Sacco's sound financial management and prudent risk practices.

"Our investment strategies have been optimised to ensure maximum returns, fostering long-term sustainability. As we look to the future, our focus remains on strengthening financial sustainability, diversifying income streams, and enhancing service delivery," he said.

Shofco Sacco General Manager Victor Owiti said the Sacco has set an annual goal of attracting 8,000 new members.

"However, the year concluded with an impressive 10,714 new members, exceeding the target by 33.92 per cent," said Mr Owiti. "This substantial growth underscores the effectiveness of the Sacco's strategic initiatives, including targeted outreach, digital onboarding, and enhanced member engagement programs."

Revenue grew by 74 per cent to Sh68.6 million compared to Sh39.5 million a year before. Nairobi County Chief Officer for Cooperatives George Mutiso termed Shofco Sacco's growth as impressive.

"Growing your assets by 70 per cent is not a joke. I have attended several AGMs this year in Nairobi, and I have not seen a Sacco that has grown like this one. You have also grown your investment and almost doubled your share capital. Growing your share capital by 70 per cent shows that your Sacco is able to withstand any calamity," said Mr Mutiso.