Saccos receive Sh3.8b dividend windfall from Co-op Bank stake

Co-operative Bank Chairman John Murugu (left) and Managing Director Gideon Muriuki (centre) present a dividend cheque of Sh3.8 billion to the Chairman of Co-op Holdings Co-operative Society Macloud Malonza at the bank’s head office in Nairobi. (Wilberforce Okwiri, Standard)

Savings and credit societies (saccos) which together have a controlling stake at Co-operative Bank, have received a Sh3.8 billion dividend windfall.

This is after Co-operative Bank shareholders approved a dividend payment of Sh1 per share at an annual general meeting last week.