KDF, police millionaires as Harambee Sacco pays 15pc dividend on shares

Former NMS Director General Maj Gen (Rtd) Mohamed Badi receives a certificate during the Harambee DT Sacco Society Ltd Millionaire's club breakfast meeting for top savers at PrideInn Paradise Hotel in Mombasa, on May 13, 2025. [Kelvin Karani, Standard]

Harambee Sacco is on the path of financial stability after it cleared Sh6 billion in bad debt and its asset base grew from Sh38.6 billion last year to Sh38.73 billion in 2025.

The Sacco Chief Operations Officer, Renson Mwandoe announced that members will enjoy a 15 per cent share capital and an interest rate of 10 per cent.

"We had lost glory as the biggest savings cooperative in 2019 because of the bad debt but we have regained our good financial standing now," said Mwandoe.

He noted that currently the Sacco has 78,644 members, including 3,600 who are dormant. Majority shareholders include the Kenya Defence Forces (KDF) and police officers.

The Chief Operations Officer was speaking during a millionaire breakfast meeting in Mombasa where 104 millionaire shareholders were awarded by Harambee Sacco.

Mwandoe said the highest shareholder, will be paid a dividend of Sh2 million.

"Our highest shareholder currently has 13.4 million shares and will earn a lump sum dividend of over Sh2 million, translating to at least Sh167,500 every month," he said.
Anthony Mutuku, who is a top seven shareholder at the Sacco, said he has saved for more than 39 years.

"I started saving the little money I earned until I became top seven. I wish to tell the youths that it is good to save early. If I knew, I would have saved more early," said Mutuku.
Elaine Mdawida revealed that she bought land and developed property through Sacco savings and loans.

The mother of four said that she started saving in Harambee Sacco in 1995 and aims to be a billionaire soon.

Mdawida said she has introduced her first child to the Sacco and will transfer the shares to the children after she retires.

"I have bought land and invested in properties through Harambee Sacco. I have used loans from the Sacco to invest. It is never too late to save. I will become a billionaire. Even after retirement, I will join Ufanisi," said Mdawida.

While encouraging a saving culture among Gen Z, Mwandoe said that most parents were able to pay fees through Sacco savings and loans.

He regretted that Kenyans, especially the young generation, are not saving and are tied down by bank loans and busy paying debts.

"As a community we do not have a saving culture. Young people are getting Americanised and choked with bank loans with high interest rates. We must develop a saving culture for tomorrow's future, and unfortunately there are no permanent jobs," said Mwandoe.

He said they have automated Sacco's products to make it easy for youths to access them, including loans up to Sh3 million.

Mwandoe said the Sacco seeks to retain its retired members through the Ufanisi product, where the old members will contribute as low as Sh1000.

Director of Cooperatives Mombasa County, Nelson Nyoro, said that the government is happy with Harambee Sacco's transformation journey.