Kimisitu Sacco Description

Kimisitu Sacco was formed in March 1985 by a group of Staff from ICRAF. The society was formed mainly to promote thrift among its members by affording them an opportunity for accumulating their savings; and to thereby create a source of funds from which loans can be made to them exclusively for provident and productive purposes, at fair and reasonable rates of interest; thereby enabling them to use and control their money for their mutual benefit. The Sacco’s founder members were: Dennis Wambugu (Chairman), Jane Waweru (Secretary), Simon Kanani, James Wahome Charity Kanyeki and Fred Gitau.

Kimisitu opened membership to other international organizations,In order to achieve a solid base for growth. Organizations  admitted included IDRC, Ford Foundation and the Rockefeller Foundation consecutively in the formative years. The society has enjoyed tremendous success such that  as at 31st December 2012 it had over 300 member organizations and over 6,000 individual members. It draws its membership from employees of Foreign Institutions, Missions, Embassies, Non-Governmental Organizations and any other organization approved by the Board of directors.

Kimisitu Sacco Values

• Integrity
• Equality
• Equity
• Respect
• Commitment
• Professionalism
• Transparency and Accountability

Kimisitu Sacco Logo

Kimisitu Sacco Contacts

Physical Address: South B, Nairobi
P.o Box: 10454-00100 Nairobi
Tel: 0202212840
City/Town: Nairobi Town, Kenya
E-mail: Admin@kimisitusacco.or.ke
Web: http://www.kimisitusacco.or.ke/

Kimisitu Sacco Photo

Kimisitu Sacco News

Higher loans uptake lifts Kimisitu Sacco’s profits

Updated On: 14th March 2017
Source: www.standardmedia.co.ke

Kimisitu Sacco has posted a 22 per cent growth in net profits for the 2016/2017 financial year. The Sacco registered a Sh100 million net profit from Sh440 million to Sh540 million in the period under review. Sacco chairperson Janerose Mwangi said the profits were a result of returns from interests on loans advanced to clients. Loan uptake went up by 24 per cent.

profits By Lee Mwiti | Published Tue, March 14th 2017 at 00:00, Updated March 13th 2017 at 18:58 GMT +3 SHARE THIS ARTICLE Share on Facebook Share on Twitter PHOTO:COURTESY Kimisitu Sacco has posted a 22 per cent growth in net profits for the 2016/2017 financial year. The Sacco registered a Sh100 million net profit from Sh440 million to Sh540 million in the period under review. Sacco chairperson Janerose Mwangi said the profits were a result of returns from interests on loans advanced to clients. Loan uptake went up by 24 per cent. “We have registered an impressive performance in terms of growth of membership, assets, deposits and loans at a rate of 7.1 per cent 19.2 per cent 16.7 per cent and 24 per cent respectively. This is above the industry average rates. In the same financial year, Kimisitu Sacco’s total asset base grew from Sh3.65 billion in 2015 to Sh4.35 billion in 2016 with stronger capitalisation recorded at 22.19 per cent growth on turnover,” said Ms Mwangi. Members will now be paid dividends at a rate of Sh6 per share. Principal Secretary for Co-operatives Ali Noor, who was the chief guest at the Sacoo’s Annual General Meeting, lauded its management for starting housing products for members dubbed “Makao Halisi”.