By JAMES KARIUKI
Kimisitu Sacco members approved the purchase of a Sh150 million office space in Nairobi to serve as headquarters, citing long-term cost savings compared to leasing. The decision was made in 2019 as part of the sacco's strategic expansion plans.
The cooperative's 7,342 members chose the purchase over annual leasing fees of Sh9 million, enabling construction of a five-floor headquarters on Woodlands Avenue at a total cost of Sh443 million. The planned Kimisitu Plaza development was postponed to a later phase.
Chairman Philip Oyuko emphasized the move's importance for expanding services through the Front Office Savings Activity (Fosa) initiative, which requires Sh24 million in funding. 'Fosa will enhance our product offerings and revenue streams while ensuring compliance with Sasra regulations,' he stated.
In 2018, the sacco's turnover reached Sh705 million, a 13% increase from Sh623.4 million in 2017. Deposits grew 14% to Sh4.7 billion, with loan disbursements rising to Sh4.8 billion. Oyuko noted improved efficiency from a Sh56.5 million investment in paperless operational systems.
Established in 1985 by ICRAF staff, the sacco now serves members from international organizations, NGOs, and diplomatic missions. Its assets increased 16.5% to Sh6.05 billion, with a 20% dividend declared on Sh42.6 million in share capital and 11% interest on deposits.
