Sharp Daily
No Result
View All Result
Tuesday, October 7, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Harambee Sacco launches KES 4 billion share capital drive

Brenda Murungi by Brenda Murungi
February 23, 2024
in News
Reading Time: 1 min read

Harambee Deposit-Taking Sacco plans to generate KES 4 billion within the next two years via a share capital campaign, aiming to reduce reliance on external funding sources. As per the Sacco’s financial statements, the Society closed the year with KES 3.05 billion worth of external borrowing compared to KES 3.52 billion in 2022.

Harambee DT Sacco, ranked as the fourth largest financial cooperative society based on asset size, recorded a notable 17.5% rise in net interest income, reaching KES 2.8 billion, with a corresponding 4.2% increase in net surplus to KES 804.6 million.

To reduce reliance on external borrowing, which reached KES 3 billion in 2023, the Sacco is embarking on a strategic initiative to raise KES 4.0 billion through a share capital drive. This move is also expected to bolster liquidity levels within the Harambee Sacco.

Established in 1969 by employees of the Office of the President, Harambee Sacco ranks 4th largest in assets size and has a membership of over 80,000 drawn mainly from Government Ministries, Departments, and Agencies. It paid an unprecedented KES 12 per share as dividend and 8.5% as interest on members’ deposits.

RELATEDPOSTS

How Kenyan banks can modernize without marginalizing

June 4, 2025

Exploring the implications of undersubscription and yield movements of the treasury bills.

April 29, 2024

While addressing the Sacco’s AGM, Commissioner for Co-operatives David Obonyo cautioned Sacco to safeguard their core business of lending and not to pay too much dividends and interest on members’ deposits.

Harambee Sacco has established goals to strengthen its institutional capital, expand its membership base, and transition all its processes to digital platforms to provide high-quality financial products and services to its members.

As part of a turnaround strategy initiated over three years ago, the Sacco has been divesting properties from its real estate portfolio, including several maisonettes located in Mombasa, Kisumu, and Siaya Counties, to increase its cash reserves.

Previous Post

Lawmakers accuse police of fuelling illicit alcohol trade

Next Post

Combating fraud in real estate: Escrow accounts explained

Brenda Murungi

Brenda Murungi

Related Posts

News

Kenya Q2’ 2025 GDP growth accelerates to 5.0%

October 3, 2025
News

Argentina’s crisis and Kenya’s lessons on political economy and market confidence

September 25, 2025
News

Kenya’s financial system remains stable but faces rising risks

September 25, 2025
News

Where do Kenyan stock returns come from? A napkin framework

September 19, 2025
News

September snapshot: CMMF yields 13.12% as month unfolds

September 5, 2025
Private equity investment business concept
News

Private equity and insurance

September 4, 2025

LATEST STORIES

Equities, Bonds, or Fixed Deposits?

October 7, 2025

Kenya’s Inflation is creeping up, What it means for investors

October 7, 2025

The Role of Micro-Pensions Plans in Kenya

October 3, 2025

Understanding the link between international aid and cooperative finance stability in Sub-Saharan Africa

October 3, 2025

Kenya Pipeline Company IPO

October 3, 2025

Kenya Q2’ 2025 GDP growth accelerates to 5.0%

October 3, 2025

Kenya’s Regulated SACCOs Cross Trillion Shilling Mark

October 2, 2025

Post-September review: What CMMF did and what’s next

September 26, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024