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Stima Sacco Remains Steadfast in the Wake Of ORPORATEKeeping Your Business In Mind MAY 2021 EDITION Kshs. 200, US$ 2 ISSN 2305-5561 11 9 772305 556001 Stima Sacco Remains Steadfast In The Wake Of Covid-19 Pandemic1 KenGen to Payout KSh.1.98 Billion in Dividends to Shareholders XXXXXXXXX KCB, Jubilee Health to launch Unique Seniors, Dr. Gamaliel Hassan, PhD Stima Sacco CEO Juniors Scheme CORPORATE WATCH | MAY 2021 EDITION www.corporatewatch.co.ke You can now contribute directly into your NSSF account through M-PESA. This is a fast, easy and convenient way to increase your contributions through your mobile phone. Simply follow the instructions listed below to do so: PROCEDURES ON HOW TO MAKE A CONTRIBUTION USING 2 Step 1 Step 2 Step 3 Step 4 M-PESA Payment Enter Business Enter Account Send Money Services Number Number Withdraw Cash Pay Bill 333300 XXXXXXXXXX Buy Airtime M-Shwari Payment Services My Account Go to your M-PESA menu Select Pay Bill in the Enter Business Number Enter NSSF Number and select Payment Services M-PESA Menu which is 333300 you wish to pay for Step 5 Step 6 Step 7 Enter Amount Enter PIN Pay Bill 3200 **** Pay Bill 333300 You will. Received a text Account message confirming that XXXXXXXXXX the amount has been sent Kshs 3200 to NSSF. OK Enter the amount you wish to pay Enter your M-PESA PIN Confirm details are correct for (Between Kshs. 200 – 70,000) and press OK National Social Security Fund P.O. Box 30599-00100, Nairobi, Kenya | Main Line 020 2729911, 2710552 | Toll Free Line 0800 2212744 Email info nssfkenya.co.ke | Website www.nssf.or.ke MAY 2021 EDITION | CORPORATE WATCH DIB Strengthens Digital Banking 12 With Introduction Of Pesalink KenGen to Payout KSh.1.98 Billion 14 in Dividends to Shareholders You can now contribute directly into your NSSF account through M-PESA. This is a fast, easy and convenient way to increase your contributions through your mobile phone. Simply follow the instructions listed below to do so: Posta Partners With Taz Technologies For PROCEDURES ON HOW TO MAKE A CONTRIBUTION USING 22 Speedy Last-Mile 3 Step 1 Step 2 Step 3 Step 4 CONTENT Delivery M-PESA Payment Enter Business Enter Account Send Money Services Number Number Withdraw Cash Pay Bill 333300 XXXXXXXXXX Buy Airtime KCB Partners with Allianz M-Shwari Payment Services Jubilee Health to launch Completes My Account 22 Unique Seniors, Juniors Majority Stake Scheme Acquisition In Go to your M-PESA menu Select Pay Bill in the Enter Business Number Enter NSSF Number and select Payment Services M-PESA Menu which is 333300 you wish to pay for Jubilee General Step 5 Step 6 Step 7 Insurance, Microsoft ADC Kenya Enter Amount Enter PIN Pay Bill 3200 **** Pay Bill 333300 You will. Received a text Announces Account message confirming that 35 XXXXXXXXXX the amount has been sent 32 Winner of Game Kshs 3200 to NSSF. of Learners OK Competition Enter the amount you wish to pay Enter your M-PESA PIN Confirm details are correct for (Between Kshs. 200 – 70,000) and press OK National Social Security Fund P.O. Box 30599-00100, Nairobi, Kenya | Main Line 020 2729911, 2710552 | Toll Free Line 0800 2212744 Email info nssfkenya.co.ke | Website www.nssf.or.ke CORPORATE WATCH | MAY 2021 EDITION ORPORATEKeeping Your Business In Mind MAY 2021 EDITION Kshs. 200, US$ 2 Editor’s Note ISSN 2305-5561 11 9 772305 556001 Stima Sacco Remains Steadfast In The Wake Of Ease of Doing Business: Kenya now ranks Covid-19 Pandemic1 th KenGen to Payout 56 globally according to World Bank Report KSh.1.98 Billion in Dividends to Shareholders ver the years, the Government of Kenya has instituted reforms that have XXXXXXXXX KCB, Jubilee impressively improved Kenya’s global competitiveness as a commercial Health to launch Unique Seniors, Dr. Gamaliel Hassan, PhD destination as captured in the latest World Bank Doing Business Report that Stima Sacco CEO Juniors Scheme O ranked Kenya 56th in the world, a massive upswing from position 136th in the year CORPORATE WATCH | MAY 2021 EDITION www.corporatewatch.co.ke 2014. EDITOR The Government has in the past few years spearheaded reforms that have led to gradual Allan Mkuywa removal of bottlenecks that hinder all types of investments so as to unlock the potential of the private sector, a key component in the realization of the country’s development ASSOCIATE EDITOR agenda. Ker Mogallo COMMERCIAL DIRECTOR As a result of these very reforms, the country has recorded an improvement of 80 Adhyambo Odera positions to date. In this edition, we zoom in to the corporate world giving insights on the business environment even as COVID-19 continues to bite. CONTRIBUTORS Irene Atieno Meanwhile, our top story this month focuses on one of the country’s top saccos; Stima Felix Boyd Sacco. The CEO of the organization tells us how the institution is taking advantage of the 4 Francis Zyder Catherine Muema pandemic to its advantage with inventions that have enabled members’ access services Joan Wambui remotely. KJ Odongo Moses Cheruiyot SACCO’s make up approximately 5.55% of Kenya’s GDP as of 2018 according to the Fred Odhiambo Kenya Financial Sector Stability Report 2018 by the Central Bank of Kenya. MARKETING Kiptanui arap Maina Furthermore, according to the SACCO subsector Demographic Study Report, 2019; The [email protected] SACCO sub-sector has a total population of slightly over 4.97 million natural persons as well as corporate or institutional membership among the deposit taking - SACCOs for the DESIGN & LAYOUT period ending December 2018. Smartex Creative Graffix [email protected] Historically, a number of SACCOs have experienced challenges that have stunted +254 721 496 922 the growth of the SACCO movements such as non-remittance of dues by employers, CIRCULATION mismanagement of funds by officials, and failure of members to pay back their loans Esbon Okong’o among others. However, the novel Coronavirus has taken unprecedented and most likely the largest test to the survival of SACCOs. The effects of the pandemic are not only PUBLISHERS being felt in the healthcare sector across all sectors of the country’s economy. Sacco Smartbound East Africa Limited societies have not been spared. However, the sector is hoping for a speedy recovery of ADVERTISING the economy. Smartbound East Africa Limited We want to hear from you, e-mail us on what you think about this edition and what you For inquiries contact us: would like covered in our subsequent editions. Enjoy the read and see you in June! Standard Building, 6th Floor P.O. Box 37671 - 00100 Kevin Mogallo, Nairobi-Kenya Tel: 020 7866887 Editor Email: [email protected] www.corporatewatch.co.ke CORPORATE WATCH is published monthly by Smartbound East Africa Limited. The magazine strives to ensure that companies and other institutions get a veritable platform to highlight their activities, challenges and successes and help build a positive business operation and investment climate across the Continent. CORPORATE WATCH accepts the information contributed by author and advertisers as factual Talk to the editor: and correct and that the views carried therein does not necessarily reflect the opinion of the publisher. [email protected] Reproduction of published material in whole or part is prohibited but those wishing to do so must obtain express permission of the publisher. MAY 2021 EDITION | CORPORATE WATCH COVER STORY 5 10 YRS OF SERVICE CORPORATE WATCH | MAY 2021 EDITION COVER STORY Stima Sacco Remains Steadfast In The Wake Of Covid-19 Pandemic tima Savings and Credit Co- Established in 1974, Stima Sacco aims to uplift members’ operative Society has been socio-economic status by redefining their financial wellness Sranked as one of the best performing Saccos in the country through the various savings and loan products within the following a sterling performance in the financial year ended 31st Sacco model. A leader in the sector, Stima Sacco hopes to December 2020. beat all odds to remain a force to reckon with in the co- According to the Society’s audited financial results seen by the operatives industry as Corporate Watch magazine’s Ker Corporate Watch Magazine, the Mogallo writes. SACCO recorded revenue of KSh 5,891,395,000 in 2020 compared to KSh 5,648,651,000 in 2019. Net Interest Income stood at KSh 2,200,627,000 in 2020 compared to KSh 2,266,745,000 in 2019. 6 The Society’s balance sheet size grew to KSh 41,062,955,000 in 2020 compared to KSh 36,534,789,000 the previous year marking a 12% growth. Loans to members increased by 15% to KSh 32,798,794,000 from KSh 28,617,399,000 during the period under review. Members’ deposits rose by 10% to KSh 31,188,264,000 from KSh 28,268,507,000 in 2019. According to the financial report released at the Sacco’s hybrid ADM on March 16th 2021, interest on members’ deposits stood at KSh 2,440,942,000 in 2020 from KSh 2,125,658,000 in 2019. Despite the Corona Virus pandemic that massively disrupted the economy as well as the banking sector, Stima Sacco recorded a surplus of KSh 1,027,117,000 at the end of the financial year in review. This is in comparison to the KSh 883,702,000 recorded at the end of the 2019 fiscal year. Dr. Gamaliel Hassan, PhD, Stima Sacco Chief Executive Officer MAY 2021 EDITION | CORPORATE WATCH COVER STORY Members of the SACCO have thus been paid a dividend of 14% per share and a 10.75% rebate on their deposits.
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