Considered the 4th largest Deposit-taking SACCO in Kenya, Harambee SACCO Society Limited has pushed the planned disposal of some of its idle assets, including land and houses, to the back burners.
This has been necessitated by the need for better prices which are not in the market currently.
Kenya’s property prices have been on a downward slide for the past year, thereby presenting a challenge to anyone who wants to sell property at the moment.
“We have been unable to proceed under the current circumstances because we will not fetch the required prices,” said Dr George Onchiri, Chief Executive Officer, Harambee SACCO.
Harambee Sacco has a balance sheet size of over KSh 26.3 billion. The Society is expected to announce its financial results, for the year ended 31st December, 2019 during the forthcoming Annual Delegates Meeting(ADM).
Figures indicate that Harambee Sacco has land projects in Greenfields, Voi, Athi River, Mombasa, Muranga, Siaya, Busia, Uasin Gishu and Kisumu. The society holds a total of KSh327 million in land project deposits.
Land and property portfolio
Harambee SACCO holds KSh 1.4 billion worth of investments in property.
Analysts attribute the turnaround of fortunes at Harambee Sacco to recruitment of Dr. Onchiri, who previously worked at Safaricom SACCO.
Dr. Onchiri massively cut expenditures at Harambee SACCO, a strategy that has paid off. His focus has been on customers, technology, staff empowerment, growth of non-funded revenue and disposal of idle assets.
“Of course the dregs of our past have continued to haunt Harambee Sacco as an institution but we are at the exorcism stage. This is the beginning of our rebirth as an institution-the rising of a phoenix from the dead,” said Dr. George Onchiri.