Safaricom SACCO Society made a profit after tax of KSh 237,460 521.00 on 31st December 2020. This is compared to KSh 208, 237, 709.00 the previous year.
Members of this Society will receive a dividend payment at the rate of 12% on their savings, similar to 2019 and 7.5% as Interest on Members’ deposits or rebates.
Safaricom Sacco issued share capital
During the year under review, Safaricom SACCO increased its issued and paid-up share capital from KSh 457,390, 910 to KSh 516,879,020.
In a notice to members, Safaricom SACCO Society Limited said it would hold its virtual Annual General Meeting(AGM) on 27th February 2021.
It joins a growing list of SACCOs that have already drawn up the calendar for the annual general meeting that involves all members, and critical resolutions such as the election of directors and approval of dividends, rebates, and honoraria are made.
The law requires all Deposit-Taking SACCOs to hold their AGMs before the end of 30th June each year.
Safaricom provides the core members to this SACCO-which is also open to corporates, individuals Introduced by members, SMEs, and other smaller SACCOs and Chamas.
The latest figures from the SACCO Societies Regulatory Authority (SASRA) shows that Safaricom SACCO is on the list of those with total deposits above KSh 5 Billion.
Total Deposits& Loans and Advances
As of 31st December 2020, total deposits of Safaricom SACCO had hit KSh 6.031 Billion. Loans and advances to members increased from KSh 5.3 Billion to KSh 5.6 Billion.
Top 10 largest SACCOs
Mwalimu National, which recently bought out Billionaire Naushad Merali’s shareholding at Spire Bank, remains the largest SACCO with deposits worth more than KSh 36.90 Billion.
It is followed in the top ten rankings by Stima SACCO (KSh 28.27 Billion), Kenya Police SACCO (KSh 21.55 Billion), Harambee (KSh 20.14 Billion), Afya SACCO (KSh 13.99 Billion), UN SACCO (KSh 9.70 Billion), Tower SACCO (KSh 8.63 Billion), UKULIMA (KSh 8.42 Billion) IMARISHA (KSh 8.38 Billion), Unaitas (KSh 8.05 Billion).
Apart from Safaricom SACCO, other societies that have sent AGM notifications include Mwalimu National, which will hold its branch AGMs by 28th February 2021.
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