SACCOS

Saccos to delay dividend payments as AGMs stopped over coronavirus

Delayed payout for Sacco members

In Summary

•This follows the Ministry of Agriculture, Livestock, Fisheries and Cooperatives directive to all cooperative societies to suspend their meetings for the next 30 days following the confirmation of Kenya’s first coronavirus case last Friday.

•Stima Sacco, Harambee Sacco and Nation Sacco are some of the societies who have held their general meetings.

Stima Sacco Ceo Chris Useki addresses the Sacco delegates during the 46th Annual General Meeting(AGM) held recently in Nairobi
Stima Sacco Ceo Chris Useki addresses the Sacco delegates during the 46th Annual General Meeting(AGM) held recently in Nairobi
Image: COURTESY

Savings and Credit Cooperative Society (Sacco) members yet to hold their general meetings will have to wait longer for dividends payments.

This follows the Commissioners of Co-operative's directive to all Saccos to suspend their meetings for the next 30 days following the confirmation of Kenya’s first coronavirus case last Friday.

The suspension of general meetings is a precaution to safeguard public health safety and ensure the risk of infection and spread of the virus are reduced.

 

Stima Sacco, Harambee Sacco, and Nation Sacco are some of the societies that have held their general meetings, and their members have received dividends.

Stima Sacco shareholders benefitted from a Sh2.3 billion payout in dividends and interests on deposits.

The Sacco’s board of directors recommended payment of a first and final dividend of 14 per cent per share.

Harambee Sacco shareholders, on the other hand, benefitted from a payout of Sh1.34billion receiving a payment of 6.5 per cent of share capital as dividend.

Saccos usually have up to the end of April to hold their AGM's.

According to the Sacco Societies Regulatory Authority (Sasra), Kenya has over 500 registered Saccos and the segment has remained robust with total assets growing to over Sh694 billion.