Kenya’s top Saccos paid out a record Sh46.99 billion in dividends for the 2024 financial year. These dividends were paid out despite many of these Saccos taking a hit following theft of billions of funds invested at the insolvent Kenya Union of Savings and Credit Cooperatives (KUSCCO).
An analysis of how the top Saccos paid out their shareholders shows that the top five Saccos in the country paid out a total of Sh19.06 billion. This was equivalent to 40.5 percent of the total payout that was made by the top 40 Saccos in the country.
The top Sacco in Kenya in paying of dividends was Mwalimu Sacco which paid out a total of Sh5.11 billion. Stima Sacco came in a close second with dividends standing at Sh5.07 billion. The Kenya National Police Sacco came in third with dividends of Sh4.07 billion.
These three Saccos were then followed by Tower Sacco whose headquarters located are in Ol Kalou Town, Nyandarua County. Tower Sacco paid out Sh2.43 billion in dividends. Harambee Sacco was hot on the heels of Tower with Sh2.38 billion dividends.
Amongst Saccos that paid above Sh1 billion dividends were Imarisha Sacco, Hazina Sacco, Mentor Sacco, Gusii Mwalimu Sacco, Bandari Sacco, Invest & Grow Sacco and the Trans Nation Sacco. These financial institutions paid their shareholders between Sh1.05 billion and Sh1.97 billion in dividends.
KCB Group profit after tax soars 66pc to Sh61.8 billion in one year
Imarisha Sacco paid out Sh1.7 billion dividends which was an improvement from the Sh1.4 billion dividends the Sacco paid out in 2023.
Other Saccos such as Qona – which was formerly known as Safaricom Sacco paid out below Sh1 billion. Qona paid out Sh902.6 million up from the Sh794.4 million that it paid out in the previous year 2023. Kimisitu Sacco on the other hand paid out dividends of Sh830.1 million while Mhasibu Sacco paid out dividends worth Sh788.5 million in the year under review.
