Shofco Sacco Limited, one of Kenya’s leading savings and credit cooperatives, has demonstrated remarkable financial growth in its 2024 fiscal year.
According to their audited financial results released during its Annual Delegates Meeting (ADM) held on Tuesday March 18, 2025, consolidated assets increased to Ksh662,803,159 in 2024.
The increase represents 70% growth compared to Ksh389,979,688 recorded in 2023. The loan portfolio to members expanded by 89% to Ksh514,805,34, compared to Ksh272,914,922 disbursed the previous year.
“Shofco Sacco has continued to demonstrate remarkable growth and resilience, achieving significant milestones in the past year.“
Our financial performance has improved, with notable increases in loan disbursements, member deposits, and overall revenue, reinforcing our commitment to providing accessible and impactful financial solutions,” Shofco Sacco Chairman Dr. Kennedy Odede said.
At the same time, members’ deposits grew by 62% to 362,847,929 compared to Ksh224,069,652 in 2023. Dr. Odede attributed the growth to the Sacco’s commitment to sound financial management and prudent risk practices.
“Our investment strategies have been optimized to ensure maximum returns, fostering long-term sustainability. “As we look to the future, our focus remains on strengthening financial sustainability, diversifying income streams, and enhancing service delivery,” he stated.
Shofco Sacco General Manager Victor Owiti said the lender demonstrated remarkable success in membership growth during the year 2024, surpassing its strategic targets and achieving significant milestones.
“The Sacco had set an annual goal of attracting 8,000 new members; however, the year concluded with an impressive 10,714 new members, exceeding the target by 33.92%.
This substantial growth underscores the effectiveness of the Sacco’s strategic initiatives, including targeted outreach, digital onboarding, and enhanced member engagement programs,” Mr. Owiti stated.
The Sacco also grew its revenue by 74% to Ksh68,578,185, compared to Ksh39,505,247 in 2023. At the 2024 Cooperative Alliance of Kenya Awards, the Sacco received multiple accolades, including Best in Capitalisation, Most Improved SACCO Countrywide, Most Improved NonDeposit Taking SACCO, and Best Managed Non-Deposit Taking Community/Business People-Based SACCO.
“These awards highlight Shofco SACCO’s dedication to operational excellence, financial success, and community empowerment, reinforcing its position as a leader in the cooperative sector,” he said.
Last year, the Sacco launched its digital platforms that allows members to deposit and borrow money at the comfort of their homes. The technology has on-boarded members across various sectors, allowing them to do transaction in real time without visiting any of the Sacco offices spread across Nairobi, Kakamega, and Mombasa counties.
“To sustain this progress, the Sacco has identified digital transformation as a critical driver of future growth, aiming to provide faster, more secure, and convenient digital platforms for its members. A key aspect of this digital transformation is the enhancement of mobile and online banking solutions, ensuring round-the-clock access to financial services,” the GM stated.
Nairobi County Chief Officer for Cooperatives, George Mutiso termed Shofco Sacco’s growth as impressive. “Growing your assets by 70% is not a joke. I have attended several AGMs this year in Nairobi and I have not seen a Sacco that has grown like this one.
“You have also grown your investment and almost doubled your share capital. Growing your share capital by 70% shows that your Sacco is able to withstand any calamity. Congratulations for that,” Mr. Mutiso said.
Lillian Omboni, Shofco Sacco member awarded for being top female saver, lauded the Sacco for helping her sustain her retail business. Lillian joined the Sacco in 2022 and could save Ksh100 daily and has managed to grow her daily savings many fold.
“Shofco Sacco is where I rushed to whenever I have any financial shortages. I have managed to grow my savings to now over Ksh1 million and I’m proud of it. I encourage young people to save whatever little they get in the Sacco even if it is Ksh20 daily. In the long run, that money will be enough for you to start a business because in a Sacco, you can borrow three times your savings,” she said.
Shofco Sacco was founded in 2015 with a handful of SHOFCO staff and it has now grown to over 30, 000 members across Kenya.
