Kenya Police DT Sacco Emerges from economic turbulence to post Sh60 billion growth at end of 2024
By Harrison Kivisu
Email, thecoastnewspaper@gmail.com
The Kenya National Police DT sacco emerges from 2024 economic turbulence to post a significant growth of Sh60 billion from its assets ending December 2024.
The new trajectory of Kenya National Police (KNP) DT sacco, has exponentially grown its membership to 74,305 with deposits of Sh31.13 billion.
A recent financial report indicates that the sacco has a loanbook of Sh51.82 billion, assets growth of Sh59.97 billion, core capital of Sh19.99 billion and share capital of Sh3.69 billion as at 31st December, 2024.
“The sacco performance is wonderful was the leadership we ensure transparent and accountability of the members resources,” said the sacco chair David Matengwa.
He added, “The sacco remains among the top five strong saccos in Kenya. We have grown our asset base gradually looking at the financial books and management.”
“Our revenue in 2023 was 8.5 billion, but 2024 year closed at Sh10 billion revenue growth annually up from Sh8 billion in 2023. This means we are witnessing a very significant growth.”
Cooperatives cabinet secretary Wycliffe Oparanya asked management of the sacco to equip themselves with financial literacy to strategically reposition themselves with emerging financial trends.
He said as government: “We will continue to support the sector growth in driving financial inclusion to grow the economy of the country.”
The CS regretted that some saccos in the country have succumbed to financial challenges due to poor financial management.
He asked saccos reinvest heavily on member disposits and create revenue streams so as to stay afloat after paying dividends.
“Let us continue to work together to ensure that SACCOs remain a vital pillar of Kenya’s economy, driving financial inclusion, fostering social cohesion, and empowering our people.”
The CS said the government would continue to support cooperatives to invest in national development like infrastructure bonds that can accelerate national development.
“We must look ahead and see how can a cooperatives participate in national development, like infrastructural bonds, that can be used to develop the economy.”
Oparanya was speaking during annual delegates meeting in Mombasa on January 10, 2025, where he reiterated the government’s commitment in supporting sacco subsector terming it as a critical pillar in the bottom up economy model.
“Saccos are very critical to our development as a country. As such, the government has prioritized Cooperatives in its Bottom-Up Economic Transformation Agenda (BETA) as a key enabler of inclusive economic development, due to their ability to mobilize and pool resources for onward lending to and investment for members.”
Cooperatives principal secretary Patrick Kilemi asked members of the police DT sacco to ensure transparency in the management of institution resources.
“You must learn to protect what is good,the responsible is to ensure transparency in the management of members deposits,” he said asking them to appraise themselves with legal policies governing the Sacco subsector.