Stories of Various Sacco Societies in Kenya

Stories of Various Sacco Societies in Kenya

 

 

 

 

 

 

2 Votes

1. USHURU Savings and Credit Co-operative (Sacco) Limited was started in 1970 by employees of the then Customs and Excise Department, Ministry of Finance, under the name of Customs & Excise Workers (CUEW) Sacco. At inception, its membership was limited to employees of the Customs Department, although those who were transferred from Customs to other Government Departments enjoyed the right to retain their membership.

When Kenya Revenue Authority (KRA) was formed in 1995, the CUEW Sacco By-laws, in force at the time, did not allow recruitment of members outside the common bond. This necessitated changes to the By-laws in order to allow membership from other Government Ministries and Parastatals. In 2002, the CUEW Sacco changed its name to USHURU Sacco Limited to reflect the new all-inclusive membership that now consisted of KRA employees.

2. Stima SACCO was established in 1974. It was formed to act as a means of facilitating savings and to provide affordable credit to employees of the then east African Power & Lighting Company. The Society is therefore 36 years old. On the other hand the society responded to members banking needs and introduced the Front Office Service Activity (FOSA) in April 2003 to offer basic banking Services to members.

3. From our humble beginnings in 1993, Unaitas was registered as a Savings and Credit cooperative Society known as Murang’a Tea Growers. A pioneering group of farmers had come together, pooling their resources to create a financial basket, where they could save and advance loans at affordable rates.

The Sacco later adopted the name Muramati Sacco in 2007 when administrative areas of operation expanded beyond Murang’a, and it opened its common bond to not only serve tea growers, but also medium size entrepreneurs and salaried employees. In line with its growth and expansion strategy, Muramati rebranded to Unaitas in 2012- adopting a strong, bold brand that is inclusive of members from all walks of life, doing things that are not ordinary in ways that are progressive.

4. Shirika Sacco was registered on 24th April,1969 by the founder members of the Ministry of Co-operative Development and Marketing which is the parent ministry.

Common BondOriginally membership was drawn from the ministry of Co-operative Development but later, due to changes in the economy, it was found necessary to widen this scope to include all other government ministries, all cooperative related organizations;  and other reputable public organizations,  but which are approved by the Annual General Meeting. With this enlarged scope, we are able to retain our members who change or quit employment for various reasons. Regardless of the employment status, members are treated equal and observe the operating policies and procedures.

MembershipSince registration in 1969, the Society has had upward growth in membership.  During its early years of operation, and up to 1999 membership levels had reached a ceiling of 3500 members. However due to the Government reform programmes which aimed at downsizing its workforce in the year 2000; the Society lost more than half of its membership.

The real effect was that the Sacco had to continue operations with:

• Reduced member capacity
• Reduced capital base due to withdrawals
• Non performing loans

Loans from retrenched members were not recoverable from retrenchment package but management enhanced recovery procedures which were very successful and no bad debts were declared.
On recovery process management adopted other governance strategies particularly:

• Member recruitment drive
• Fixed percentage of share contribution rate
• Improved service delivery

The above strategies along with others have successfully seen the Society membership grow to 4210 as at today.  Our operations and financial status are stable with total shares & Deposits of Ksh. 876,639,677 and a loan portfolio of Ksh. 869,153,767.

5. Boresha Savings and Credit Cooperative Society Ltd Originally Baringo Teachers SACCO Society Ltd is one of the well managed Sacco Licensed by SASRA as deposit taking SACCO.Registered on 31^st August 1976 under Cap 490 of the Laws of Kenya. Its area of operation is the Republic of Kenya with base in Baringo County.

The society has eight branches spread across Six Districts of Baringo County and the Neighbouring Towns.

Member Comprises Teachers in Primary and High Schools,Civil Servants,Institutions’ Employees,KNUT and NGO’s staff classified as salaried Members Category “A”.

The Business Community, Micro-Credit Members and SME’s are classified as Category “B” with Main services in FOSA (Front Office Services Activity) and Micro credit Activities.

6. Chai Sacco was registered in 1973 to offer financial services to KTDA workers both at the factories and Head Office.

In 1999, front office service activities were started and have evolved to a fully fledged FOSA at the Head Office with one branch at Kericho (Litein Branch).In 2005, the common bond was opened to include members from well established business organizations and tea farmers.

The society has been recognised internationally by World Council of Credit Union(WOCCU) in Micro-Finance Expansion Programme (MFI) among other sixteen Saccos in the contry as a model for others.

The society has also been selected by Micro-Save Africa in product Development Programme from micro enterprises to assit the society in production development process

7. Metropolitan Teachers Sacco Society (formerly Kiambu Teachers Sacco which was registered on 10th February 1977,CS NO: 2628) started operations in 1978.
The society intended to serve primary school teachers in Kiambu District, Central Province. Over the years, the society’s by-laws have been amended and the membership is now comprised of Teachers ,Kenya National Union Of Teachers(KNUT),Civil Servants, Disciplined Forces, Local Authorities, NGO’s, Central and County Governments, Private Companies, Approved Business Entrepreneurs, Groups ,Other Institutions and Kenyans Residing in the Diaspora hence the change of name to Metropolitan Teachers Sacco Limited to cater for the diversity.

As at 30th june 2012, the society’s membership stood at 30,086 .Currently the society has 12 Board of directors (Management board 9 and Supervisory board 3) and a work force of 32 employees.

8. Harambee Sacco: from a Merry-go round, into a multi – billion institution.

Set up by a handful of small income earners and struggling subordinate staff at the Office of the President (OP), way back in 1970; Harambee Sacco is today a multi-billion shilling institution, with thousands of members and an expansive country-wide network that few financial institution in Kenya can match.

With a net asset base of about Ksh. 15 billion,  Harambee Sacco, is feted as the biggest membership base Sacco in Kenya, and the leading in Africa; boasting of over 93, 000 members across the country.

From a single unit at the office of the President, Harambee Sacco has now been devolved into 155 delegate or electoral branches across Kenya, serving our members in the remotest of locations in the country. Indeed, Harambee Sacco continues to enjoy a customer penetration level that goes way down into the minute administrative level in Kenya with chiefs and sub-chiefs in the locations and sub-locations being members of Harambee Sacco.

The 155 delegate or electoral branches are supplemented by five major operational branches set-up in major towns like Kisumu, Mombasa, Nairobi, Eldoret and Nakuru.

9. Afya Co-operative Savings and Credit Society was registered on 
8th May 1971 by some twenty founder members/promoters. Membership has grown progressively over the past forty years and to date there are over 38,000 members.

10. Elimu Sacco was registered in 1972 by employees from the Ministry of Education. It is currently situated in South “B”, Elimu House on Mubiru Road Off Daidai Road.

11. Wakenya Pamoja Sacco Society Limited (WPS) was started in 1976 as a Union Banking Section of Kisii Farmers Co-operative Union (KFCU). It became autonomous in 1992 under the name Gusii Farmers Rural Sacco Society Limited (GRFS). The Society has, over the years, undergone major governance reforms which have facilitated: the change of name which was in line with the strategic move to expand geographically and explore other financial opportunities; and diversification of the membership to increase the society’s scope beyond tea and coffee to include value chain financing, microfinance, business development financing, asset financing among others.

12. Kenya Bankers Savings and Credit Co-operative Society was registered on 14th Feb 1975. The society’s core business is to mobilize savings from the members out of which credit is approved at affordable interest rates. Its members are drawn from banks, non-bank financial institutions, building societies and other money related institutions, with over 13,000 active members.

13. Mwalimu Cooperative Savings & Credit Society Limited(SACCO) was formed and registered in the year 1974 under the Co-operative Societies Act as a SACCO Society whose main objective is to mobilize savings and provide credit to its members.

Its Current membership of over 52,664 in 2012 is drawn mainly from:

• TSC Secretariat
• TSC teachers in Secondary schools & Tertiary institutions,
• TSC teachers in Primary schools (Diploma OR Degree holders)
• Mwalimu National Sacco Society Staff
• Members’ Spouses in formal employment.

14. Young United Entrepreneurs Sacco was registered in 2012 under the co-operative Act of kenya with an aim to empower and support young entrepreneurs financially. The sacco is currently located in Ruiru town, with members drawn from the proprietors of Small and Medium Enterprises(SMEs) and their employees.

15. Kilifi Teachers Sacco. Less than 100 members in Malindi started mobilizing savings (shares) on 26th June 1972 but it was not until 14th September 1974 when the society was officially registered. The major objective of the Sacco has all along been to afford members-most of whom are low-income earners- an opportunity to save, thereby creating a pool from which they can borrow at an affordable interest for productive and provident purposes. Statistical information shown below gives an indication of the level of the Saccos growth since inception.

From the time of inception upto 1990, the sacco offices had been based in Malindi, until they were shifted to Kilifi. However, due to the rapid growth, the Sacco has now a Head office and two branches at Kilifi, Malindi and Mariakani respectively.

16. Hazina Sacco Society Limited is a nationwide Savings and Credit Co-operative Society established in 1971 and registered under Co-operatives Societies Act (Cap 490) of the laws of Kenya with the main objective of affording its members an opportunity to accumulate their savings, thereby creating a source of loanable funds.

Members of the Society are drawn from various Government Ministries, Parastatals, Non- Governmental Organizations and Private Sector. Currently, the Society has over 10,000 members .

The goal is to be a leading and best-managed SACCO Society in provision of quality products and services to members and stakeholders while ensuring high returns on Investment.

17. Fundilima Sacco Society Ltd was registered on 5th January 1982 by the commissioner of cooperative Development and marketing. The name fundilima was derived from the mother company which means (Fundi) for the technology and (Lima) for Agriculture. The main office of the society is situated within the main campus of Jomo Kenyatta University of Agriculture and Tech (JKUAT)

The pioneers of this society decided to register it to enable its members get a vehicle where they can be able to mobilize their savings and get cheaper credits in order to meet their daily financially and social needs.

The society has been able to meet members’ challenges. Some of them have been able to pay dowry through credits from the society; students have been able to accomplish their education, members have been able to purchase plots, buy vehicles, build houses, pay hospital bills, educate themselves, travel abroad and accumulate savings among other things.
Since its inception the society has been able to grant loans to its members well over Kshs.2, 500,000,000.00(two billion five hundred million) with the highest loaned amount being granted Kshs 3,000,000.00(three million)

Fundilima Sacco Society has continued to give higher returns to its members. In the last financial year the society paid out dividends to its to its members at the rate of 22% and members deposit earned interest at the rate of 8.5%.During Ushirika day celebration, we were awarded a certificate for being one of the highest dividend paying society for the year 2007.

18. In 1998 the Kenya Medical Association SACCO (KMA SACCO) was registered as a Savings and Credit Co-operative Society to offer financial services to KMA members.
In the year 2001 KMA SACCO published its First Audited Financial Statements. The SACCO has grown tremendously and is positioned as a major financier for medical practitioners countrywide.
In 2012 KMA SACCO amended its by-laws to include pharmacists and other medical professionals including medical students into SACCO membership.

19. Naku Sacco. The society membership is drawn from permanent staff of the following companies in Kenya, Uganda and Rwanda;

Nakumatt Holdings Ltd, Seal Honey Ltd, Sunmatt Ltd, Tusker Mattress Ltd, Motor Boutique Ltd, Eastleigh Mattress, Woolmatt and Eggen Joinex.

20. Maisha Bora Sacco. The Society was formed and registered on 10 th October 1974. Like any other SACCO, the aims were to provide an avenue to enable members save money, thereby create a fund from which to borrow money for personal development.
The Society was registered and lived under the name KIMBO SACCO until October 2003 when the name was changed to Maisha Bora.
Over the years, the SACCO has registered great leaps in savings and loans to members. This has been possible due to commitment of the committee members, dedicated staff, and total support by members. Maisha Bora SACCO is one of the best-managed SACCOs in the country and has enjoyed consistent growth while consistently delivering double digit dividends to its members.

Co-operative Registration in Kenya

Co-operative Registration

 

 

 

 

 

 

4 Votes

HOW TO REGISTER A CO-OPERATIVE
The co-operative Societies Act, Chapter 490 of the Laws of Kenya, states that for a society to be registered with or without limited liability, it has to have its object as the promotion of the welfare and economic interest of its members and has incorporated in its by-laws the following co-operative principles:
(i) voluntary and open membership;
(ii) democratic member control;
(iii) economic participation by members;
(iv) autonomy and independence;
(v) education, training and information;
(vi) co-operation among co-operatives; and
(vii) concern for community in general,
may be registered by the Commissioner as a co- operative society under this Act with or without limited liability. Provided that a co-operative union or an apex society shall not be registered except with limited liability.

HOW TO REGISTER A CO-OPERATIVE
Essentials for registration of co-operative societies.
For a society to be registered under the Act, it must in the case of the primary society, consist of at least ten persons all of whom shall be qualified for membership of the co-operative society in the case of a co-operative union, it consists of two or more registered primary societies in the case of an apex society, consist of two or more secondary societies.

REGISTRATION PROCEDURES
When a member of the public visits a District Co-operative Office with an intention to register a Co-operative Society, he is advised, to make a formal request in writing. This request should include the following:
1. Name of the proposed society,
2. Names of a minimum of ten proposed members (including copies of their ID card, telephone number, physical address, occupation and age).

DOCUMENTS TO BE ATTACHED
1. For formerly employed persons, a letter of confirmation from the employer.
2. For religious based common bond, a copy of certificate of incorporation of the organization accompanied by a letter of approval from the presiding clergy.
3. For Matatu/Transport Societies, copies of at least ten log books of the proposed members vehicles
4. For business people, copies of certificate of incorporation,/business licenses from at least ten proposed members
5. For marketing societies, introductory letter from the area chief to confirm the common bond and expected production
6. For welfare and self-help groups intending to convert to co-operatives, a copy of certificate of registration from relevant ministry.
7. For other informal organizations, a letter of introduction from the area Chief.

PRE CO-OPERATIVE MEETING
Upon receipt of the above documents, the officer shall convene a meeting within a week with the proposed members. The quorum of this meeting (Pre Co-operative Meeting) shall be ten members. The main agenda of the meeting shall be pre co- operative education. During the meeting; the promoters shall appoint interim officials for purpose of overseeing registration.

REQUIREMENTS FOR REGISTRATION

1. Apart from above documents the following will be required:-
2. The proposed by-laws in four copies
3. Filled application for registration form in four copies
4. Supplementary information form in four copies (if any)
5. Economic appraisal in four copies
6. In case of salaried workers, a letter from the employer is needed agreeing check off.
7. Minutes of the pre co-operative meeting
8. Bankers cheque of Kshs 3,700 being application and registration fees

After successful registration, the newly registered society to convene the first general meeting within a month after receipt of the certificate by the interim officials.
Failure to do so, the co-operative officer should recommend to the CCD immediate cancellation of the certificate of registration.

The Voice of Savings and Credit Cooperatives (SACCOs) in Kenya

Who we are

The Voice of Savings and Credit Cooperatives (SACCOs) in Kenya

As the voice and lobbyists for Savings and Credit Cooperatives in Kenya, we at KUSCCO have been at the forefront of efforts to form and develop strong and viable SACCOs.

Our key roles at KUSCCO - as the umbrella body for SACCOs - are mainly advocacy and representation. In addition, we offer SACCOs and other cooperatives financial and technical assistance, tailored to largely benefit the middle and low income earners both in Kenya’s rural and urban areas. This is a significant fraction of Kenya’s population that drives the country’s economy through the small and medium enterprise (SME) engine.

We are aware of the many challenges facing SACCOs in Kenya, which includes, among others, competition from commercial banks in Kenya, insufficient capital base, lack of or slow rate of Information Technology (IT) adoption, and inefficient loan pricing strategies.

We are here to address these problems and strengthen the cooperative movement in Kenya. At KUSCCO, we believe in the strength of unity and have tailored products and services to benefit all the SACCOs and their members in Kenya.

Background

Our Role

We have specially tailored services and products designed to benefit our members and affiliates, who are drawn from the cooperative movement in Kenya.

Some of the products and services we offer SACCOs in Kenya include:

•  Spokesmanship and Advocacy
•  Representation
•  Promotion of SACCO Societies
•  Risk Management Services
•  Central Finance Fund
•  Education and Training
•  Consultancy and Compliance
•  Corporate Affairs and Marketing
•  KUSCCO Housing Fund
•  Sacco Star Magazine

The SACCO Movement in Kenya

The SACCO movement in Kenya is billed as the largest in Africa and among the top 10 globally. The movement has mobilized domestic savings to the tune of about Kshs. 400 billion, accounting for 33% of the national savings and are major drivers of the economy. They have an asset base of over Kshs. 300 billion. SACCOs have thus become a vital component of Kenya’s economic and social development.

Challenges Facing Savings and Credit Cooperatives in Kenya

Despite the fundamental socio-economic role of SACCOs in Kenya, most of the savings and credit cooperatives are faced with a number of challenges, such as:

• Traditional Products
• Leadership and Governance Issues
• Capitalisation
• Taxation
• Information and Communications Technology
• Regulation and Supervision
• Developing Competitive Business Models
• Demand for Loans
• Non-Remittance of Fees by Members
• HIV/AIDS
• Outreach

We were registered in 1973 to address these problems and lobby relevant authorities and economic sectors to create a conducive environment in which SACCOs and their businesses can prosper.

The KUSCCO Structure

Our operations are run through 5 regional offices and 9 branches throughout Kenya. The regional offices are located in:

1. Nairobi – Nairobi Region
2. Kisumu – Western Region
3. Nakuru – Rift Valley Region
4. Mombasa – Coast Region
5. Embu – Mt. Kenya Region

The branches are located in Eldoret, Kisii, Kakamega, Athi River, Nyeri, Meru, Thika, Kericho and Malindi

Delegates

As a national organisation, our supreme authority is vested in the delegates who are drawn from all the regions in Kenya. Currently, we have 160 delegates drawn from all the counties in Kenya

 Vision

As a Union for Savings and Credit Cooperatives in Kenya, we are committed to professional and quality service aimed at growing and developing SACCOs and the cooperative movement in the country.

This is underscored by our vision “To be a world class national co-operative organization for SACCOs.”

Mission

SACCOs in Kenya need dedicated representation and to speak in one strong voice to advance their interests as businesses entities, as well as the welfare of their members. We are at the forefront in this regard and are guided by our mission – “Promotion of SACCOs through advocacy and provision of quality, diversified, innovative and market-driven products and services for sustainability.”

Core Values

• Customer Focus
• Integrity
• Team Work
• Innovation and creativity
• Professionalism.

our Objectives

Driven by our mission and guided by a vision to develop and represent micro, as well as macro savings and credit societies, our key objective as a Union is:

• To provide advocacy, lobby, advice and protect members against adverse legislation and/or restrictions;
• To act as the principal local and international representative and mouth-piece of all SACCOs in Kenya;
• To promote the organisation and development of viable SACCOs in Kenya;
• To help improve the internal management of savings and credit societies by providing a standardised management system for the SACCOs and the cooperative movement in Kenya;
• To promote a common code of ethics based on co-operative principles among SACCOs, their officials, employees and members.
• To promote among SACCOs, and their officials, employees and members a common code of ethics based on co-operative principles.

Board of Directors

Our Board of Directors is made up of 15 qualified individuals elected by Member SACCOs from all regions in Kenya. The primary responsibility of the Board is to protect shareholders’ assets and ensure they receive a decent return on their investment..

George Magutu	NATIONAL CHAIRMAN (Provincial Chairman – Central Province; Treasurer – Nyeri Teachers SACCO)
Elly Oyugi	NATIONAL VICE CHAIRMAN (Provincial Chairman – Nairobi; Chairman – Kenya Bankers SACCO)
Raphael Bukachi	BOARD MEMBER (Honorary Secretary – Asili SACCO)
David Ogega	BOARD MEMBER (Chairman – Gusii Mwalimu) .
Alfred Mlolwa	BOARD MEMBER (Chairman – TaitaTaveta Teachers SACCO)
Geoffrey Karuku	BOARD MEMBER (Deputy Commissioner Ministry of Co-operative Development & Marketing)
Isaac Sheunda	BOARD MEMBER (Chairperson – Sukari SACCO)
Peter Karemanu	BOARD MEMBER (Chairman – Solution SACCO)
David Mategwa	BOARD MEMBER (Chairman – Kenya Police SACCO)
Peter Manga	BOARD MEMBER (Chairman-Neno SACCO)
David Moyia	BOARD MEMBER (Treasurer – Kakamega Teachers SACCO)
David Langat	BOARD MEMBER (Vice-Chairman - Imarisha SACCO [Kipsigis Teachers])
John Munyaka	BOARD MEMBER (Metropolitan SACCO)
Florence Oile	BOARD MEMBER (Kimisitu Sacco)
Phillip Rirei	BOARD MEMBER (

.

Co-operative Bank of Kenya Limited - Awards

Awards

2015: CO-OP BANK OF KENYA SCOOPS THE FINANCIAL TIMES“ 2015 FINANCIAL INCLUSION GLOBALAWARD” 
The Co-operative Bank of Kenya has won the esteemed award of Bank of the Year 2015 for Financial Inclusionin The Bankers Awardsrun by the Financial Times of London. The bank beat a stiff challenge from over fifty other entries from all over the world.

2014: Co-op Bank wins, VISA co-brand champion award. At the recent Visa end year gala held on 28th November, 2014; Co-op Bank was recognized by winning the Visa Co-brand award.

2014: Co-op Bank scoops two moneygram awards. At the recent Money Gram awards held in Nairobi on 4th November, 2014 Co-op Bank was awarded Best receive agent: awarded for having the highest share receive transactions and related receive revenues between January and October 2014. Co-op Bank was also awarded the Best Agent Marketing Investment: Awarded for continued support to joint agent marketing initiatives.

2014: East African Banking Awards; Co-op Bank was awarded in two categories, Best Bank in Retail Banking, and Best Bank in Micro-Finance.

2014: Bank CEO of the Year – Africa, awarded to Dr. Gideon Muriuki, Group CEO by International Banker magazine, in their 2014 Africa and Middle East Banking Awards. Key highlights of the award include; demonstrating remarkable foresight by insisting that the Co-operative Bank of Kenya will retain its identity as a Co-operative bank even when expanding outside Kenya, in spite of the fact that it would have been easier for the enterprise to proceed as a successful Kenyan commercial bank. Leadership in driving a sustainable growth model. Expanding to other African markets by way of joint ventures with Co-operative societies is a futuristic business model that is likely to deliver inclusive growth and a more equitable sharing of the benefits of the rising prosperity of African economies. Turning around the bank from loss-making to one of East Africa’s fastest-growing and most profitable banks. Achieving year-on-year growth in results, substantial growth in customer base and expansion of services into South Sudan. Setting up numerous bank-led initiatives to benefit the community.

2014: Best Innovation in Retail Banking, awarded to the Co-operative Bank of Kenya by International Banker magazine, in their 2014 Africa and Middle East Banking Awards. Key highlights of the award include; demonstration of a consistent commitment to providing inclusive retail banking services in Kenya. Successfully pioneering a retail banking model that goes beyond investment in conventional bank-owned channels such as branches, ATMs, agencies and electronic banking, to include over-the-counter banking services (FOSAs) and payment card systems (Co-op switch) operated by Co-operatives to serve their members, which currently number over two million. The bank’s huge investment in a payments switch has enabled Kenya’s vibrant Saccos to access card payment services worldwide, is a ground-breaking innovation towards achieving financial access to the majority. Providing scholarships for underprivileged students, green energy financing packages and low-interest loans for SMEs, which may prove crucial in terms of Kenya’s future economic growth.

2013:Co-op Bank is recognized as the Most Green Bank at the 2013 Energy Management Awards for achieving the fastest turnaround time for renewable energy and energy efficiency financing for SMEs and Large Enterprises, actively promoting “Green Financing” among clients and for being the bank with the largest pipeline of projects seeking green energy financing.

2011: Co-op Bank is named Bank of the Year in Kenya by the Financial Times of London, the second year in row, as the bank also won the award in 2010.

2011: Co-op Bank is awarded Best Company in Corporate Governance in 2011 at the 2011 Financial Reporting (FiRe) Awards.

2011: Co-op Bank Group CEO Honoured by Kabarak University

The Co-operative Bank of Kenya Group Managing Director and CEO Dr. Gideon Muriuki, was awarded the Honorary Degree of Doctor of Business Leadership (Honoris Causa) by the Kabarak University.

Co-operative Bank of Kenya Limited - History

History

​2013: Co-op Bank is recognized as the Most Green Bank at the 2013 Energy Management Awards for achieving the fastest turnaround time for renewable energy and energy efficiency financing for SMEs and Large Enterprises, actively promoting “Green Financing” among clients and for being the bank with the largest pipeline of projects seeking green energy financing.

2010: The bank is recognised as Best Bank in Kenya in the Banker magazine awards of the Financial Times of London.

2009: The Bank undertakes the most rapid expansion of service outlets by opening an additional 22 branches within one year to close 2009 with 74 branches up from 52 as at the close of 2008.

2009: The Bank records a most phenomenal increase in customer accounts from just over 700,000 as at the close of 2008 to over 1.1 million at the close of 2009 driven by MD Liability Campaign launched by the CEO that requires staff to open a minimum of 5 accounts per month.

2007: The Bank realises complete turnaround by recording a Kshs 2.3 billion profit before tax for year 2007, as compared to the Kshs 2.4 billion loss for year 2000. The Bank also declares a dividend of 8% which translates to Kshs 8.00 per share, the highest payout in many years.

2005: Performance in 2005 maintains the growth trend as the Bank reports a Kshs 714 million pre-tax profit, which is an impressive 102% improvement on year 2004. The Bank declares a dividend of 5%, maintaining a consistent enhancement in dividend payout in line with improved performance, from the 3% and 4% paid in 2003 and 2004, respectively.

The Bank successfully recapitalizes the balance sheet in the year with a major additional share capital injection of Kshs 1.1 Billion from the Co-operative movement-based shareholders of the Bank. The shares drive literally doubles the bank's capital base from Kshs 1.2 billion to Kshs 2.3 billion.

2003: The Bank sustains its recovery and growth path to report an improved profit of Kshs 183 million, an impressive 78% improvement on Kshs 103 reported in 2002. The Bank pays a dividend of 3%, a significant landmark that ends a dividend drought that had lasted the previous 7 years.

On 28th February, the bank undertakes a key transition as Mr Stancley C. Muchiri, who previously served as Vice Chairman, is appointed Chairman of the Board to replace Mr Hosea Kiplagat.

The bank re-occupies Co-operative Bank House after renovations occasioned by the 1998 bombing are completed.

On 1st March, the bank undergoes a major transition as the Mr Gideon M. Muriuki, formerly General Manager – Corporate and Institutional Banking is appointed Managing Director to replace Mr Erastus K. Mureithi who proceeds on retirement.

1998: The bank signs a contract with MoneyGram International in October 1998, and becomes the agent for the company's international funds remittance business.

1994: The Bank converts to become a fully-fledged commercial bank offering the complete range of financial services beyond the captive Co-operative sector to include personal, corporate and institutional customers.

1977: The Bank registers a finance company – the Co-operative Finance Limited – on 16th December 1977 to conduct the business of a financial institution for long-term financial requirements. It opens its doors on 8th March 1993.

1968: The first Board of Directors comprises Mr B Kathanga (Chairman), Hon C W Rubia, M P (Vice-Chairman), Mr J K Muthama, Mr A H Kamau, Mr M Gheewalla, Mr J J Musundi, Hon D N Kuguru, M P, Mr S Rintaugu and Mr S Mogire.

The Co-operative Bank opens for business on 10th January 1968 with a modest capital base of Kshs 255,000. The Government supplements the capital with a Kshs 214,000 interest-free loan repayable in 10 years. The Banking Act, however, requires banks to have a minimum capital of a 'staggering' Kshs 2 million. The Government grants an exemption and offers a grace period within which the required capital is to be raised.

1966: The 1945 Ordinance is replaced with the Co-operative Societies Act. The main essence of the Act was increased oversight of the Co-operative movement by the government.

Sessional Paper No. 1 titled African Socialism and its Application to Planning in Kenya is unveiled. In this document, Co-operatives are seen as very important tools for development.

As a result of initiative and advice of KNFC, a group of people from the Department of Co-operative Development visit Israel to study ways and means of establishing a viable Co-operative bank. The same year, a joint paper by the Ministry of Finance and Marketing & Co-operatives Development recommending the establishment of the bank is issued.

The co-operative movement witnesses a structural change with the formation of the Kenya National Federation of Co-operatives (KNFC) as an apex body to promote the interest of the Co-operative movement as a whole.

1931: The first legislation to specifically govern the registration of Co-operatives – Co-operative Societies Ordinance – is enacted. Kenya Co-operative Creameries (KCC) becomes the first co-operative to be registered on 8th February 1931. This is followed shortly by Kenya Farmers Association (KFA) IN 1931, the Kenya Planters Co-operative Union (KPCU) in 1937 and the Horticultural Co-operative Union (HCU) in 1951. However, the 1931 Ordinance did not allow Africans to participate in co-operatives.