NAIROBI, Kenya, Mar 27 – Harambee Sacco plans to raise Sh4 billion within two years after rolling out its share capital drive today.
Its National Chairman, Macloud Malonza, said that the campaign will improve the Sacco’s liquidity as well help it expand.
The funds raised, he added, will help the financial institution meet regulatory requirements.
“The share drive will help the society reduce its reliance on external borrowings, which last year stood at Sh3 billion,” Malonza said.
“It will also buy up the society’s liquidity position, making great savings, especially when it comes to loan interest payments.”
Each of Harambee Sacco’s Board of Directors has committed to buying 6,000 new shares worth Sh600,000 between this year and December 2025.
“Each head of department will also acquire and additional 2,000 new shares worth Sh200,000 during period covering the year 2024 and December 2025,” he said.
“Each Member of the Sacco is expected to have acquired and additional 500 shares worth Sh50,000.”
The Chair said that on June 20, 2024, the Sacco will be conducting an annual delegate education, recruiting, and sensitization program with the goal of picking new delegates.
The chair said that each newly appointed delegates will acquire 4,000 new shares that will be worth Sh400,000 for a period of 2 years.
