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Harambee Sacco’s total earnings for the full year 2022 crossed the Sh5 billion mark for the first time in the firm’s history, according to its latest financial filings.

According to data for the period ended December 31, total revenues before tax hit Sh5.01 billion last year from the Sh4.22 billion posted a year earlier.

The 52-year–old savings and cooperative society attributed the improved performance to increased loan uptake, institutional strengthening, and electronic payment systems, noting that it was now making all its transactions via its mobile money platform, M-cash.

“We now have 98 per cent of our services and products available on the self-service mobile platform. Our endeavor going forward is to ensure that Harambee Sacco is 100 per cent mobile operated and we are continually putting systems in place to achieve this set goal,” noted Harambee’s chief executive George Ochiri.

Total assets grew to Sh37.01 billion in the period under review from the Sh34.6 billion it recorded in a similar year in 2021.

“We broke the ceiling with our performance. With “Mteja Kwanza” as our overriding theme for FY2022, the Society was able to deliver a robust financial performance driven by the fact that we had put our members at the forefront of our business and operational focus,” Ochiri said.

Operation costs increased from Sh2.1 billion in 2021 to Sh2.5 billion last year due to higher financial expenses and administrative costs.

The Sacco which holds its 52nd annual general meeting (AGM) today is eyeing 15,000 additional members to increase annual revenue to and raising its total assets to Sh40 billion this year as part of its 2021 – 25 Strategic growth agenda.

“The board and management are working on ways and systems that will see Harambee Sacco move a notch higher in 2023, a factor whose ripple effect will ultimately be felt by the shareholder cum customer,” said its national chairman Macloud Malonza.