Harambee Sacco is celebrating a significant financial recovery, as it rewards its members with a 15% dividend on share capital and a 10% interest rate, marking a successful turnaround after years of financial challenges.
The cooperative has bounced back from a rough patch in 2019 when bad debt dragged down its fortunes.
Now, after clearing a staggering Sh6 billion in bad debt, its asset base has risen slightly from Sh38.6 billion to Sh38.73 billion in 2025, signaling a stable financial footing.
The Sacco’s Chief Operations Officer, Renson Mwandoe, highlighted the positive developments at a recent millionaire breakfast meeting held in Mombasa, where 104 millionaire shareholders were awarded for their commitment and investments.
The majority of Harambee Sacco’s members include personnel from the Kenya Defence Forces (KDF) and police officers, who are now enjoying the fruits of their long-term savings.
“We had lost glory as the biggest savings cooperative in 2019 because of bad debt, but we have regained our good financial standing now,” Mwandoe said.
“Our members can now look forward to more fruitful years ahead.”
As part of the celebrations, the Sacco’s largest shareholder, who currently holds 13.4 million shares, will receive a dividend payout of over Sh2 million, translating to Sh167,500 every month.
Anthony Mutuku, one of the top seven shareholders, shared his personal success story, stating that he has been saving for over 39 years.
“I started saving the little money I earned until I became top seven. I wish to tell the youths that it is good to save early. If I knew, I would have saved more,” said Mutuku.
Elaine Mdawida, another success story, revealed how she has used her savings to invest in property.
Starting with Harambee Sacco in 1995, Mdawida now owns land and property, crediting the Sacco with helping her build wealth.
“It is never too late to save. I will become a billionaire. Even after retirement, I will join Ufanisi,” she said.
Despite these success stories, Mwandoe lamented the lack of a saving culture among younger Kenyans, especially with the growing prevalence of high-interest loans.
He urged the youth to embrace saving for their future, emphasizing that no one should be tied down by debts.
By Kenyans