Stima Sacco reshuffles top managers as CEO calls it a day
Mr Paul Wambua, the outgoing Stima Sacco chief executive. PHOTO | FILE
What you need to know:
Chris Useki has replaced Paul Wambua who has been at the helm of the union for the last six years.
Stima Sacco, Kenya’s second largest co-operative union by asset, has appointed Chris Useki acting chief executive in a reshuffle of top management following the resignation of its managing director.
Mr Useki, previously the acting chief finance manager, replaces Paul Wambua who has been at the helm of the union for the last six years.
“The board of directors has made the following staff changes — Chris Useki, who has been manager Nairobi branch and acting chief manager finance, has been appointed chief manager finance and acting chief executive officer, following the resignation of Paul Wambua,” reads a memo seen by the Business Daily.
Other changes cited in the memo include the appointment of Japheth Rono as the Sacco’s internal audit manager, Mary Kiema as credit manager and acting chief manager operations while Priscilla Kagori, who was serving as head of credit, was moved to head of customer experience.
Stima Sacco’s asset base has more than tripled in the last six years to Sh23.6 billion from Sh6.2 billion following an increase in its membership to 83,400 from 9,737.
The members have saved Sh18.4 billion with the Sacco making it the second largest Sacco in the country by deposit base. Its loan book is at Sh21 billion up from Sh5.3 billion in 2010, underlining the rapid growth.
Last year, the Sacco paid out Sh1.2 billion in dividends to members marking a return of 11 per cent.
Mr Useki who holds a master’s degree in finance and is a certified public accountant, is expected to steer the Sacco’s plan to raise Sh5 billion debt through issuance of a corporate bond.
He joined the Sacco in 2002 and has served in different capacities including branch manager and internal auditor.
Stima plans to use funds from the corporate bond to offer long-term loans of between 10-15 years at competitive prices, at a time commercial banks are looking into encroaching into the space occupied by Saccos following capping of rates.
The Sacco investment arm has been developing residential properties for its members with new plan now meant to finance buyers.
Stima boasts of being the only co-operative union in the country to have a credit rating, signalling confidence in corporate governance and intentions to attract international investors.
It received a credit rating of BB+ with a stable outlook from GCR, a pre-requisite for seeking debt funding.
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