Stima Sacco, the largest Sacco in Kenya and the second-largest in Africa in terms of asset base has informed its more than 200,000 members that their Paybill number has changed. Members have been advised to take note to avoid inconveniences when making payments.
“We have introduced a new Paybill business number 0240240 for direct M-Pesa to account deposits. Kindly note that the old Paybill business number 4083183 has been officially discontinued,” said Stima Sacco in a statement.
Here is the new Paybill number and how to make the transactions:
According to Stima Sacco, the change of the Paybill number is to enable members to transact fast and seamlessly without encountering any delays.
Related Content: Stima Sacco Gave Out Ksh 45.2 Billion In Loans To Members In 2023
The change of the Paybill comes a few days after Stima Sacco posted impressive financial results for the financial year 2023 with the number of members moving past 200,000 after rising by 13 percent.
Stima Sacco recorded a 21 percent growth in revenue to 8.96 billion shillings for the financial ending December 31, 2023, compared to 7.5 billion shillings the previous year.
The Sacco asset base grew by 10 percent to 59.1 billion shillings from 53.8 billion shillings in the previous year. The loan book grew by 9.3 percent to 45.2 billion shillings from 41.3 billion shillings in 2022.
“Although we retained the same percentage payouts, the amounts are higher because the share capital increased during the year, and the member deposits also increased. So the base on which the percentage is calculated is what increased thereby increasing the total quantum from Ksh 3.5 billion to Ksh 4 billion while retaining the same percentages,” said Mary Maalu, National Treasurer.
The Sacco members now expect to be paid 485.5 million shillings from share capital compared to 395.7 million shillings paid out last year while earnings from interest will amount to 3.6 billion shillings from 3.2 billion shillings.
“Our liquid assets against total deposits and long-term liabilities ratio increased from 78.98% in 2022 to 90.08% at the end of 2023. These figures are well above the statutory required limit of 15%, marking our liquidity ratio as the highest in the market,” said Stima Sacco CEO Gamaliel Hassan.
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