It is reported that members hold shares in addition to deposits held in the Sacco. Unaitas CEO Martin Muhoho, told the media, “he growth in performance is attributed to the confidence of its members in its governance and management structures and aggressive business development strategies we have put forth.”

The Sacco comprises more than 320,000 members in Kenya. It has issued a 7 percent dividend along with a 3 percent loyalty dividend for each share held by its members, media reports said. “The plan is to have the various delegates following the proceeding online but they will have an opportunity to fully participate despite them being apart from each other,” Muhoho added.

Prior to the pandemic, the meeting was scheduled in Nairobi. More recently, it was reported that the Sacco has dropped plans to become a commercial bank in Kenya. A few years ago, the institution had sought a commercial bank licence to operate in the country.

The Sacco had invested in processes and systems to become a commercial bank, but the Central Bank of Kenya’s efforts to freeze licensing of new banks has forced it to drop the idea.

The regulator said in a statement, “The Central Bank of Kenya has, with immediate effect, placed a moratorium on licensing of new commercial banks until further notice.” In 2015, the central bank put a moratorium on licensing new banks and it is yet to lift the restriction.

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