Harambee SACCO has launched a new growth strategy aimed at expanding its membership by courting two under-tapped segments: retirees and youth. The move comes as the Sacco, which manages assets worth Ksh 37.01 billion and serves over 80,000 members, seeks to boost long-term sustainability and build a more diversified portfolio.
Chief Executive Officer Dr George Ochiri said the Sacco is rolling out tailored products to retain members approaching retirement and attract younger savers, “Retirees are lifelong members with significant savings. We want to keep them engaged with products that support their post-employment goals.”
Harambee Sacco is offering tailored investment solutions for retirees, designed to generate steady returns beyond the regular salary cycle. The products focus on capital preservation while supporting income-generating ventures and financial stability during retirement.
To appeal to younger Kenyans—who represent the bulk of the population—the Sacco has introduced the Karibu Loan, which allows new members to borrow up to Ksh 500,000 after three months of membership and a minimum contribution of Ksh 1,000. The goal is to lower entry barriers and encourage early financial discipline.
The Sacco is also tapping into the housing market through a partnership with the Kenya Mortgage Refinance Company (KMRC). Members can access home loans of up to Ksh 8 million in Nairobi and other metropolitan areas, and Ksh 6 million elsewhere, at an interest rate of 9% with repayment periods extending to 25 years. These offerings include the Harambee Home Loan for purchases and the Harambee Jenga Loan for residential construction.
The SACCO is also ramping up incentives for high savers. A recognition program for the top 3,000 savers, who collectively hold Ksh 2 billion, is part of a broader effort to boost the Sacco’s liquidity and resilience. This follows a recent decision to write off a Ksh 184 million investment in Kenya Union of Savings and Credit Co-operatives (KUSCCO), to enhance lending capacity.
Harambee Sacco’s latest campaign is part of a broader strategy to reposition itself as a modern financial cooperative, responsive to evolving savings habits, diverse credit demands, and the needs of a multi-generational membership across various life stages.
Mrs. Dolphine Aremo, Commissioner for Cooperatives – Nairobi County, praised Harambee SACCO for its commitment to youth empowerment, noting that its innovative financial products and services are helping young people build sustainable livelihoods and secure their economic future.