Stima Sacco picks insider for acting MD

Stima Sacco has appointed Gamaliel Hassan as acting chief executive following the expiry of the term of its managing director Chris Useki.

Mr Hassan is the chief manager for strategy and business.

Mr Useki served in an acting capacity from October 2016 when the former boss Paul Wambua resigned until his appointment was in August 2017.

“I took over as the acting chief executive at Stima Sacco on July 3, following the expiry of the term of Mr Useki last month,” said Mr Hassan in an interview with the Business Daily Thursday.

Mr Hassan, a certified public accountant will double as the chief manager strategy and business.

The 131,616-member sacco grew its net income in 2019 by 3.9 percent to Sh881.6 million compared to Sh848.8 million in the previous year.

Turnover grew 22 percent to Sh5.63 billion in 2019 up from Sh4.60 billion in 2018.

Lending increased by 15 percent from Sh24.94 billion to Sh28.62 billion.