Stima Sacco CEO Dr Gamaliel Hassan
For three long months, customers of Stima Sacco, one of Kenya’s largest savings and credit cooperatives, have been stranded in financial limbo. The reason? A malfunctioning banking system that has rendered basic services like depositing money and checking account balances impossible.
Is Stima Sacco Going Down? Prolonged Service Disruption Sparks Anxiety Among Members
But that’s not all. Despite declaring dividends last Friday, the sacco has yet to disburse the funds to its members.
A quick check of their social media pages reveals an influx of complaints from customers who are demanding answers.
To add fuel to the fire, rumours are rife that the sacco’s management is intentionally hoarding the dividends to milk more interest for themselves.
Such speculation is not helping to calm the nerves of the already anxious members who have had enough of being kept in the dark.
“One of the most stressing things at the moment is being a member of Stima Sacco. You don’t really know what’s going on. You can’t access your accounts, when you call, probably you are caller number 40 and have to wait for 50 minutes only to be promised that they are working on it,” vented a frustrated client on Tuesday.
One of the most stressing things at the moment is being a member of @stimasacco. You don't really know what's going on. You can't access your accounts, when you call, probably you are caller no. 40 and have to wait for 50 minutes only to be promised that they are working on it.
— Arthur Orangi (@prof_orangi) March 7, 2023
“With all that’s going on, this sacco is nothing but a house of cards. Members cannot access their prime accounts to withdraw their funds. A percentage of member dividends have been sent to their deposit accounts without consent. The percentage of dividends offered are inaccessible,” Another exasperated customer wrote on social media.
But the biggest source of irritation for customers is the sacco’s lack of communication.
“Stima Sacco, you put someone on hold for 58 minutes then the call is disconnected when you get to caller number one. One can’t even access the financial dashboard with the right credentials, what the hell is going on there?” one member complained.
.@stimasacco you put someone on hold for 58 minutes then the call is disconnected when you get to caller number one. One can't even access the financial dashboard with the right credentials, what the hell is going on there?
— Martin Wachira (@Martowachira) March 7, 2023
Okay, on a rather serious note, is everything okay @stimasacco? Is anyone else facing these issues? @GAMALIELHASSAN can you please let us know what is going on? The sacco is not responding to queries via DM. @SASRA_ke pic.twitter.com/9Oy8jJU3P0
— Savatia (@_Savatia) March 5, 2023
huko Stima Sacco ni kama kuna shida
— Solange Mbunde (@ianmbunde) March 6, 2023
Stima sacco has been shitty since November, wouldn't advise anyone to take that direction
— Masimbi彡 (@jnrmbuvi) March 3, 2023
@stimasacco should come out boldly and tell its members what's really going on with their system.
You can't transact on Mpawa USSD and app, the web portal has been down the last 2 months, unwarranted debits on prime a/c which the promise to credit back but no.
We need reassurance— Arthur Orangi (@prof_orangi) March 3, 2023
@stimasacco Its been 1 month and you are yet to resolve this portal issue, this is despite you asking for all details from me, I would like to understand how my number is not valid yet you are using it to send alerts to me@GAMALIELHASSAN pic.twitter.com/bVJP036exw
— Geoffrey M Chege (@AnalystChege) March 7, 2023
Stima Sacco is on its knees. Members aren't able to access their accounts. It's dwindling.
— Hon. Idris Bulle Mohamed (@BulleJR3) March 4, 2023
There is something definitely wrong with @stimasacco. None of their system is working. Time to consider balancing our loans with our deposits before the worst happens.
— Esther Waweru (@essiewaweru) March 3, 2023
From these complaints, it is clear that the Core Banking System that Stima Sacco procured last year is not functioning as it should.
On top of that, the sacco’s mobile app has had issues for an extended period, and now back-office systems are equally affected.
Members are being forced to queue for hours to access basic services, a situation that is unacceptable for an institution of Stima Sacco’s stature.
The members are distressed by the state of affairs and remain uncertain about the status of their accounts and their ability to access their funds.
In addition to the frustrations surrounding the unresponsive banking systems, some Stima Sacco members are also questioning the accuracy of their dividend payments.
Several members have come forward, alleging that the sacco may be shortchanging them on their dividends, particularly on their Alpha Deposit account and shares.
They claim that the method used to calculate their dividends is not transparent, which has led them to suspect that they are being cheated out of their rightful earnings.
I would like to understand how @stimasacco calculates its interest on Alpha Deposits and shares because I end up feeling like they have ended up not calculating it properly.
— Rayhab (@potentash) March 6, 2023
@stimasacco kindly explain to us how you calculate the dividend on both alpha deposit and shares and how the same ia remmitted because quite frankly, i feel cheated.
— Koii (with a double I) (@LydiaKoii) March 6, 2023
Hey @stimasacco ,I haven't received my dividend up to now.
— Mbanacho (@dabasir_) March 6, 2023
So angry actually at @stimasacco. They keep responding to people including the one who has responded to me to tell me how they calculate interest like I don't know. Answering my DMs is where they draw the line. Do better and respond to my issues on DM. Stop PRing on the TL
— Rayhab (@potentash) March 6, 2023
How does share capital of 27k and deposits of 270k only amount to 12k yet you say it was 11% and 15%? Bana hii mahesabu haiingiliani kabisa.
—
MWITA (@stevekhaly) March 6, 2023
MWITA (@stevekhaly) The calculation should be:
Share Capital Ksh 27,000x 0.15% = Ksh 4050
Alpha Deposit Ksh 270,000×0.11% =Khs 29700
4050 +29,700 =Ksh 33,750
Withholding Tax = 5%
Ksh 33,750 x 0.05% = Ksh 1687.5
Ksh 33,750 – 1687.5 = Ksh 32,062.5
Your dividends should be Ksh 32,062.5@stevekhaly— Made in Africa (@papafavour) March 6, 2023
The sacco must take immediate action to address the issues affecting its systems and improve customer service to prevent further frustration and loss of customer trust.
It remains to be seen if the management led by CEO Dr Gamaliel Hassan will do what it takes to resolve the issue and restore customers’ confidence in their services.
Until then, the members of Stima Sacco will have to endure the agony of being stranded in a financial no-man’s-land, wondering if and when their savings will be accessible.
Liquidity Crisis: Stima Sacco Members Fear For Their Savings
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