NAIROBI, Kenya, Feb 17 – Stima DT Savings and Credit Cooperative Society Limited (Stima Sacco) has launched a fully fledged insurance subsidiary, Mpawa Insurance Brokerage, marking its entry into the broader insurance brokerage business.
The new unit transitions from the former Mpawa Insurance Agency into a licensed brokerage, in line with the Sacco’s 2022–2026 strategic plan aimed at revenue diversification and market expansion.
Chief Executive Officer Gamaliel Hassan said the insurance arm will support the Sacco’s core mandate of providing savings and credit solutions while avoiding the heavy capital requirements of underwriting.
He explained that the brokerage will not underwrite risks directly but will place insurance business with licensed underwriters for a commission.
The shift from an agency to a brokerage model allows Mpawa to represent clients rather than specific insurers, enabling it to offer a wider range of products and independent advice.
Stima Sacco said the move will benefit its more than 241,000 members by providing broader market options, competitive pricing, professional claims support and risk assessment services for individuals and SMEs.
Mpawa Insurance Agency was incorporated in May 2018 and licensed in 2019. It grew premiums from Sh147 million in 2019 to Sh267 million in 2021.
The Sacco, which has an asset base of Sh75.27 billion and a liquidity ratio above 90 percent, said the new brokerage positions it to strengthen non-interest income and expand its footprint in the regional insurance market.
