Mentor SACCO continues to maximise member value creation, thanks to corporate governance structures

Mentor Savings and Credit Co-operative Society (SACCO) continues to scale the heights of member empowerment and service delivery. Despite the tough economic environment – coupled with the rising global inflation and the adverse effects of drought – the Sacco reported tremendous growth in its membership.
This is attributed to the good leadership structures leveraged, to ensure member value creation and empowerment. The Sacco membership grew by 5,633 members from 28,032 reported in 2021 to 32,599 members, representing a 15.1% growth.
Speaking during the 46th Annual General Meeting (AGM) held on January 21, 2023, the Sacco chairman Anthony Kamau noted that Mentor Sacco membership was maximised across the country, during the same year under review.
Kamau attributed this growth to continued member loyalty and support, urging members to continue being good ambassadors to Sacco, selling its unrivalled products and services.
“As the management board, we are driven by a clear mission focused on efficiently serving members. The outcome of this visionary leadership is reflected in the Sacco’s continued strong growth and stellar performance,” said Kamau.
Sacco performance
Through this outstanding growth in membership, the Sacco reported major milestones in deposits, share capital, and assets among other key performance indicators.
Mentor Sacco reported a 14.1% growth in asset base to KSh 11.76 billion reported at the end of the financial year 2022, compared to KSh 10.3 billion in 2021. The chair noted that the stability in assets was supported by loans issued to members, the Sacco investment in deposits and Money Market Funds.
Mentor Sacco loan book grew to KSh 7.48 billion during the year ending December 31, 2022, compared to KSh 7.12 billion reported in the previous year. The society disbursed loans to over 10,811 members, supporting their financial needs
Growth was also realised in members’ deposits and share capital during the same period under review. Deposits grew by 13.6% to KSh 8.908 billion, up from KSh 7.84 billion in 2021, while share capital increased by 18.2% up from KSh 625.8 million to KSh 739.5 million during the year under review.
“The Sacco board has agreed to allow members to increase their share capital beyond the minimum of KSh 30,000. This will ensure you (members) earn more dividends,” the Sacco chair confirmed.
Total revenue increased from KSh 1.3 billion reported in 2021 to KSh 1.5 billion in 2022. Therefore, the society paid dividends on share capital and interest on members’ deposits amounting to over KSh 1.018 billion, at the rate of 15% and 12.3%, respectively.
The chair revealed that all these milestones have been realised via the Sacco member service delivery and sustainability in customer satisfaction.
Member service delivery
He noted that the society recognises the demand for digital solutions, which has given it a competitive edge in service delivery.
“We embarked on enriching our mobile banking by acquiring a new stand-alone USSD. We also commenced upgrading the website, which will enable members to effectively and efficiently carry out transactions and monitor their accounts, receiving notifications via SMS and email alerts,” said Kamau.
Mentor Sacco conveniently services its members via the mobile banking solution, which has recorded more than 67% of member transactions. The service has over 96% of members subscribed, accessing services like deposits, withdrawals, checking out balances, and mini statements, among others.
Since its inception in 1977, Mentor Sacco remains committed to serving its members based on their financial needs and expectation. The society started as a teacher saving and credit facility, however, with changes in the economy and the need to expand, the Sacco amended its by-laws opening a common bond that absorbed members from all corners of the economy, including Civil Servants, Disciplined Forces, Local Authorities, NGO’s, National and County Governments, Private Companies, Approved Entrepreneurs, Groups/Chamas, individual among other Institutions.
The growth in members’ service efficiency and the exemplary performance realised, especially during tough economic times, have seen Mentor Sacco bag numerous awards in the financial sector and the entire cooperative movement.

During the same year under review, Mentor DT Sacco was feted the Best Society in Risk Management. The award came at the 100th International Day of Co-operatives celebration, commonly known as Ushirika Day in Kenya, on Saturday, July 2, 2022. The Sacco emerged in position one, out of over 8,000 active co-operative societies countrywide.
The Sacco also scoped position one in the best risk management category among DT societies in the country. Mentor Sacco was also awarded among Employer Based SACCOs, Tier 1 category.