Mombasa Port Sacco records significant growth in key parameters, thanks to efficient customer service, sustainability

Savings and Credit Co-operative Societies remained resilient in the fiscal year 2022, despite the tough economic challenges, including high cost of living and the devastating effects of drought. This was made successful based on the strategic plan leveraging customer service, sustainability and member value creation.
Mombasa Port Sacco is one of the societies that reported tremendous growth in the year under review, as it raced to meet the growing member needs. The Sacco reported growth in share capital and deposits of up to 496 million, an indication of improved member induction to the society.
Speaking during the annual delegates meeting held at Mombasa port Sacco plaza, board of directors’ chairman Alfred Jaka said that the society has continued to empower its members through affordable and competitive credit facilities.
The Sacco disbursed loans amounting to KSh 4.9 billion in the year ending December 31, 2022, up from KSh 4.3 billion reported in 2021. This represented a 22. 5% growth.
With the Sacco share capital growing to KSh 379 million during the same year under review, the Sacco paid dividends amounting at KSh 75 million or 20% of the total members share capital.
“We thank you (members) for your continued support and loyalty. The Sacco board intends to increase share capital to KSh 500 million by end of 2023, and this can be successful through your continued patronage and being good ambassadors,” said Jaka.
He urged members to embrace a saving culture for a better future, and increase their loan limits for developments projects.
The chair acknowledged the Mombasa port Sacco performance, which saw it ranked third most improved society in the coast region and fiftieth country wide.
MPS chief executives officer Deaden Ondiek echoed the chair’s sentiments, saying the Sacco has and continues to play a critical role in financial inclusion in the country.
Ondiek noted one of the Sacco strength is capitalisation, which saw it got recognised during the 100th Ushirika Day celebrations in 2022, at KICC Nairobi.
The CEO assured members that MPS is keen on its transformational agenda to bring autonomy to member service delivery and value creation.
“As a Sacco Society Regulatory Authority (SASRA) compliant, Mombasa Port Sacco is set to upgrade its system, leveraging information communications and Technology ICT services to meet the growing member demand,” said Ondiek.
Ondiek revealed that in 2022, the Sacco board of management resolved to upgrade the Navision ERP software to the status of Dynamics 365 business central and transactional member’s portal to efficiently service members.
“I urge members to patronise the society products and services in order to enhance our growth,” he added.
Presiding over the AGM, Commissioner of Cooperatives David Obonyo applauded Mombasa Port Sacco members, saying they have been vital in helping the Sacco realise its mandate.
“The suitability of SACCOs and the sub sectors associations rests in its ability to stay, and work on a common goal, remaining true to effectively serve members,” said Obonyo.
He urged the Sacco members, board and management to learn from the philosophies embraced by the pioneer members, enabling to society to exist for so long.
He encouraged societies to keep thinking of ways that present generations can consume resource without depleting them for the future generations and come up with relevant solutions.
Obonyo advised SACCOs to look into technology and choose the strong systems if their business is to remain sustainable.
“The current business environment only favours institutions that developed and improve their technological infrastructures, creating a competitive edge,” he added.
Member education
To equip members with the right financial literacy and investments skills, the society has been training their members on various issues to use personal information for their improvement and growth.
The chair urged members to make use of such functions as the offer knowledge for realisation of value creation and training on investment and management.
Mombasa port Sacco also engages its members and the communities through the corporate social responsibility (CSR) activities such as offering scholarship programmes.
Out of the 175 deposit taking SACCOs, Mombasa Port Sacco ranked among 39 societies with an asset base of over KSh 5 billion.
The society is yet to review its strategic plan by the end of the fiscal year 2023. Having grown in leaps and bounds since its establishments the society has scaled its service delivery to higher heights by transforming members economic and social welfare.
MPS leadership has remained visionary in taking proactive approaches to sustain its growth under the stewardship of the board of Directors led by Alfred and strong management steered by Deaden Ondiek
The Sacco continues to sustain strong prudential ratio going forward to maintain the society’s capacity strengthening its liquidity ratios since inception in 1966.
The Sacco operates on a common bond basis, drawing its diverse membership from the salaried and non-salaried individual, investment groups, corporates, sole business and Kenyans in the diaspora.