Business

Mentor Sacco asset base hits Sh10.41bn

Mentor Sacco asset base hits Sh10.41bn

By Justus Karanja

For close to four decades, Mentor Sacco has positioned itself as a customer centric and market led financial and allied services institution.

The Sacco has put a lot of emphasis in establishing specific member’s needs which in turn guide our search for solutions.

The efforts have seen the Sacco win more members as it also expands to other regions besides Murang’a County.

In 20212, Mentor Sacco Society Limited defied the negative economic impacts brought about by the outbreak of Covid-19 to post positive growth in all parameters last year.

The Sacco assets rose to Sh10.41 billion from Sh8.91 billion the previous year, which is an increase of Sh1.5 billion.

The Non-withdrawable deposits grew to Sh6.31 billion from Sh5.45 billion in 2020, which is an increase of Sh860 million.

The Total savings (FOSA) grew to Sh1.52 billion from Sh1.31 billion in 2o20, which is an increase of Sh210 million.

The Gross Loans to members grew to Sh7.34 billion from Sh6.58 billion in 2020, which is an increase of Sh764 million while the Total Share capital rose to Sh625.83 million from Sh550.22 million, an increase of Sh75 million.

The Total Revenue rose to Sh1.315 billion from Sh1.184, an increase of Sh131 million while Total expenditure dropped to Sh379.43 million from Sh382.68.

In the same period, 4,517 new members were recruited compared to 3,327 in 2020.

The recruitment led to 15.1% growth in total membership from 24,356 in 2020 to 28,032.

In his report during the 45th Annual General Meeting at Mumbi Grounds, Murang’a Town on 22nd January, the Sacco Chairman, Anthony Kamau (pictured) said the key performance indicators show the Sacco has adequate buffers to absorb business risks.

Mr Kamau saluted the members for attending the meeting noting the gesture was a clear testimony of the great significance the Sacco has in adding value to their lives.

He noted that 2021 was akin to 2020, with equally a challenging business environment due to the effects of Covid-19.

Mr Kamau assured that the Sacco’s objective remained ‘To promote the economic interests and general welfare of members in accordance with Cooperative principles’ while the mission is ‘To mobilise savings and provide quality products and services’.


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