EMPOWERING MEMBERS THROUGH EDUCATION AND INNOVATIVE FINANCIAL SOLUTIONS
Financial freedom is a dream for many, yet without the right tools and knowledge, it can be out of reach. In today’s economy, marked by a high cost of living and low income levels, many Kenyans are searching for better ways to grow their income and secure their future. To that end, Mentor Sacco equips members with the tools, resources, and knowledge to take control of their finances and elevate their socio- economic standing.
During the members’ education, information and training day ( MID) in Limuru, supervisory board Chairman Mr. Peter Njenga delivered an insightful report. His address emphasized the importance of education and using the Sacco’s resources strategically. “It is the responsibility of the Sacco leadership to organize training and education for members, helping them understand how to save and borrow in order to create wealth,” he said. By organizing MIDs, Mentor Sacco empowers its members with crucial financial knowledge for personal and communal growth.
Using debt to create wealth
Mr. Njenga highlighted the power of smart borrowing. With proper planning, debt can be a tool for wealth creation. “The primary goal of a Sacco is saving and credit, and Mentor Sacco is doing exceptionally well in this regard,” he shared. As of the end of 2024, the Sacco’s total assets had grown to Kshs 15.7 billion, with Kshs 11.1 billion loaned out to members. Deposits reached Kshs 11.8 billion and share capital hit Kshs 1 billion, figures that reflect trust, growth, and empowerment.
He encouraged members to patronize loan products and use the funds for investments, business ventures, and personal development. Given the current economic challenges, such investments are critical to bridging financial gaps. Notably, Mentor Sacco offers low-interest loans, ranging between 6.5% and 9.7% per annum.
Collective strength
Members were also urged to channel all their income through Mentor Sacco in order to improve loan appraisal and financial stability. Mr. Njenga also advocated for communal support: “Let us focus on possibilities and support each other through shared knowledge and solutions.” He stressed that collective strength can unlock new opportunities, especially when challenges arise.
Mentor Sacco is more than just a savings platform. Members enjoy: affordable credit, interest on deposits as well as tailor made financial solutions. These solutions empower members to make sound financial decisions while building a secure future. The more one saves, the greater the benefits.
Compound growth
A key takeaway from Mr. Njenga’s presentation was the value of compounded savings. He encouraged members to reinvest interest and save consistently. “At an annual rate of 12%, savings can double in six years and quadruple in twelve,” he said. For example, investing Kshs 10,000 could grow to Kshs 20,000 in six years and Kshs 40,000 in twelve. This is especially vital for young members who are keen on beginning their savings journey early.
Securing your future
Mentor Sacco advocates for proactive retirement planning. All members, regardless of age or position, are encouraged to take charge of their future. The Sacco offers a retirement package that provides monthly payouts until the lump sum is released by the employer—ensuring financial stability in retirement.
Despite economic challenges, Mentor Sacco continues to grow, boasting high liquidity, strong governance, and committed membership. Mr. Njenga urged members to maintain the Sacco’s good reputation by reviving dormant accounts, giving constructive feedback, and upholding transparency. With strong leadership and an empowered membership, Mentor Sacco remains a beacon of financial empowerment and shared progress.
