Mhasibu Sacco recently held a special general meeting with an agenda that mainly focused on its future outlook. During the meeting, members participated in reviewing the Sacco’s bylaws so that they can conform to the recent changes in its operations, business environment and the envisioned future. In addition, they also reviewed the vetting and elections policy. Since the Sacco has now opened its common bond to non-accounting professionals, a policy on the same was presented to the members by the board and they gave their input on how it can be managed in an exemplary way. By the same token, they were updated on the operations of Mhasibu Housing Company Limited.
Mhasibu Sacco was established thirty three years ago. At the beginning of its journey, it had only thirty seven members and it was housed by the Institute of Certified Public Accountants of Kenya (ICPAK) at Red Cross Offices. “ In our early days, we had only a few products, used manual bookkeeping, while members only paid an entrance fee of Kshs. 10,” said Mr. Charles Miricho, Mhasibu Sacco’s Chairman during his presentation.
From a very humble beginning, the Sacco has grown in leaps and bounds and it currently has over 18,000 members who are spread throughout the world. Most significantly, its asset base stands at over Kshs. 5 billion and it is therefore ranked as a tier one Sacco. In line with its goal of becoming a world-class Sacco, Mhasibu has invested heavily in modern information and communications technology (ICT). In that respect, the Sacco offers online enabled transactions and the members can therefore enjoy real time services. The services include: mobile banking, web portal, mobile loans, mobile payments and web chat. Accordingly, members can now get instant feedback to their queries through the Sacco’s website chat feedback form, besides accessing reports on deposits, loans, guarantees and account status via the web portal.
Initially, Mhasibu was a Sacco for professionals in accounting. “Due to market dynamics and the need to develop the Sacco further, we are now bringing on board other like-minded professionals,” said Mr. Antony Gichia, the Chief Executive Officer (CEO) on the sidelines of the Special General Meeting. “Our objective is to make Mhasibu Sacco a one stop shop financial institution where members can comfortably save and access loans,” emphasized Mr. Gichia.
The Sacco has also reviewed its products in order to align them with the agenda of value creation and efficient service delivery. Some of the attributes of the revamped products include: a longer repayment period and ability to address urgent need for cash by the members. In addition, it has now become easy for members to acquire assets and to own homes. Of critical importance, the Sacco has increased its loan limit to Kshs. 50 million from Kshs. 30 million which has presented a great opportunity for members to achieve financial independence and prosperity. Moreover, in order to broaden its business capabilities, synergy and value add, Mhasibu is in the process of partnering with various organizations in order to provide products and services more conveniently. This will include benevolent fund, motor vehicle and life insurance and various home care appliances.
The road ahead
According to Mr. Miricho, Mhasibu Sacco is focusing on building its corporate image by offering quality service delivery, competitive products, besides developing unique identity and value proposition through strategic branding. The key drivers that are guiding the future direction of the Sacco include : strengthening of long-term financial sustainability, providing timely and quality services to members, putting in place appropriate business development mechanisms, developing a capable, efficient and responsive organization, attracting, developing and motivating competent staff who will support Mhasibu Sacco’s endeavour to achieve its long term goals and lastly, enhancing the Sacco’s corporate image in order to improve its internal and external relationships with members and other stakeholders.