A MEMORABLE DAY FOR MEMBERS OF MHASIBU SACCO

Mhasibu Sacco Nairobi members.
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Members learn more about their sacco as they are also given useful tips on how to achieve financial freedom

By George Gichuki

 Co-operative societies are owned by members who pool resources in order to achieve economic goals.  Therefore, in order to keep their members updated about their performance, product offering and  important developments  besides creating a forum for them to network, co-operative societies  set aside  special days in their  calendars of events.  They are known as members’ education days. During these days, members are also educated on important issues that not only make them effective contributors to the overall growth of these societies, but also go a long way in helping them to improve their socio-economic status.

Mr. Charles Miricho, Chairman, Mhasibu Sacco, delivering his speech.

Common bond

Against this background, Mhasibu Sacco held an education day for its Nairobi members on 29th February 2020. This was in line with the sacco’s mission: ‘To mobilize savings and economically empower members to attain financial independence.’  After opening its common bond, Mhasibu has now been repositioned as a sacco for professionals – for instance lawyers and engineers – besides accounting professionals who are its founders.  “Education days are very important to us because they help us to retain our members and to keep them informed on the journey we are embarking on from time to time,” said Mr. Charles Miricho, Chairman, Mhasibu Sacco in his address to the members.  He added that the sacco has over the years maintained very strong leadership that is anchored on solid governance and values.  Consequently, many saccos in the country (including the ones offering front office services activity) benchmark with it.  “Our aim is to become a world class sacco,” Mr. Miricho emphasized.

Mr. Anthony Gichia, CEO, Mhasibu Sacco addressing the Nairobi members during their education day.

During her presentation, Mrs. Eunice Kanyi, the head of operations, took the members through Mhasibu Sacco’s savings and investment products as well as the loan products.   “By mobilizing savings, our members create a source of funds that they tap into   in order to attain financial independence,”   Mrs. Kanyi said. “We maximize value for our members by offering them high interest rates on their savings as well as high dividend payouts,” she added.  Indeed, over the last four years, Mhasibu Sacco has consistently been paying dividends to its members   at a rate of    15% and above.   Mrs. Kanyi also emphasized that necessary measures have been put in place by the sacco   in order to ensure that the members’ funds are safeguarded. Established in 1986, the tier one sacco has over 18,000 members throughout the world and an asset base of over Kshs. 5 billion.

Mrs. Eunice Kanyi (standing), head of operations, Mhasibu Sacco making a presentation to the Nairobi members.

 Achieving financial success

The climax of the day’s activities was a presentation on the topic:  ‘inspired to finding financial success’ by Mr.  Evans Njoro, an educator and social entrepreneur. According to him, in order to achieve financial freedom, one should have the end in mind, be driven by values and set goals.  “Values are the principles that are dear to somebody –   they guide him or her in making the right decisions,” he said.   By the same token, he   cautioned the members against taking unnecessary loans since that is likely to throw them into debt.  “Financial problems are caused by lack of self discipline and self mastery,” Mr. Njoro  advised  the members.

The other steps towards achieving financial freedom that Mr. Njoro gave were: having a passive income, eliminating debt, having a budget, saving money, increasing cash flow, investing in assets and reducing expenses.

Mhasibu Sacco Nairobi members enjoying lunch after participating in the education day.

A day well spent

Mr. Anthony Gichia, the chief executive officer of Mhasibu Sacco thanked the members for attending the event in big numbers. “We have been able to interact and share a lot of information with our members today hence empowering them to make better decisions while doing business with the sacco,” he observed.  “In particular, the consultant (Mr. Njoro) touched on some issues that we might consider to be very basic, but they have a very huge impact on how we manage our personal finances,” he added.

Mr. Gichia further said  that the more the members are informed about the products and services being offered by Mhasibu  Sacco as well as their rights and obligations, the more vibrant  the lender will ultimately become.

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