Leading tier one Sacco holds a highly successful 42nd AGM as its income grows and members receive handsome dividends
Mentor Sacco, one of the fastest growing Saccos in Kenya, with an asset base of Kshs. 7.16 billion held a highly successful Annual General Meeting (AGM) today that was well attended by its members and other stakeholders.
The sacco`s performance in the 2018 financial year was remarkable. Its total income grew from kshs. 896,329,058 million (in 2017) to kshs 1.04 billion. ”Our sacco has now moved to the big league,” noted Mrs. Joyce Ndegwa, the CEO, while addressing the members, adding that Mentor has become a tier one sacco in the country because of its remarkable and consistent performance.
In the same breath, the Chairman, Mr. Anthony Kamau thanked the members, directors and management team of Mentor Sacco for contributing to its success. “Fellow members, the 2018 performance demonstrates the benefits of a focused management strategy and robust business model,” he noted.
Consequently, the members were given handsome dividends as follows: interest rate on share capital at 15%, interest rate on Mazao deposits at 13% and interest rate on all other members` deposits at 11%. Founded in 1977 by members of the teaching profession, the sacco owns the tallest building in Murang`a town and its mantra is: ` Adding value to life`. It offers front office services activity (FOSA), and its doors are now open to the business community, civil servants and members of other professions, besides teaching.