Thousands of members attend tier one Sacco’s 45TH AGM physically and virtually as it registers growth in asset base, membership , total deposits and share capital.
Mentor Sacco, a tier one Sacco successfully held its 45th Annual General Meeting (AGM) today. The Covid-19 guidelines and protocols provided by World Health Organization (WHO) and the Ministry of health were strictly adhered to during the AGM. Having amended the relevant by-law in the 44th AGM, the meeting was hybrid (both virtual and physical).
While giving his report, the Chairman, Mr. Anthony Kamau, observed that despite 2021 being a challenging year, Mentor Sacco remained focused on one of its key objectives :”To promote the economic interests and general welfare of members in accordance with co-operative principles”.
Mentor Sacco grew significantly in 2021. To start with, its total assets grew from Kshs. 8.91 billion in 2020 to over Kshs. 10.4 billion in 2021. In same breath, the total income grew from Kshs. 1.184 billion in 2020 to Kshs.1.315 billion in 2021. Additionally, the Sacco’s membership grew from 24,356 in 2020 to 28,032 in 2021. Moreover, its total deposits and share capital grew from Kshs. 863.5 million in 2020 to Kshs. 1.13 billion in 2021. “The increased investments by members imply confidence in the Sacco’s financial stability,” said Mr. Kamau.
Against this background, the members were paid a dividend of 15% on share capital and 12.1% interest on all other non-withdrawable deposit.
Mr. Kamau further reported that in line with market trends, Mentor Sacco has continued to embrace technology in its service delivery and product development. “In 2021, Kshs. 1.87 billion was deposited, Kshs. 4.68 billion withdrawn and Kshs. 33.55 million borrowed via quick fix loan,” he said.
Due to the heavy use of the mobile banking platform by the members, the Sacco is planning to invest in its own Unstructured Supplementary Service Data ( USSD) , commonly referred to as quick codes.