RECORD ATTENDANCE  AS  MENTOR SACCO CONCLUDES ITS  2024 MEMBERS’ INFORMATION DAYS EXERCISE

Mrs. Joyce Ndegwa, chief executive officer Mentor Sacco making her presentation.
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It was a hive of activity at Kikuyu Township Primary School during the last day of a series of interactive sessions between tier one  Sacco and its growing membership

By George Gichuki

Mentor Sacco  concluded   its  2024 members’ information days  exercise  on a high  note.  The venues of  the  sessions’  final  day were: Githunguri Township, Manguo , Igegania  and  Kikuyu  Township  primary  schools  all  in  Kiambu  county.  It is a region that the tier  Sacco has  consistently  penetrated in the last  few years,  growing  its  membership  and profitability  in  the  process. “We are  keen on  strengthening our presence in Kiambu county ,”  said  Mr. James Kiago, secretary of  Mentor Sacco’s  board of directors  during the MID at Kikuyu  Township  Primary School.  “ In the last two years, many members from this region have joined us,” he added.  Mr. Kiago attributed the fast   growth in membership to the Sacco’s  innovative product offering  and efficiency while responding to its  members’ needs.

Spoilt for choice

Mrs. Joyce Ndegwa, the   chief executive officer made a presentation on the   Sacco’s  product offering  and also fielded questions from members.   In  her  presentation,  she  told  the members   that the Sacco’s   savings account  targets  both  salaried and non-salaried members.  The funds in the said   account can be accessed by  members either over the counter , or through the mobile banking platform or automated teller machines ( ATMs).  “  Every year in July, deposits in  this account are paid an interest dubbed ‘furahia jasho lako’ – Kiswahili for ‘enjoy your sweat’ – which motivates members to save more,”  affirmed  Mrs. Ndegwa.   The  non-withdrawable deposit  product  on the other hand  enables    members to   make monthly  contributions   which  earn interest for  them   annually.   Most  importantly,  it  is  the multiplier account for loans.

Mr. James Kiago, secretary, Mentor Sacco’s board of directors addressing members during the MID at Kikuyu Township Primary School.

Mentor Sacco has also developed a savings product dubbed Mazao deposits whose interest is paid  at  the end of every financial year.  In 2023, the interest  on Mazao deposits was paid at a rate of 12.4%.   By and large, it  is an incentive to members to make additional contributions to their ordinary deposits.  Unlike the ordinary  deposits,  one can make withdrawals from  Mazao   at   any time of the year. 

Mrs. Ndegwa encouraged members to channel all their income through the Sacco. “ It is  very  easy for us to appraise you for a loan if your account is well managed,” she advised them.  Further, she said that for one to be a bona fide member of Mentor Sacco, he or she should have a minimum share capital of Kshs.30,000.  The share capital earns a member dividends at the end of every financial year and it is a very attractive product for  long term savings. In 2023, the dividends on share capital were paid  at a rate of 15% – one of the highest in  Kenya’s  Sacco sub sector.

Mentor Sacco members keenly following the MID at Kikuyu Township Primary School.

 The chief  executive  officer   was emphatic that  Mentor Sacco, being wholly  owned  by members  is keen  on enhancing    their  socio-economic  transformation.   To  that  end, it   is not driven by profit maximization.  “ We charge interest on most  of  our loan  products   at a competitive rate of 1% per annum and   on a reducing balance;  the economic conditions prevailing  in the country notwithstanding,” she told the attentive   members.

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