Exemplary strategic management and innovative digitalization propelled Mentor DT Sacco to remarkable heights in the Financial Year ending December 31, 2024, enabling it to stay true to its objectives of delivering quality financial services and giving value and hope to members.
With a fundamental objective of improving its members’ livelihoods, the Sacco excelled in offering affordable and accessible loans throughout the year, facilitating impressive growth across all key metrics. The Sacco’s financial statements, presented at the 48th Annual General Meeting (AGM) held at Mumbi Grounds, Murang’a, on January 18, illustrate a financially robust institution achieving double-digit growth. Looking forward, the Board of Directors and management project even stronger results in 2025, reinforcing confidence in the Sacco’s long-term viability and success.
Its 2024 annual report highlights a significant milestone—over Ksh 9.9 billion disbursed in loans to members, a notable increase from Ksh 7.1 billion in 2023. This achievement led to an 18.14 per cent rise in the loan portfolio, climbing from Ksh 9.86 billion in 2023 to Ksh 11.65 billion. Additionally, total delinquency loans have declined, reflecting the Sacco’s enhanced financial health and commitment to its members.
“The Board actively engaged with members and carefully evaluated a range of loan products to better align with our strategic goal of enhancing the competitiveness of our credit facilities,” stated Mr. Eliud Mbugua, the Sacco Chairman.
Members of Mentor Sacco benefit from competitive loan rates as low as 6.5% per annum. The Sacco also offers refinancing options for both internal and external members’ loans.
To enhance loan disbursement, the Sacco has leveraged technology. Last year, it improved the efficiency and effectiveness of its operations by transitioning to a new core banking system, which aligns with its strategic goal of modernizing service delivery to provide competitive financial solutions. Additionally, the Sacco has upgraded its digital banking services by replacing the USSD code *276*1# with *306# for quicker, more efficient, and secure member access.
“By adopting an interactive core-banking solution, the Sacco has positioned itself to better meet the evolving needs and expectations of our members in an increasingly digital and competitive landscape,” said Mr. Mbugua while addressing the AGM.
By prioritizing excellence in service delivery through digital channels, the Sacco aims to provide real-time data updates, streamlined processes, and interactive digital services, ensuring it remains a leader in transforming livelihoods.
Financial results show that Mentor Sacco has successfully maintained, protected, and significantly grown its members’ funds. Due to this, along with increased patronage of Sacco products and services, Mentor Sacco reported a 17.9 per cent growth in total revenue, rising to Ksh 2.156 billion in 2024 from Ksh 1.83 billion in 2023.
As a result, members received increased annual returns, pocketing total payouts amounting to Ksh 1.395 billion, compared to Ksh 1.18 billion in 2023. The Sacco Board announced a payment rate of 12.5 per cent for non-withdrawable and mazao deposits and a 15 per cent dividend on shares.
Resilience
For forty-eight years, Mentor Sacco has demonstrated resilience as a reliable financial institution dedicated to enhancing the quality of life for its members. Despite the challenges faced in the financial market last year, the Sacco maintained a positive trajectory in all spheres, becoming the preferred choice for many across the country, with its membership increasing by 10.5 per cent to reach 44,083.
The Sacco’s balance sheet reveals significant growth, with total assets surging by 17 per cent to Ksh 15.76 billion in 2024, up from Ksh 13.5 billion in 2023. Notably, over the past three years, the Sacco asset base has grown by more than 52.8% from Ksh 10.31 billion in 2022.
Members’ savings and deposits grew by a remarkable 16.5 per cent, reaching Ksh 11.88 billion last year, compared to Ksh 10.2 billion in the previous year. The Sacco’s success in mobilizing deposits has enabled it to maintain a high liquidity ratio, significantly above the statutory requirement of 15 per cent. Overall, the Sacco has met all the prudential ratios as mandated by the Sacco Societies Regulatory Authority (SASRA).
With a commitment to promoting economic thrift and the general welfare of its members, the Sacco is spreading its wings to make its services more accessible. A new branch has been established in Kiambu Town.
“We thank our members for their loyalty and support, as well as the Sacco management, led by the CEO and staff, for their hard work and dedication in serving our members. This unity has made us strong for 48 years. Our future is bright as we continue to add value to life,” stated Mr. Mbugua.
Over the years, Mentor Sacco has distinguished itself by leading the way during a time when innovation and adaptability are essential. It has redefined the cooperative landscape with its visionary blueprint for 2025, highlighting a transformative journey committed to fostering growth and excellence.
At the core of the 2024-2028 Strategic Plan is the Sacco’s steadfast dedication to establishing new standards that will not only drive its growth but also enhance the lives of its members and the wider community. With a clear focus on adding value and improving experiences, Mentor Sacco is not just paving a new path; it is igniting a movement toward a brighter, more prosperous future for everyone. The Sacco is reshaping possibilities and inspiring change, ensuring that every step its members take brings them closer to greatness.
It aims to achieve a membership of over 80,000, generate revenue exceeding Ksh 3 billion, expand its loan book to Ksh 14 billion, and increase total deposits to Ksh 16.4 billion by 2028. According to SASRA rankings, it is among the top 20 largest and most profitable deposit-taking Saccos.
This impressive growth is a reflection of the management’s commitment to best practices, prudent resource management, and good governance. These efforts have consistently earned the Sacco national awards for excellence in risk management. By strategically implementing a robust risk management framework, the Sacco has significantly minimized losses, enhanced operational efficiency, ensured strict compliance, and instilled unwavering confidence among its esteemed members.
“At the heart of our operations is a commitment to innovation and member-centric initiatives. Our goal is to offer paperless banking; that’s why we have made substantial investments in cutting-edge cybersecurity measures,” stated Mrs. Joyce Ndegwa, the Sacco’s CEO.
For nearly half a century, the Sacco has transformed the lives of millions. Countless members have been able to finance their families’ education, establish income-generating ventures, and build decent homes, among other life-changing benefits through its financial support.
Mr. Paul Mugo, Murang’a County Agriculture, Trade, and Cooperatives CECM, who graced the AGM, praised the Sacco as a beacon of hope for the region, noting its significant contributions to county development. “The financial results announced today show that the Sacco is headed in the right direction. We will continue partnering with Mentor Sacco to improve the lives of our people,” said Mr. Mugo.
What Drives us at Mentor Sacco?
Empowering and Improving the Welfare of Our Members
Our Mission
To mobilize savings and provide credit to our members by offering quality products and services at competitive rates to enhance their economic and social growth.
Our Vision
To be the Leading Sacco in Social-Economic Transformation in Kenya and Beyond.
