Mrs. Joyce Waceke Ndegwa shares Mentor Sacco’s journey toward paperless banking, her inspiring story from a Clerk to CEO, and why the Sacco stands out.
The future of banking is in financial technology. Banking is radically transforming. Financial institutions are now seeking convenient, secure, fast banking solutions.
It’s no different for Saccos. Mentor Sacco is adding value to the lives of members through digitalization. Banking with the Sacco is an experience of convenience.
At the steering wheel is Mrs Joyce Ndegwa, the Chief Executive Officer (CEO), who has set her eyes on making the Sacco paperless.
“We are ready for the future. Our goal is to automate all our operations and processes. We aspire to have a paperless Sacco. Our members will not have to fill the form or write letters, everything should be digital,” she says.
This will be possible through various Sacco online channels, with plans to introduce more, including WhatsApp banking.
“The greatest joy is to see our members transact anytime, anywhere. Even in our branches, we want to have places where we provide members with tablets and internet so that even if someone comes to the office they transact online,” she says.
The Sacco is adopting new ways of serving, communicating, and empowering members to spur growth.
“We continually need to rethink the way that we work because if we keep on just using the old method of doing things, without increasing efficiency or new ways of working using digitization and more innovative technology, then we’ll certainly be sliding backwards,” she states.
Efficient and convenient banking solutions continue to support Sacco’s exemplary growth in recent years. According to Mrs Ndegwa, leveraging digital solutions makes money management simpler and seamless.
“One of our greatest achievement is mobilizing our members to use digital channels particularly the mobile banking platform, which has overtaken other channels combined in transactions. We have shifted banking to digital channels. It is cost effective,” she avers.
With a vision to be the most innovative and reputable Sacco, Mentor is investing in modern banking technologies to offer convenient banking services to members.
“We want our members to apply for loans or other services that they require through our website and other digital platforms. We believe this will enhance efficiency to serve members conveniently wherever they are, which is cheaper for them and Sacco. Technology enhances efficiency and accuracy,” she stresses.
Last year, Mentor Sacco acquired a stand-alone USSD code and upgraded the website, making it possible for members to transact and monitor their accounts better through SMS and email alerts.
“Members can now easily interact with the Sacco and learn more about products and services. Continuous improvement is important for us. We look forward to make small, incremental improvements every day in everything we do. That half-a-percent improvement adds up to big gains over time. We must offer the best to our members,” the CEO says emphatically.
From a bookkeeper to a CEO
Mrs Ndegwa joined the co-operative movement in 1996 when she was employed as a general clerk by the then Murang’a Teachers Sacco, now Mentor Sacco. Hard work, resilience, and determination have seen her rise to the helm of one of the country’s biggest Sacco.
An accountant by profession, she was later promoted to bookkeeper before being appointed as an assistant accountant. When Sacco opened its FOSA section in 2007, she was promoted to the Chief Cashier position, and a few years later, the Board appointed her to the post of Financial Manager and Deputy CEO.
In 2017, when her predecessor retired, she took over as the Chief Executive Officer. “I started from a lower position and gradually rose through the ranks, this has somehow shaped me. Every experience has left me better person,” she says.
Under her leadership, the Sacco continues to scale up the ladder, yearly posting exponential growth from memberships, deposits, loan portfolio to asset base. Based in Murang’a, Mentor Sacco’s good reputation has spread out to other counties, especially in Kiambu, where it has registered rapid growth in membership.
In the 2022 financial year, Sacco posted a Ksh1.541 billion in turnover to reward members with over Ksh1.018 billion annual returns, an increase of 18.7% of what they got in 2021. The payment of interest on non-withdrawable deposits was at a rate of 12.3%, and dividends on share capital at 15%.
The Sacco, which has a membership of over 33,000, commands an asset base of more than Ksh11.76 billion and members’ deposits of above Ksh8.908 billion.
“We have been able to mobilize deposits to level that we no longer have to borrow from any financial institution. We have enough capital to meet loan demands and invest excess cash in other income generating ventures,” says Mrs Ndegwa. “This success is as a result of members’ loyalty, patronage and good brand identity.”
A People Business
To succeed, Mrs Ndegwa says they must focus on people, listening and understanding their situations to offer tailored solutions. This requires teamwork, and her leadership style makes things work perfectly.
“You cannot do everything with your own hands. You need to rely on people. I believe in working as team, working with everyone especially the Board and staff to deliver to our members, who are the reason we exist as Mentor Sacco. The Sacco exists so that we can serve members the best way possible,” she says.
Mrs Ndegwa draws her motivation from the unwavering support of the Board of Directors and the dedication of the Sacco staff.
“I also believe in creating very good rapport with other stakeholders because we cannot work in isolation, we need their support. I have tried my best to ensure we have good relations both internally and externally, which I believe has improved our performance.”
“We always discuss how things should be done, to make sure the culture allows individuals and teams to work together, so we have a unified, harmonious mindset,” she adds.
Her way of dealing with challenges is in the spirit of teamwork, which often provides apt solutions.
She is also hands-on in management, often interacting with members in various forums. “This enables me to get feedback, positive and negative, and act before it escalates. In business, it’s all about solutions,” Mrs Ndegwa says.
She says the Sacco’s goal is to continue enhancing service delivery to enable seamless banking and inspire members’ confidence.
The Sacco prides itself in offering the best service delivery and ensuring loan products are accessible as easier as possible.
“Whenever a member applies for a loan depending on the category the maximum time to get cash is 48 hours. For short term loans a member gets it within an hour or two. We do not charge for top-ups,” says the CEO.
Mrs Ndegwa also serves as the Kenya Teachers Sacco Association (KETSA), which plays a big role in strengthening Saccos operations and advocating for the interests and challenges affecting the member Saccos.
She was born in Mukurwe-ini in Nyeri County, schooling at Gathuki Mundu Primary School. A graduate of KCA University, where she studied Bachelor in Commerce majoring in finance, Mrs Ndegwa’s accounting career started at Kimathi Institute of Technology, where she did an accounting course. A Certified Public Accountant, she did her O-level education at St. Anne’s Kiriari Girls Secondary in Embu.
A married mother of four, Mrs. Ndegwa credits her family for supporting her to success. “It is because of them that I am what I am today.”
Assertive and calm, Mrs Ndegwa is a woman of real action, not platitudes. She is passionate about ensuring that Sacco excels.
A word of advice
She calls on members to continually keep savings for their future, not just to access credit. “It is important you save all the time for investment. One grows old and you will live on your savings.”
She urges Sacco members to borrow and utilize the money well, not to regret it later.
“I want to thank our members because of them Mentor Sacco is a success, without them the Sacco cannot exist. For your patronage and loyalty, we say thank you. I assure you that we will remain committed to ensure that you get the best you ought to get from this Sacco,” she says.
www.mentorsacco.co.ke
