By Wesley Ken
Mombasa Port Deposit-Taking Sacco (MPS) plans to expand its footprints countrywide to boost business and enhance visibility. The Sacco has already established satellite offices in Kisumu and Voi towns, which will be launched later this year.
The Sacco is also set to acquire Kivoko Sacco after its members were transferred to KPA as their employer Kenya Ferry Services Ltd, was dissolved. Kivuko Sacco has about 1,500 members and customers, which will boost the giant Sacco’s membership.
“The acquisition discussions are on-going with the guidance of the County Co-operative office. If acquired, our Sacco will benefit from growth in membership, loan portfolio and deposits,” said Mr Alfred Jaka, Chairman, Management Board.
Mr Jaka, who was speaking during a Special General Meeting, said the acquisition would be made once the Board confirms it is a viable venture.
A large-tiered Sacco with close to Ksh7 billion total assets, MPS ranks among the top wealthiest DT-Saccos in the country according to the latest Sacco Societies Regulatory Authority (SASRA) ratings.
The financial performance for the last eight months has been impressive compared to the previous year, with the DT-Sacco total revenue hitting Ksh 617.31 million.
Last year the Sacco maintained solid financial growth, with its asset base jumping by 8.96% to reach Ksh6.57billion. SASRA ranks the Sacco 27th wealthiest DT-Sacco in the country.
With the steady membership growth, MPS has reviewed its By-laws in August this year to ensure equity in members’ representation. The Board intends to increase the number of delegates to 114 nationally from 99 to ensure members’ voices are well represented and addressed adequately.
The Sacco has already conducted training for members and delegates to create awareness of the new development besides equipping them with financial and governance skills that will help them invest wisely.
In line with the national government development agenda of providing affordable housing, the Sacco has registered the New Mombasa Port Housing Co-operative Society Ltd that will play a significant role in enabling members to acquire land, houses, and other related property.
Last year, the Sacco loaned members over Ksh4.33 billion for the development projects. The Sacco has been on the front line in enabling members to ‘rebuild better’ their socio-economic well-being in solidarity. The Sacco has also diversified its products and services by introducing new innovative ones that adequately meet members’ financial needs.
In addition, the Society has established strategic partnerships to maximize the members’ benefits, ensuring it offers only quality services to members.
