Mombasa Port Deposit-Taking Sacco maintained high payment of dividends and rebates to members following the successful financial year 2021. The DT-Sacco disbursed over Ksh517 million to members as annual returns, with dividends on shares paid at the rate of 20% and interest on savings at 12.5%.
Having registered all-around growth in key parameters while complying with all prudential ratios, the Sacco Board of Directors is now focusing on growing share capital to half a billion by the end of next year.
Mr. Alfred Jaka, the Board Chairman, noted that improved service delivery and enhanced customer satisfaction played a significant role in growing the Sacco business. “MPS will continue offering innovative, unique, and tailor-made products and services to members,” he said.
Through visionary leadership and prudent management, MPS service delivery is now defined by excellence, with reliable and secure information and communication system in place. MPS is investing heavily in ICT infrastructure to shore up service delivery and beat the competition through customer satisfaction. Fast and convenient banking solutions enabled by the Sacco’s alternative and digital banking platforms, have endeared it to thousands of members besides bolstering its growth. The Society has automated all operations.
ICT has become the Sacco’s preferred channel for delivering its vast range of services and products as members can manage their finances with ease using the M-Sacco platform, access cash via visa branded ATM cards, and Point of Sales, anytime and anywhere.
The Sacco also remains rooted in the cooperative principles that inform many of the undertakings, which has enabled it to transform members’ livelihoods with great success.
In the Financial Year 2021, the Society added its loan book by sic percent from Ksh4.1 billion in 2020 to Ksh 4.3 billion in 2021. Through affordable credit facilities, the Sacco has enabled thousands of members to accomplish their development goals while playing a significant role in poverty eradication and uplifting socio-economic status.
A tier one Sacco, MPS maintained steady growth last year with total assets jumping by eight percent to hit Ksh7.35 billion from Ksh6.57 billion, while members’ deposits grew by 14% to Ksh4.1 billion from Ksh3.5 billion.
“The advent of Covid-19 notwithstanding, the performance for our Sacco was generally good. We urge members to plough back their rebates to earn more in the future,” said Mr. Jaka.
The general Sacco business went up by 10% with the total turnover increasing by 13% to reach Ksh968 million as the FOSA operations recorded a rise of 15%. Overall the Sacco excelled in many fronts while maintaining provision for loan loss below the required ratio of 5%.
The Sacco membership stood at over 9,900, with the Sacco launching an aggressive recruitment campaign. Mr Jaka said the Sacco will continue organizing education and training to impart necessary financial skills and knowledge to members.
Besides offering quality services, MPS has also scaled up its corporate social responsibility activities. Last year the Society increased the number of students it sponsors in secondary schools. The Sacco also made donations in Nyumba ya Wazee, Nuru Children’s Home, Sacred Heart Primary School, and Mombasa Remand Prison.
Over years Mombasa Port Sacco has been scooping top awards at the county and national level for excellence in serving members and communities. Some of the accolades include the Best capitalized Sacco, Most Efficient, Best Managed, Highest return on assets, and Most Innovative, among others.
The Sacco is a licensed Deposit Taking Sacco regulated by the Sacco Society Regulatory Authority (SASRA). The Sacco was started in the year 1966 by employees of the then East African Harbours and Railways Corporation.
The Sacco opened its common bond in the year 2010 and now has diverse membership coming from salaried and non-salaried individuals, investment groups (Chamas), corporates, businesses, and diaspora.
In line with the national government development agenda of providing affordable housing, the Sacco registered the Mombasa Port Housing Co-operative Society Ltd, which will play a significant role in enabling members to acquire land, houses, and other related property.
The Sacco has 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.
