Sacco News Regions Coast

MOMBASA PORT SACCO RANKED BEST IN CAPITALIZATION COUNTRYWIDE

Mombasa Port Sacco has maintained top position in capitalization, bagging four top awards at the national level. Its name featured prominently during a gala night event held Safari Park Hotel in Nairobi where the Sacco was recognized for exemplary service delivery to members and overall outstanding performance in the co-operative sector.

The Sacco was ranked best in capitalization both nationally and in Employer Based Sacco category. Among Employer Based Saccos tier 1 category, it was ranked position one as the best managed Sacco. The Sacco was also rated the second best Managed Sacco countrywide.

In 2017, the Society scooped first position as the Best Managed Sacco and Best Sacco in Risk Management under Tier 2 category.  It also took home the Best Sacco in Education and Training category award at the county level.

Over the past five years, the Sacco has also won various trophies in best managed Sacco, highest dividend and interests rate on members’ deposits, Best stand in the co-operative sector, Sacco with third lowest expenditure, second runner up in the most improved Sacco and a trophy for the chairman of the year first runner up.

The society also received certificates for the most improved in deposit/savings and best capitalized Sacco.

Alfred Jaka Konde, the Chairman of the Sacco said the performance and consistent recognition is a result of the hard work and co-operation between the Board of Directors, staff and members.

Established 52 years ago, the Sacco had a primary objective of offering affordable credit for the Kenya Ports Authority, East African Harbors and Kenya Cargo Handling employees.

However, after opening the Common Bond, the Sacco became the best choice for business community and members from various institutions and companies.

The Sacco has diversified products and services tailor-made to all members’ specific needs. It has embraced modern technology and complied with SASRA’s guidelines.

According to the Society’s financial performance report for year ended 31st December 2017, its total assets stand at Sh4.6 billion an increase of 16 per cent from Sh3.8 billion that was reported in the previous year. Members’ deposits hit Sh2.3 billion. The Sacco’s loans portfolio has increased to Sh3.25 billion.

The Sacco declared dividend payment of 20 per cent per member share capital. The Sacco will also be introducing new products to boost its operations by attracting more members.

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