MEMBERS INFORMATION DAY 2017 HELD QUARTERLY
"DIVERSIFYING SOURCES OF INCOME FOR FINANCIAL INDEPENDENCE MENTOR COMMITMENT TO MEMBERS’ WELFARE"
To actualize its strategic statements of intent, the Society is committed to promote thrift among members by affording an opportunity to accumulate scant resources that create a source of funds from which loans can be made exclusively for provident and productive purposes, at fair and reasonable rates of interest; thereby enabling members to use and control their money for mutual benefit.
The many years of exclusively serving members across the country has informed us that performance could only be sustained if the Sacco strategized to grow in tandem with social economic improvement of its clients. Our strategic moves have enabled us gain new market segments from women and youth welfare, farmers, farm and factory workers, NGO's, central and county governments, private companies, business entrepreneurs, groups and other institutions. In order to help our members to diversify sources of income, the Sacco is currently serving the following new categories of membership.
WHO IS THE TARGET AUDIENCE?
- Groups: school welfare groups, enterprise groups and churches.
- Women – welfare and enterprise groups/Chamas, women Saccos.
- Youth - Welfare and enterprise groups, boda boda Saccos, youth Saccos, etc
- Tea – farm owners, farm workers, and factory workers
- Dairy - farmers, dairy cooperatives and animal feeds suppliers
1) Sacco Credit Products and Services
The Sacco guiding principle of establishing dignity to our members by ensuring value to products and services we offer is enshrined in our corporate culture of innovativeness, flexibility and affordability. Thus, for over the 39 years of its existence, working together and benefit to members have been the core objectives. In line with those objectives, we believe in improving our members’ welfare through financial independence and prosperity. It is in the same spirit that the Sacco has continued developing products and services that address our members’ dynamic needs.
2) Licensing by SASRA
Mentor is a licensed deposit taking Sacco. The licensing by SASRA has served as a seal of approval or recommendation to the Sacco members and general public. The compliance to SASRA regulations has led to operational stability and confidence in the Sacco. The confidence has attracted new members and professionals as well as new businesses that may have avoided the Sacco. Though the expansion has spurred growth in savings, it is not without challenges, as the savers are demanding loans in return. The management is exploring options to finance the demand
3) Sacco loans based on other incomes
As a licensed deposit taking Sacco, the society collects deposits from all categories of members. To meet dynamic needs of these members, the Society has loans based on other incomes. The loans target the unbanked, credit constrained and micro entrepreneurs within the Sacco area of operations. The loans aims at giving opportunity to members, business persons, youth, women and farmers to access credit facilities that enable them boost their earning potential, growth and develop social economically by:
- Providing affordable financial services to the members.
- Mobilize savings and resources that may have gone to waste.
- Help Sacco members to diversify sources of income.
4) Benefits after Retirement
Retired members are the Sacco heroes and heroines. Mentor Sacco understands the value of our senior members in which regard, the Sacco has ensured retired members continue enjoying products and services like any other member who is still in service. In addition, to ensure our ‘heroes’ are not condemned to a financial crises, the Sacco advances retired members Ksh10,000 every month until they start receiving their pension payment. We therefore urge our retirees to channel their pension benefits through the Sacco.
5) Current projects and Future Plans
During the last AGM members resolved that the SACCO should commence reconstruction of the Sacco building through voluntary mentor housing project. The meeting also agreed that the project be open to willing members. The project has commenced with the contributed funds and is progressing on well.
6) Embracing Improved Technology
To provide efficient services, we have developed means for members to transact anytime and anywhere across the world. Mentorquickcash and Visa Card. This will greatly help members to save on the transport cost, help ease congestion in the banking halls, save valuable time and avoid other inconveniences. In addition to outreach points, the Sacco intends to improve technology related services such as QFS mobile banking, Mpesa and POS.