Ports Sacco, formerly known as Mombasa port Sacco has relaunched its brand with an aim of providing financial inclusivity and extend its services nationwide.
The Mombasa-based Sacco, which was initially dedicated to employees of Kenya Ports Authority (KPA), diversified its membership and aims to grow its membership from 11,741 in 2022 to 16,800 in 2023.
The sacco’s Chief Executive Officer (CEO), Dedan Ondieki said the move by the sacco to relaunch was to enhance financial inclusion in all the counties countrywide.
“Our expansion beyond Mombasa is part of our strategy to be diverse and inclusive as we renew our focus to empower current and new members to take control of their financial future. In addition, our vision is to reach those unable to access financial services from conventional institutions,” said Mr.Ondieki.
The sacco also recently unveiled a mortgage product termed as ‘Jiendeleze loan’, tailored to meet the needs of the market and the members for low-cost homes.
“Our investment in research and product development is a testament to our dedication to providing affordable housing solutions to our members. In addition, our commitment to agility also reflects its innovative culture, which is essential for driving growth and staying competitive in a crowded market,”said Mr. Ondieki.
However, the sacco has witnessed enormous growth despite of its challenges, with total assets topping KES 8.4 billion last year against member deposits of KES 4.58 billion. In addition, Sacco declared dividends on share capital at a rate of 20 percent amounting to KES 75,931,536 million, and interest on deposits at a rate of 12.5 percent or KES 496,001,372 million, making a gross total of KES 571, 932,908 million.
In 2021, the Sacco launched its KES 45 million digital platforms to safeguard its members’ funds considering cyber security developments.
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