Ports Sacco has rebranded from Mombasa Port Sacco as part of its strategic growth plan to empower members, drive financial inclusion and expand its national footprint.
Sacco Chief Executive Officer Dedan Ondieki said the rebrand is part of the Sacco’s expansion beyond Mombasa is part of its strategy to be diverse and inclusive as it renews 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,” he said.
He noted that the Mombasa-based Sacco, which was founded in 1966 and initially dedicated to employees of the then Kenya Cargo Handling Services Limited, seeks to grow its membership from 11,741 in 2022 to 16,800 in 2023.
Over the years, Ports Sacco has achieved remarkable growth across all market parameters.
Its total assets hit Ksh8.4 billion at the end of 2022. The Sacco declared dividends on share capital at a rate of 20 per cent amounting to Ksh75, 931,536 million and interest on deposits at a rate of 12.5 per cent amounting to Ksh496, 001,372 billion, making a gross total of Ksh571, 932,908 billion.
Ondieki noted that the Sacco seeks to empower members by offering financial solutions and fostering a culture of saving. In 2021, the Sacco launched its Ksh45 million digital platform to safeguard its members’ funds considering cyber security developments.
During the event, the Sacco unveiled its mortgage product, ‘Jiendeleze Loan,’ tailored to meet the unique needs of the market and 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 our innovative culture, which is essential for driving growth and staying competitive in a crowded market.” Ondieki concluded.
By our reporter
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