Mombasa Port Sacco seeks to grow assets to Ksh.10B in 2023 as it takes stock

The Mombasa Port Sacco now says it seeks to grow its membership by over 5,000 in 2023, and pump up its total asset base to over Ksh.10 billion from Ksh.8 billion this year.

This is according to the Sacco's Chief Executive Officer Dedan Ondieki, who added that they will also be seeking to expand and enter new markets across the country.

Mr. Ondieki said among the challenges that the Sacco faced in 2022 included inflationary pressures and general hard economic times which served to depress their members into borrowing more funds, as well as competition from other financial institutions.

He however also added that the institution was able to revise its organization structure to enhance operational efficiency and change the core of its banking system to a more robust Microsoft Dynamics Business Central.

“We grew our assets to over Ksh.8 billion supported by a loan book of more than Ksh.5 billion. We were also able to convert the Nairobi liaison office into a fully-fledged branch,” said Mr. Ondieki.

“Our members always come first. We can achieve anything we want through hard work and determination. The path to growing your wealth is through saving, loans only accelerate the process.”

The Sacco boss went ahead to list some of their achievements for the year 2022, noting that they were listed among the top 15 most liquid Saccos in Kenya.

He added that the financial institution also scooped up the award for ‘Best Sacco/Co-operative Movement stand’ at the ASK Mombasa international show besides emerging victor in the ‘Most Consistent Organization’ category in the Champion of Governance Award.