Mhasibu Sacco Society Ltd

Description

Mhasibu Sacco Society Ltd 26 years ago was spearheaded by the Institute of Certified Public Accountants of Kenya (ICPAK) which was driven by the wish to provide Savings and Credit facilities to its members. Mhasibu SACCO whose name means ‘accountant’ in Kiswahili currently serves members engaged in the accounting profession to include inter alia: qualified accountants yet to be members of ICPAK, students of KASNEB & ACCA, employees of institutions that offer training in accounts as well as the spouses and children of existing members.

From a paltry 37 members in 1986, the SACCO now boasts of a membership of 10,500 members and has elaborate marketing plans to maintain the growth trend going by the high number of accounting students in the country. The SACCOs market potential is estimated to be over 500,000 members and the SACCO intends to capture at least 2% of this by 2015.

This is a subsidiary company fully owned by the SACCO to provide opportunities in land acquisition. The company identifies land and mobilizes members to contribute towards purchase after which it is subdivided and allocated in an open and democratic system. So far the company has successfully purchased 70 acres in Runda, over 220 acres in Ruiru, 300 acres in Juja and about 30 acres in Isinya making it a remarkable success story. Mhasibu Sacco Society Ltd was set up to provide investment opportunities to members so that the SACCO does not compromise on its main objective of giving loans.

To qualify for shares, a member must purchase a minimum of 100 shares at Kshs. 100 each. The shares can also be used as guarantee for a loan from the SACCO. The vision is to have this product listed in the Nairobi Stock Exchange. Mhasibu SACCO is managed by a nine-member board and a three member supervisory committee who are elected at the Annual General Meeting. As part of technological advancement strategies, the SACCO has installed a Robust Enterprise Resource Planner (ERP) software to improve service delivery to members and at the same time provide up to date reports to the board.