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Heritage of the Sacco

The registration of Mhasibu SACCO 30 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 Swahili 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 about 18,000 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.

Current Statistical Summary as at April 2016

Number of Mhasibu Members

18,000

Share capital and deposits

2.8 Billion

Loan portfolio

2.89 Billion

Average monthly loan disbursement

165 million

Maximum loan entitlement

30 million

Mhasibu Members with more than 1 million Savings

523

 Mhasibu Housing Company Limited (MHCL)

MHCL 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 Investment Company (MICL)

MICL 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.

Corporate Social Responsibility (CSR)

The SACCO has constructed a sanitation unit at Hesana Children’s home that houses over 80 children in Githunguri Township. In addition, the best performing student in KCSE from the home is sponsored to study accountancy at Githunguri College.  The society also finances two awards annually for the best KASNEB student in Quantitative Techniques.

Management

Mhasibu SACCO is managed by a nine-member board and a three member supervisory committee who are elected at the Annual General Meeting.

The SACCO is privileged to have a wealth of diversity in its membership both locally and abroad which is not very common in Kenya. While such diversity may come with associated challenges, the Society has fostered unity of purpose among members and is proud to say that the results have been a resounding success.

Mhasibu also holds a unique position as a SACCO that has a board and management team who are professionals in either finance, management or other business areas. In this regard the SACCO is confident that all decisions are carefully thought through before they are made.

  

ICT

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.