Mombasa port Sacco is now gearing towards attaining ISO certification after recording tremendous growth in the previous years. The management of the Sacco remains confident of attaining the top position as the best Sacco in the coastal region and beyond.
Addressing delegates during the 51st annual delegate meeting held on 11th Feb. 2017 at Bandari College, Mombasa port Sacco chairperson, Peter Nyamai, maintained that the good record set by the Sacco was as a result of the good relation between all stakeholders.
“The board shall endeavour to implement fully the loaning policy in an effort to grant quality loans to our members. The external funds borrowed were fully repaid in the year 2016 save for the monthly overdraft facility of Ksh. 18.0 million of the co-operative bank that is utilised when the need arises,” Revealed the chairperson.
According to the management, the Sacco will need to finance the operations using internally generated funds. However, Mombasa port Sacco delegates resolved to approve borrowing powers of Ksh.500.0 million in case need arises.
Mr Nyamai revealed that efforts are at top gear to address the issue of 1/3 payroll statutory rule which according to him has negatively affected members working at the Kenya Ports Authority.
“The two Saccos and commercial banks are in consultations with KPA management to chat the way forward for members who fall short of the 1/3 payroll rule,” revealed the chairperson.
Mombasa port Sacco has proved to be among the best Saccos not only in the coast but nationally if the good tidings and financial results witnessed last year are to go by.
In 2016 the Sacco scooped 7 trophies during the annual Ushirika day among them, the best managed Sacco both regionally and nationally with the chairperson emerging the 1st runners up in the Champions of Governance Awards.
Nyamai noted that despite the strides taken towards making the Sacco maintain its top position, there are few members who have challenges in meeting their loans repayments adding that,
“The board has the challenge of defaulted loans with the most affected area being Fosa loans. I wish to inform you that our society has engaged the services of the Credit Reference Bureau who will assist us collect loans from defaulters by denying them the opportunity to borrow before they repay what they already owe.”
In his speech, the supervisory committee chairperson, Harry Arigi, thanked the management for the hiring of more staff a move that is aimed at improving services to members.
Addressing the delegates during the meeting, Mombasa County co-operative officer Malachi Tenai, noted that many Saccos are battling with the problem of members defaulting adding that in the new bill pending in parliament. It will be important to address the chronic issue through the CRB.
Other officials who graced the ceremony included representatives from, Kusco, association of fosas, CIC bank, Cooperative bank, Sidian bank among other stakeholders.