This archive report was first published on 3 July 2021.
On the cusp of the COVID-19 pandemic, MOMBO SACCO, Kenya's premiere app-based digital Sacco, had already turned on the headlights, anticipating the challenges that would arise from the crisis. Founded in 2015, MOMBO SACCO was not only offering an alternative to traditional Saccos but also applying the best financial technology to create the convenience required for the way we live now.
As the pandemic took hold, MOMBO SACCO's innovative approach to financial solutions proved to be a game-changer. The Sacco's member-interface platform, the MOMBO App, put the tools its members needed to feel secure and confident about their savings in their hands. This, coupled with a system of Customer Success Reps (CSRs), created a financial institution that most people could trust, regardless of their economic background.
At a time when many businesses were collapsing, and financial institutions were turning away from them, MOMBO SACCO disbursed over 70% of its loans to Small and Medium Enterprises (SMEs). Given the significance of SMEs to the Kenyan economy, MOMBO SACCO played a crucial role not only in cushioning small businesses from the adverse effects of the pandemic but also increased levels of financial inclusion.
According to the Sacco Society Regulatory Authority, deposit-taking Saccos recorded a 14% growth in total assets when compared to 2019. MOMBO SACCO, however, recorded a remarkable 118% growth in its total assets during the same period. This underpins the viability of the Sacco's strategy for the period, which has been action beyond platitudes.
As we celebrate the International Day of Co-operatives, we encourage more people to join Saccos like MOMBO SACCO, which has created a platform that has enabled it to flourish from the values of financial co-operation, especially during the global pandemic. This has shown us the true value of Savings and Credit Cooperative Societies.
As MOMBO SACCO continues to redefine the Sacco movement, it welcomes everyone to join its movement. To join MOMBO SACCO, simply download the MOMBO App from either Google Play Store or Apple Store and follow the easy steps to enrol!
