This archive report was first published on 3 July 2021.
MOMBO SACCO: Redefining the Sacco Movement ¶
As the world grappled with the COVID-19 pandemic, MOMBO SACCO, Kenya's premiere app-based digital Sacco, was already on the path to a more resilient future. Founded in 2015, MOMBO SACCO has been at the forefront of redefining the Sacco movement, offering an alternative to traditional Saccos and applying the best financial technology to create the convenience required for the way we live now.
According to the Sacco Society Regulatory Authority, deposit-taking Saccos recorded a 14% growth in total assets when compared to 2019. In contrast, MOMBO SACCO recorded a remarkable 118% growth in its total assets during the same period. This underpins the viability of the Sacco's strategy, which has been action beyond platitudes.
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 has played a crucial role not only in cushioning small businesses from the adverse effects of the pandemic but also increasing levels of financial inclusion.
Through its member-interface platform, the MOMBO App, the Sacco has put the tools its members need to feel secure and confident about their savings in their hands. MOMBO SACCO has also used financial technology to deepen the values of self-help and solidarity, and the ethical values of social responsibility and concern for community in a new way.
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.
Join MOMBO SACCO today by downloading the MOMBO App from either Google Play Store or Apple Store and follow the easy steps to enrol. You can also visit our website at www.mombo.co.ke or call +254 706 503 230 or email us for more information.
