Mhandisi Sacco held its 3rd Annual General Meeting (AGM) on Monday 11th April 2016 in Nairobi Club from 4 pm. This was well before the statutory deadline set by the government. The SACCO reported on increased membership and successful business conducted in 2015/2016.
Since its inception, the SACCO has been growing with members already benefiting from the cheap loans offered by the SACCO. Giving his speech Eng. JM Matu the Chairman of the SACCO said ‘I encourage members of the SACCO to apply for more loans to meet their development, education, and emergency needs.’ In the AGM members resolved that new loan applicants are entitled to loan amounts up to 3 times their savings.
Mhandisi Savings and Credit Co-operative Society Ltd was established in October 2013. It was formed by elite and experienced Engineers who saw the need to facilitate savings and offer affordable credit facilities to professionals in the same industry. Competent management committee members with extensive experience in co-operative management handle the business of the SACCO on behalf of the members. Eng. Nathaniel Matalanga the SACCO Secretary and the Honorary Secretary of IEK noted the close association between the SACCO and professional bodies like the Institution of Engineers of Kenya, the Association of Consulting Engineers of Kenya, and the Kenya Private Sector Alliance.
The Sacco is designed to meet the needs of engineers both who have advanced in their careers and even the ones at the entry levels. It is registered as Mhandisi Savings and Credit Co-Operative society Limited under the Ministry of Industrialization and Enterprise Development. The core mission of the organisation is to give engineers an opportunity to save and get loans at very low interest rates based on one’s own contributions. Members get the opportunity to obtain affordable loans with fellow members acting as their guarantors without the need of a security. This cuts the red tapes and high interest rates associated with other lending organisations
To bolster its membership, the members resolved to develop and undertake a strategic marketing campaign. They target members of the Institution of Engineers of Kenya, individuals who have undergone technical education, individuals working for construction and consultancy firms, public sector employees, and people involved in technical training.
The SACCO is all-inclusive; being part of the Mhandisi Sacco is easy. It requires completing a membership application form obtained from Mhandisi secretariat housed at the IEK offices in Top Plaza. It can also be downloaded from the website: www.mhandisisacco.co.ke. Attach a copy of your national ID/Passport with recent passport photos.
Once completed, submit the application, together with the joining fee of KES 5,000. Monthly payments of at least 2000 KES can be made through the Bank Account, account name being MHANDISI SACCO LTD, the account number 01120162913000, Cooperative Bank upper hill. You can also make your payments via M-Pesa paybill no: 827200. The minimum number of Shares sold to a member is 250 at 20 KES each. One can purchase as many shares as they can afford. Monthly contributions are not restricted either, one can save as much as they can afford.