Ports Sacco, one of the oldest saccos in the country has projected an estimated income of Sh1.66 billion for the year 2024, as it expands to other parts of the country.

This is up from the Sh1.38 billion recorded in the 2022/2023 financial year, representing a 20.26 per cent growth.

Formerly Mombasa Port Sacco, the Deposit Taking Sacco regulated by the Sacco Society Regulatory Authority (SASRA) was started in 1966 by employees of the then East African Harbours and Railways Corporation.

It has embarked on an expansion drive targeted at having a presence in all the 47 counties. It opened its Nairobi branch in August.

 According to management, the Sacco which currently has over 12,000 members is targeting to add at least 10, 000 members annually from the countrywide expansion.

The growth in revenue projection is expected to be mainly driven by income generated from loans and short-term advances to member (about Sh1.4 billion), which accounts for 81 per cent.

The remaining amount of Sh314.7 million is expected to come from other sources such as income from virtual banking, interest from government bonds, house income, interest from fixed deposit and savings accounts, dividend income, commission on SMS alert among many others.

In a statement yesterday, CEO Dedan Ondieki said the entity remains focused on its financial inclusion plan, which will have a significant impact on members’ growth and needs, among them educational, health and agricultural activities.

“We want to be known as a Sacco that directly and indirectly impacts the society through financial provision by uplifting the communities and better their livelihood,” Ondieki said.

Chairperson Alfred Jaka said the Sacco plans to have all loan applications in the future done through mobile, as it marks the first year of implementation of the society’s new Strategic Plan 2024-2028.

“The Sacco will soon ensure that all her operations are technologically run in order to improve on efficiency as per our Strategic Plan 2024-2028,” he said.

To boost its Mobile Banking platform, it has acquired two mobile Apps and USSD codes from different providers and a transactional member portal that enables diaspora members to register and transact via the society’s website.