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Earn more than
just interest

Our focus is purely on providing savers with real and predictable value for money.

Enroll with MOMBO App

MOMBO SACCO FITS YOUR SAVING GOALS. EARN MORE THAN JUST INTEREST.
“Experience endless possibilities with Mombo Sacco “.

Why
MOMBO Sacco

Mombo Sacco is regulated by the Commissioner of Cooperative Development under the Ministry of Trade, Industry and Cooperatives and it started operations in February 2015.

The Sacco’s mission was, and continues to be, the mobilization of energies under a dedicated financial platform, where a series of financial needs – saving, borrowing and investment – can be met. Not solely focused on savings to meet emergencies, the Sacco therefore seeks to provide an anchor for the establishment of wider partnerships for new, innovative and bold financial investments.

Since its inception the SACCO has grown in leaps and bounds by growing its membership exponentially and boosting an impressive savings portfolio over the three years it has been in existence.

Mombo SACCO has set itself apart from other Saving Societies by granting its members efficient, reliable and customer-friendly service by designing the most edgy and competitive financial products in the financial market. In addition, Mombo SACCOs data security strategies are of high quality, designed by a qualified and dedicated in-house team that ensures all personal information is private, backed-up and highly encrypted.

How is the
Sacco Managed?

Mombo Sacco is managed by seven (7) board members and a Supervisory Committee made up of three (3) members all elected by members in compliance with the SACCO Societies Act Cap 490 B .

The following are the members of the Committees;

MANAGEMENT COMMITTEE

Peter Mombo

Chair person

Peter Mombo
Peter Mombo
Chair person
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Joyce Nduta

Vice chair person

Joyce Nduta
Joyce Nduta
Vice chair person
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James Makori

Secretary

James Makori
James Makori
Secretary
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Modesta Olotch

Treasurer

Modesta Olotch
Modesta Olotch
Treasurer
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Ikechukwu Anoke

Member

Ikechukwu Anoke
Ikechukwu Anoke
Member
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Kathambi Rwito

Member

Kathambi Rwito
Kathambi Rwito
Member
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Jotham Mumina

Member

Kathambi Rwito
Kathambi Rwito
Member
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SUPERVISORY COMMITTEE

Nyawira Kinyua

Chair person

Nyawira Kinyua
Nyawira Kinyua
Chair person
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Carolyne Cherop

Secretary

Carolyne Cherop
Carolyne Cherop
Secretary
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Patrick Mutua

Member

Patrick Mutua
Patrick Mutua
Member
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Who are the
members of Mombo Sacco?

Mombo SACCO membership is open to all members of the public who are keen on making strides towards attaining financial freedom.

What are the benefits of
joining Mombo Sacco?



  • Mombo SACCO prides itself in offering its members’ friendly and professional services. Additionally, Mombo SACCO has embraced technology making the loan application process simple and efficient.
  • Mombo SACCO links members with each other and enable them to offer guaranteeship to each other during loan applications with smaller, manageable amounts based on their savings. This makes the usually laborious and tiresome process of loan guarantee ship easier and ensures members are protected during loan repayments. We have also digitized the guaranteeing process available on Mombo App.
  • Mombo SACCO utilizes Artificial Intelligence Credit Scoring System to vet applications for membership to ensure that our membership is composed of individuals that are creditworthy. This serves as an assurance to members that require to be matched up with existing members for purposes of guaranteeing each other for purposes of loan applications.
  • The SACCO has a track record of processing loans fast with a turnaround period of between fifteen(15) minutes to a maximum of three (3) working days and with no backlogs.
  • Mombo SACCO offers attractive dividends on share capital.
  • Mombo SACCO offers members an interest of 6% per annum on their deposits. In addition, members can access their accrued interest twice every year in January and July.
  • Members are able to access credit facilities of up to five (5) times their savings at an affordable rate of 12% per annum with repayment periods of up to forty-eight (48) months. What’s more, the interest is calculated on a pay early pay less basis.
  • Members are entitled to 30 days (1 month) grace period before they can start making repayments of the loans.
  • Mombo SACCO allows members to reserve the option of exiting the SACCO upon giving a (sixty) 60-day written notice of their intent to withdraw. In this event, the member will receive back their accumulated contributions and interest as at that point less any liabilities.

How do I make an
application for membership?



  • Enroll with Mombo App
  • Click the open a savings account button
  • Accept and Sign SACCO Membership offer letter
  • Pay registration Fees

How do
I pay



  • Direct deposit – Mpesa Paybill, Bank Account
  • Direct Debit
  • Cheques
  • Standing Orders

What do i require for
security to access credit facilities?

  • Guarantors:
    These should be members of the society. The loan applicant’s deposits plus guarantor(s) deposits should equate to the loan applied for the loan to be sufficiently secured or;

  • Chattels Mortgage:
    70 % of the market value of the chattel or as determined by credit committee or;

  • Immovable property i.e Land:
    80 % of the market value of the property or determine by the credit committee or;

  • Asset finance:
    A member may identify property he intends to acquire . The SACCO shall then finance the purchase of the property and the property in this case shall act as security.

What measures are in place to
ensure saver protection?

  • All Mombo Sacco savings are life-insured against death, permanent disability and critical illness. When any of the above happens, a member or his beneficiaries gets paid twice their savings less any liabilities.

  • A guarantor’s interests are protected by ensuring a borrower is well assessed and the same shared with the guarantor. The guarantor will also be able to decide on the liability they intend to take for any loan they guarantee. In addition, all payments towards loan repayment by the borrower will be allocated to reduce the guarantor’s liability to the loan, thus guarantor’s liability will diminish as time goes by. Lastly, in case of borrower default, Mombo SACCO will institute other mechanisms of recovery including but not limited to debt collection before we attach guarantor’s contributions.

  • Savings with Mombo Sacco are further protected by the provision fund which provides a buffer against all business risks. We aim to maintain the provision fund at a level intended to cover all expected future business risks so as to mitigate losses to savers. The Provision Fund is made up of payments from every borrower based on our assessment of their credit worthiness when a loan is granted. This fund operates from its separate bank account from working capital of Mombo Sacco.

  • As required by statute, members of the management Committee have indemnified the SACCO against actions and omissions arising from their role in mismanagement of its resources



What are members of
Mombo Sacco entitled to?

  • Receiving periodically and regularly, or upon request, and at least once a year, a statement of accounts containing the individualized record of your credit and debit transactions.

  • Attending and participating in voting during General meeting. Each member shall have one vote irrespective of his/her total shareholding.

  • Electing representatives to attend the general meetings of the SACCO.

  • Electing or offering oneself for election as an officer of the society, unless otherwise prohibited by any other law or these by-laws.

  • Submitting proposals on projects or initiatives to the board of directors, for the improvement of the society’s services.

  • Appointing a next of kin.

  • Participating in sharing of the society’s surpluses.

  • Accessing all legitimate information relating to the society, including internal regulations, registers, minutes of the General Meetings, Supervisory committee reports, annual accounts and inventories, investigation reports at the registered office of the society, subject to the society’s policies and regulations in force at the time.

  • Voting on all matters put before the general meetings.

  • Enjoying all other rights prescribed by the Co-operative Act and the rules.