By Peter Silsil
Mr. Jacob Mengich, the new Chief Executive Officer of Boresha Sacco has his eyes firmly trained on transforming the institution into the best of the best brands in the country.
Having taken over from Dr. Moses Chebor, a highly revered figure in the co-operative world, Mengich would clearly know that he has a job cut out for him and he is not underestimating the challenge ahead of him.
“I am equal to the task. I understand we have to manage the expectations arising from the high standards set by my predecessor. I am an insider having served here for a solid 27 years in various capacities and therefore I understand the job very well” a confident Mengich said matter-of-factly.
In an exclusive interview at his office in Eldama Ravine, the down-to-earth CEO says he is alive to the fact that he has plenty of work to do especially in managing expectations of members and is quick to them that he will work overtime to ensure the Sacco continues to fulfil members’ return on investment.
“I’m not an outsider, I have been here in this organization long enough to know it inside out and understand it well, so members should be assured that I will protect their interests at all times. The only thing I ask of our members, Directors and the entire staff is cooperation to build a formidable financial institution together” he stated.
Mengich was also clear that motivation of Sacco staff was key to effective and efficient service delivery and we are doing everything to appreciate them for the good work they do and ensure that they are placed into the right positions according to their competencies.” said the soft-spoken CEO.
He also added that the Sacco will continually provide opportunities to its 170 staff in an effort to build their skills and capacities through training stating that the Sacco is currently reviewing its 2017- 2022 Strategic Plan to address emerging issues and align it with new customer demands.
“We are currently validating our 2022-2025 Strategic Plan and we are setting clear and achievable targets for ourselves as an organization to ensure that we meet the needs of our customers as well as our other stakeholders now and in the future” Stated Mengich.
He commended the efforts of Chebor who he said had shown exceptional leadership that saw the Sacco grow exponentially over the years to become the envy of many within the Rift Valley region and beyond. He also gave gratitude to his predecessor for the smooth transition that saw him mentored sufficiently before assuming his new role.
“My predecessor did an excellent job for 35 years he served with dedication at Boresha Sacco. He created a wonderful team of competent and dedicated professionals, who run operations of our successful brand.”added Mengich
He also credited Chebor with exceptional leadership skills saying for the 13 years he served under him, he learnt a lot from him. He described him as a good listener, tolerant, patient and above all, a good mentor who selflessly guides those working under him.
Chebor retired last year and was given a heroic farewell where he was showered with various gifts including a brand new car and other mementoes for his exemplary service to the organization.
“It was a well-deserved celebration for a man who gave his whole to this society. He established the operational structures we currently have from scratch. His achievements are unmatched and we regard him a legend here for many years to come” affirmed Mengich.
The CEO promised to carry on with his wonderful legacy by doing even better to improve the fortunes of the vibrant organization that has over 17 branches across six Counties in the Rift valley region.
Mengich stated that his major task as he sets his agenda was to continue to grow into a formidable establishment and this is beginning to show given the current good omens so far.
For instance when he took over in 2020, the Sacco’s Asset Base was at Sh7.9billion but by October 2021 this figure had risen to an impressive Sh8.3billion. Similarly, the Loan Portfolio shot up to Sh7.3billion from Sh6.9billion by the same time frame. On total Deposits, the Sacco recorded an increase from Sh5.4 billion to 5.9billion by the end of October 2021.
“I want to see the Asset Base of this Sacco reaching Sh15billion in the next 5 years. To achieve this we need to grow membership, add more branches and of course innovating new products and services to attract more customers.” He said
The CEO revealed that they were in the process of introducing agency banking in order to expand on customer experience and reduce on operation costs arising from establishment of more physical branches.
“Agency banking is the way to go in addressing unnecessary congestion within our banking halls and it would also be a strategic measure to cut down costs as this will reduce on the need of opening branches in some areas.” He stated
He was however categorical that the Sacco will continue to carry out surveys to determine areas that physical branches may be needed stating that agency banking will be a complementary service to boost the services rendered in various branches.
The administrator lauded the effect M-Boresha has had on the delivery of services to members saying that the technology has worked well and that members can easily access services such as deposits, withdrawals, application for loans, making inquiries on account and loan balances among other things.
He added that as a result of this members don’t have to visit branches physically but can easily access services through their mobile phones at the comfort of their homes or offices at any convenient time.
He revealed that over 50,000 members have already boarded the M-Boresha platform and challenged other members yet to embrace the technology to do so and change with the times.
Mr. Mengich is happy to note that Boresha Sacco recently joined the Kenya Teachers Sacco Association (KETSA) saying this move was strategic and was calculated at building more networks and enhancing the capacities of its members and staff.
“We have joined KETSA for a deliberate reason. We want to tap into the competencies and experiences of like-minded institutions which is a good platform to learn from each other and at the same time see who to bench mark with in service delivery and other areas.” He said.
He said Boresha will work towards benchmarking with many other organizations including financial institutions in order to improve its services.
Mengich, a trained co-operative technocrat made his way to the helm of the vibrant Sacco after rising through the ranks over the years in a consistently crafted career, a valuable experience that would later serve him better in his high calling.
He was first hired as a Credit Assistant and later promoted to a loans officer then Branch Manager after which he became the Deputy CEO, a position in which he served for 13 years before subsequently taking over as the CEO in the year 2020.
“I was passionate about the co-operative movement from my childhood. I loved to see how local farmers in my village made money through the sale of milk. I admired how they pooled their resources together to form small co-operatives to market their milk. And that is when I thought I could be a co-operator in order to help my community in future.” Opened up the CEO.
And true to his fervent interest in the Co-operative industry, Mengich enrolled for a certificate in Co-operative development at the former Co-operative College, a precursor to the present Co-operative University based in Karen, Nairobi.
Because of his undying desire to further his knowledge, Mengich again went back to the same institution for his Diploma in the same field which he completed successfully. He later proceeded to the same college for another Diploma this time in Human Resource Development in order to boost his skills and capacities.
Mengich was not done with his scholarly pursuits and he went for his Bachelor’s degree in Commerce at the Thika-based Mt. Kenya University.
