Joyce Waceke Ndegwa on How She Helped Build A multibillion-shilling Establishment While Raising Four Kids

The mother of four children- two boys and two girls- the soft-spoken Mrs Ndegwa has managed to build Mentor SACCO from a small business into one of the largest financial cooperatives in the industry, all in under nine years.

 

The Legacy

“When I took over as CEO of Mentor SACCO, the institution had a balance sheet size of KSh 7 billion. Nine years down the line, we are now headed to an institution whose total assets are nearing KSh 20 billion.

Under her watch, Mentor SACCO has also increased its membership to over 55,000, up from 16,500 when she took over as the chief executive officer of Mentor SACCO.

Mentor Sacco’s total revenue was KSh 890 million in 2017. This figure has since risen to KSh 2.2 billion at the close of 2025 with an impressive growth in deposits to around KSh 13 billion from KSh 4.3 billion in deposits in 2017.

“I inherited a loan book size of KSh 5.1 billion. The institution’s total assets have since risen to KSh 14 billion in 2025 and we project to close this year with a loan book of about KSh 20 billion, based on the unaudited financials that we have now,” Mrs Ndegwa told Financial Fortune Media in an interview at the Society’s Head Offices in Muranga town.

Joyce took over as the CEO of Mentor SACCO when the institution had an outstanding loan debt of KSh 300 million, which she reckons was cleared the same year that she took over at the helm.

“We currently have not had any external loan or borrowing, largely owing to the support from members of the SACCO. We earn most of the income from interest charged on loans to our members. The liquidity of the SACCO is good based on deposits held on behalf of our members.

All our successes as an institution revolves around the strong membership patronage of our products and services. I thank members for their loyalty and support as well as being our great ambassadors,” said Mrs Ndegwa.

Rebranding

Established in 1977 by a group of 546 primary school teachers in the then Muranga district, the former Muranga Teachers SACCO has since evolved into one of the largest financial co-operatives in the industry, joining the top ranks of SACCOs with an asset base of over KSh 10 billion.

Mentor SACCO opened its common bond in 2009, allowing the Society to recruit members beyond primary school teachers in Muranga.

“Mentor SACCO evolved over time until 2009 when the SACCO Board found it prudent to accommodate members beyond primary school teachers to those from various Government departments, especially the Ministry of Education as well as those that relate with the teaching profession,” said Mrs Ndegwa.

The SACCO’s name was Muranga teachers SACCO until 2011 when the SACCO saw the need to expand its membership beyond Muranga County as well as serve members who were not necessarily teachers.

“The name Muranga Teachers SACCO was now restrictive and not easily acceptable especially to people from the non-teaching profession who were interested in becoming members,” said Mrs Ndegwa.

In 2011, the SACCO rebranded from Muranga Teachers SACCO to Mentor SACCO. The SACCO then began recruiting from other sectors. The Society shifted its sights beyond Muranga County and began recruiting members beyond this catchment area.

 

The Growth journey 

“Currently, we have six branches, with two branches outside Muranga County, one in Nairobi and another in Kiambu County. We have the Head Office here in Muranga, with other branches in Kenol, Ithanga and Thika, making a total of 4 branches in Muranga. We also have 5 satellite offices to stay close to our members, especially the founders.

These satellites are located within the sub-counties of Muranga- in Kahuro, Kangema, Kiria-ini, Kangare, and Kandara, making a total of 5 such offices. These are points that Mentor SACCO uses to reach out to members seeking for services such as general enquiries or delivery of documents to the SACCO,” said Mrs Ndegwa.

“Currently, we have a membership of around 55,000 from the initial 546 members in 1977. The SACCO is governed by 9 board members drawn from each of the 9 Muranga County sub counties. The 9 sub-counties have been merged into three regions from where we draw 3 members who sit on the Society’s Supervisory Board,” said Mrs Ndegwa.

Since the rebranding exercise, Mentor SACCO has received overwhelming response from the public, including acceptability from members who are not teachers as well as those from outside Muranga County.

“The diversity of membership has come with growth to the SACCO, a benefit to members as well as the institution. We now have teachers from outside Muranga County, drawn from other regions such as Machakos County and Kajiado. We have a teacher who is a member from each of the 47 counties in Kenya.

The SACCO has grown courtesy of our members who have been the brand ambassadors to their relatives and friends,” said Mrs Ndegwa.

 

Membership engagement 

Mentor SACCO is a familiar feature at the Annual National Ushirika Awards, the most prestigious event in the calendar of SACCOs where best performers receive recognition.

At this year’s event, Mentor SACCO clinched the award of 1st position: Best SACCO in Membership Engagement, in the category of SACCOs with assets between KSh 10 billion and KSh 30 billion. It won other awards in the Technology Optimization Category and Most Improved Deposit-Taking SACCO segment.

While explaining how the Society managed to clinch this award, Mrs Ndegwa said, “There is a strong bond between members and Mentor SACCO. Members are our advocates out there. We won this award due to the fact that the SACCO ensures that its members are well empowered with all the relevant information that they need and should have. We owe a lot to them.

They are able to interact with others who are not members by sharing the advantages of joining the SACCO, based on the information that we provide them with,” said Mrs Ndegwa.

Mentor SACCO conducts frequent member education days, each year, within and outside Muranga County. The Society conducts at least two sessions in each electoral area of Muranga county, especially in regions that have more members.

We reach out to our members in the biggest way possible. During Education days, we make sure that we take all the necessary information to members. We use these forums as feedback to ensure we understand our members’ needs and address any gaps that exist.

We also use the forums to also come up with new products that suit better the needs of members, based on the feedback that we get. We do not only train members during education days but also make the sessions as interactive as possible, we take advantage of the sessions to get information from members, address any gaps that are there.

At the conclusion of Members Education Days this year, Mentor SACCO trained over 14,000 members. The Society also shared information delivered at these forums with other members through our social media platforms, branches and satellite offices.

“Presently, we have a membership of around 55,000 from the initial 546 members in 1977. The SACCO is governed by 9 board members drawn from each of the 9 Muranga County sub counties.

The 9 sub counties have been merged into three regions from where we draw members of the Supervisory Board. If there are public functions in Muranga that involve our members, we also go out there and participate and reach out to them as well as potential ones,” said Mrs Ndegwa.

Digitisation 

Mentor SACCO has been keen to implement an aggressive digital transformation agenda that has seen it introduce mobile banking to its members.

“We began with the mobile banking platform where members are able to transact from the comfort of their mobile phones, withdraw or make deposits to their accounts, do enquiries about their loan balances, confirm their guarantors as well make other transactions as well as access other services.

We have since seen a significant shift of cash transactions from the banking halls to mobile channels,” said Mrs Ndegwa.

She disclosed that Mentor SACCO has advanced plans to introduce internet banking services to members as well as upgrade the mobile banking platform to provide more services, so as to serve our members remotely without them visiting the physical branches.

The IT advances will trigger further growth of the SACCO because members will now be able to walk with the Society in their pockets.

They will for instance be able to apply for ATM cards, make online enquiries and execute other transactions.

“We want to enrich the mobile banking platform so that it has more diverse products and services that benefit members. Improving our digital platform is a prudent cost-management strategy because we are able to serve a member in far flung areas such as Garissa, without the need to set up a physical branch or presence in those regions.

Our members are our biggest priority in all that we do and so we ensure that they get the most in terms of convenience and access,” said Mrs Ndegwa.

SACCO’s 50th anniversary

Mentor SACCO will be holding its Golden Jubilee Celebrations next year, its 50th birthday since its establishment in 1977.

Mrs Ndegwa shares some of the milestones that the Society has achieved in its 50 years’ journey.

“One of the major milestones that we have been able to realise is the growth of our membership. The second is expansion and growth of our loan book. Remember, Mentor SACCO has the sole business of onward lending to our members.

The growth of our loan book has been a key achievement for the institution as well as the size of our balance sheet. We also have our own building where Mentor SACCO has its head offices, a landmark in Muranga County.

The building enhances the brand’s visibility and pride and shouts our presence to a visitor coming to Muranga town. It is an achievement for Mentor SACCO to own such a prestigious property in Muranga.

She said Mentor SACCO also takes pride in the calibre, teamwork. and support from the staff. Their contribution has been a key enabler to growth of the institution.

We have a low staff turnover. We have some 5 members of staff that I found in the organization when I joined and are still working with us.

That continuity of service has made our members feel at home with Mentor SACCO, who feel ownership when they meet a familiar staff member who has been transferred to their branch.

Mentor SACCO has also built strong partnerships with key stakeholders including our bankers, suppliers, cooperative directors at the county, the Ministry of Education and the Teachers Service Commission(TSC).

“The Society has cordial relationships with the pensions department at the National Treasury as well as all HR offices in firms and government agencies.

We have partnerships with almost all banking institutions, including those that operate outside Muranga County. It is these relationships that has enabled the SACCO to grow and achieve what it has in the 50 years’ journey of existence, “said Mrs Ndegwa.

“In the next 50 years, we intend to achieve full automation of Mentor SACCO operations so that we go paperless. We also appreciate the role of Safaricom, which has enabled our mobile banking platform to thrive.

Members have been able to make digital transactions with the SACCO, courtesy of M-PESA mobile money platform, where we have transactions running into billions of shillings, Safaricom is a key enabler and facilitator in our business,” said Mrs Ndegwa.

 

Who is Joyce Waceke Ndegwa?

Joyce Waceke is a woman, a mother, wife and CEO of Mentor SACCO. She was born in 1974 in a village in Nyeri County where she grew up.

I went to secondary school in Embu, St Anne Kiriari Girls and then proceeded to Kimathi Institute of Technology, now known as Dedan Kimathi University, to do accountancy. After completion, I got married towards the end of 1995. I got married before I joined Mentor SACCO so I am very passionate about my family.

I got employed in 1996 July as a general clerk in Mentor SACCO. I am a mother of four, two boys and two girls. The boys are now big and were born when I got employed, around 1996 and 2000. So my first born is 30 years old and the second boy is 26 years old.

The third born girl was born in 2012 and the last born girl was born in 2019. I am married to Waris Muchiri Gikonyo.

 

Typical day in the life of Mrs Ndegwa

My typical day is well balanced, I wake up in the morning and perform the household chores that any mother undertakes in the home. I personally prepare my children for school every morning, including the big boys when they were small.

I still take my smaller kids to school. When schools open, my third born girl is already in school, taken by the mother. I come back to the house, finish breakfast and then take my last born daughter, who is in grade 1, to school.

The third born girl is in grade 8. The boys are all grown and now seeking internships and other employment opportunities.

I report to work after dropping my kids to school and spend the entire day in the office, attending to the daily routine of meetings and appointments. I normally clock off from office work around 5.30 pm and 6.00 pm.

I still love the first car I bought in 2012, a Toyota Corolla which is among the best models that I prefer among other cars that I also possess. I came with the Toyota today and you will find it in the office car parking lot, I used it this morning.

I proceeded with my studies after Kimathi Institute and now is a CPA(K). I am also a graduate of KCA University with a Bachelor of Commerce degree, majoring in Finance. I was born in a family of seven children and I am the first born.

Joyce Waceke style of leadership

Even with the successes that Mrs Ndegwa has achieved as head of Mentor SACCO, she does not forget to mention the tremendous support she has been able to get from the Society’s Board of Directors.

“One cannot work well as a CEO without a good rapport and support from the board of directors. We have grown as an institution because of the cordial relationship between management and the board.

We sit down together and listen to contributions from all of us as a team. We work from the same perspective, learn from each other and move on. I am also an employee and therefore a member of Mentor SACCO staff although I have the privilege of being the team leader,” said Mrs Ndegwa.

On a routine working day, Mrs Ndegwa has meetings with staff, head of departments, discuss and agree, evaluate what the Society is doing and where it wants to go. Her team then comes up with a plan together.

Mrs Ndegwa also has frequent virtual meetings with members of staff located at various branches, or splits the staff for frequent physical meetings once in a while, where the team sits in the boardroom or selected central locations. She sits down with the staff, discusses and agrees.

 She listens to their feelings and feedback on various issues, including member complaints, what the SACCO is doing or not doing.

Mentor SACCO also engages with area chiefs who are also members as well as employees of the Muranga County Government.

“We sit together and ensure that Mentor SACCO is a household name in Muranga County before we go out there. We normally have conversations and listen to one another. I listen more to them and then come up with a decision as the team leader. I listen to all the views before arriving at a common solution that is aligned to what our members want and need. This is because it is members who determine how we grow today and tomorrow,” said Mrs Ndegwa.