12 billion shillings worth of assets mobilized by Kilifi cooperative societies

By Tsozungu Kombe

162 active cooperative societies in Kilifi County have mobilized asset to the tune of 12.5 billion, Sacco review has reliably established.

Speaking during Imarika Sacco’s special delegates meeting held at Pride Inn Paradise Hotel in Mombasa county recently, Kilifi County Cooperative Development Ministry Chief Officer Ms. Mary Mkare said that out of the 12.5 billion, 10.4 billion has been contributed by Imarika Sacco alone.

She further noted that 83 percent of the total assets mobilized by cooperative movement in the county has been contributed by Imarika Sacco.

She however stated that out of the 162 active cooperative societies, 117 are Deposit-Taking Saccos, which represents 72 percent.

She disclosed that the cooperative sector in the county has maintained a steady growth since the onset of devolution.

The Chief Officer praised Imarika Sacco for being among the first in the county to hold their annual meetings, saying it was a sign of good governance as even the early presentation of audited accounts complied with the Cooperative Act.

She lauded Imarika Sacco for its impressive performance and giving scholarships to bright needy secondary school students and youth in vocational training centres.

“In 2021, Imarika Sacco was ranked among the top 15 Saccos in the country by the Ministry of Cooperative Development and position one in the county in terms of performance,” she explained, further praising it for putting in place its strategic plan for 2022 – 2026.

The Sacco’s total revenue is 1.7 billion and it remains the most profitable Sacco in Coast region with a membership base of 130,872. It was the first in the county to open its Common Bond.

The performance of the Sacco has been impressive despite the Covid 19 Pandemic. It boasts of the giant 350 million shilling Imarika Plaza as one of its landmark achievements.

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