Michael Ngétuk is proud to associate with Imarisha Savings and credit cooperative society (Sacco) as the longest serving director of Imarisha Sacco with a record of 32 continuous years from a founding treasurer to Vice-Chairman. He shares his long Journey at the Sacco with Benedict Ng’etich
“It was in 1977, after KNUT AGM when an interim committee of officials was given a mandate by teachers to initiate formation of the teachers Sacco, with guidance of the Ministry of Co-operative to promote socio-economic status of teachers who were earning peanuts and could not afford to leave anything in a Bank account or even borrow a bank loan. The commercial banks saw teachers as non-starters,” he recalls.
Ngetuk was among the three founding directors who made aggressive campaigns to register the Sacco.
He was the Treasurer. The other two officials were Mr. Anthony Kimeto-Chairman and Joseph Laboso (late) as Hon secretary. Together with other six committee members plus supervisory committee got the Sacco registered on May 8, 1978 officials once selected.
“Once our Sacco was given an okay, we visited schools, education officers’ meetings, Knut meetings to educate and recruit potential members, with only Sh5 and start share contribution from Sh20,” he says.
Together with his team they opened a register for members who filled deduction advice forms to be forwarded by the treasurer to Teachers Service Commission (TSC) to deduct shares at the end of each month and remit the cheque to our Sacco for banking.
The payroll deductions were then sent to our first ‘mabati’ office behind KNUT office, then at Tengecha Road in Kericho town. At times torrential rain disrupted us and registration of members who could not be served.
However, we persevered the challenges. Initial loans were given to members after saving for six months (three times the shares)
“We used to take loan application forms to members in their schools, which they filled and we returned for approval by credit committee. The chairman, secretary and treasurer carried cash to loanees at their schools and some couldn’t believe. Thereafter many loan applications followed earnestly in the ensuing months and money was available”, he added.
In the year 1979, the members admired shares and loan progression, thereby increasing shares in thousands, in order to apply loan to purchase personal farms in new lands like Olenguruoni, Nakuru, Transmara, Uasin Gishu as well as educating their children up to university level. By then cheques were used, to avoid risks in disbursements of loans.
“As a treasurer, I stuck to loaning policy of three times the shares for one to get a loan. We organized for education meetings in Kericho, Bomet and Kapkatet in the large original Kericho District.
Membership grew tremendously by leaps and bounds as loans were cascaded to the members in good time. Towards the end of 1979, the Chairman Kimetto joined politics and became honourable Member of Parliament for Chepalungu constituency.
“Our Sacco became even more vibrant and started posting substantial shares. I continued to be re-elected as Hon. Treasurer several years probably because I used to keep my words and being timely in loan processing,” he says.
He adds that sometimes he even went past mid-night processing loans which he then ferries on a motorcycle to members in their schools in a black bag which is today kept in the society’s archives.
He says members appreciated their products and services. They also started giving the members dividends from the 80s, a trend which has continued to date. The continued growth also earned him bigger positions at the Sacco
“I became the vice chairman and the Chairman of Imarisha the society which had transformed from Kipsigis teachers Sacco Ltd to the current Imarisha Sacco. I also became vice chairman and National Delegate of Rift Valley Province in Kenya Union Savings Credit Cooperative Ltd,” he says.
In 1997, I left for Vancouver, Canada as a delegate WOCCU (World Council of Credit Unions) in company of other delegates from Kenya and bought the new technology that can today be seen at the Sacco offices and FOSA branches which has enabled our Imarisha Sacco to provide many products to our members and customers currently
At his exit, the Sacco had share capital of over Sh5 billion with branches in Bomet, Keringet, Kapkatet and Mulot with head office in Kericho.
