Imarika Sacco extends wings to Bamba

BySacco Review

Aug 4, 2018

By Peter K. Angore

Imarika Sacco has officially opened a new branch at Bamba trading centre.
This brings the number of the Sacco’s fully fledged branches to seven.
The new branch comes as relieve to the members and residents especially in the hinterland of Ganze Sub-county who will now get services closer home.
Kilifi County Director of Co-operatives, Ms Mary Mukare who presided over the official opening, noted it was a positive gesture.
She said Imarika Sacco had registered growth over the years from a one office entity with a few members of staff to the current position.
The Sacco branches are strategically placed across the county and beyond.
“This is a sign of good leadership,” said Ms Mukare, adding Bamba was a fast growing trading center that had only three financial institutions serving the area.
She said the Sacco should fully utilize the opportunity by offering the best financial products and services to the business people of the area.
Imarika has become a household brand name owing to his members tailored services and products.
“The society’s good performance is associated with good governance. The Board of Directors and management have done commendable work,” she said.
The official said the Sacco was among the well managed ones in the region as evidenced by the growth realized over the last few years. Sacco’s turnover for the year 2017 stood at Sh 1.2 billion while membership stood at 62,868 as at end of first quarter of 2018.
Members’ deposits have increased to Sh 4.5 billion while the asset base stands at Sh 6.6 billion.
With modern technology and the use of smart phones, members can access all Imarika Sacco services with easy and for their own comfort anywhere, anytime.
The Sacco’s other branches are at Garsen, Tana Delta, Malindi, Mtwapa, Mariakani, Ukunda and Kilifi, which is the head office.
The Sacco Chairman, Mr Renson Ndoro said Bamba branch initially started as a site office in July, 2014 and provided limited services.
However, through concerted efforts the site was finally able to upgrade into a full branch last year after approval from SASRA.
“For us this is a great achievement since our members can now access all the services they may need,” said Mr Ndoro.
The branch has progressively managed to register 2,391 new members with an average recruitment of 30 members per month. “It has savings deposit of Sh7.1 million, Sh 2.1 million in share capital, issued out advances and loans of Sh28.4 million and Sh20.8 million as long term deposits,” said the Chairman.
Sacco Deputy CEO, Mr George Yongo, who represented the CEO Mr. Daniel Masha, called upon all the residents of Ganze and Bamba to join the Sacco in large numbers since services had come closer to them.
“There is no excuse for one not to accomplish their intended development projects due to lack of funding as Imarika Sacco has all products to benefit all,” he said.

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