By Kese Werugha.
Imarika Sacco Society Limited has embarked on an ambitious plan to construct a multi-million shilling building complex to house its headquarters in Kilifi town.
Speaking at the groundbreaking ceremony, the Chief Executive Officer, Daniel Masha said the proposed five-storey building to be known as Imarika Sacco Plaza will cost about Ksh.345 million. Imarika Sacco, formerly known as Kilifi Teachers Sacco has a membership of about 45,000 and an asset capital base of Ksh. 5.7 billion.
Masha noted that this was not a small feat since by December 2016, a total of Ksh. 231 million had been collected towards the project.
“This is a vision that the Sacco has been pursuing for the last four years,” he said of the proposed building which is expected to be complete in just two years.
Further, he divulged that the Sacco pays an annual rent of Sh4.38 million to the Kilifi Teachers Cooperative House (KITECOH) where it has been operating from, saying constructing of their own building will go a long way to in reducing their expenses.
Imarika Sacco Board of Directors Chairman, Renson Ndoro said this new building will also increase their savings: Ndoro said Imarika Sacco has spread its wings to Malindi, Mariakani, Mtwapa, Bamba, Garsen and Ukunda in Kwale County and plans are at advanced stage to open other branches in Mombasa and Mpeketoni in Lamu County.
Speaking at the function, Kilifi County Co-operative Chief Officer Patience Simba commended Imarika Sacco for its impressive performance and challenged other societies in the region to emulate it.
Ms Simba called on the Sacco to consider partnering with both the National and County governments to assist Kilifi residents who are at risk of starvation following the prolonged drought.
She also challenged members to take loans and use them well for constructing houses and invest wisely in other income generating projects to improve the standards of living in the county.