Imarika Sacco’s ambitious plan to hit Shs20 billion asset base by 2026

By George Otieno

Imarika Sacco Chairperson Mr. Renson Ndoro has said the society expects to have a total asset base of 20 billion shillings come the year 2026.

The chairperson said this in a recent Imarika Sacco’s members education meeting where they were taken through the Sacco’s journey, educated on its various products and services, and walked through its 5-year strategic plan.

Mr. Ndoro said that currently the Sacco boasts of over 140,000 members compared to 3,400 back in the year 2013, when it was looking forward to a total membership of 286,000 in the five years follow-up.

While taking the members through all the aspects of the Sacco, Mr. Ndoro appreciated the strides so far made and applauded the members for their effort. He said the society expects to have a share capital of 933 million shillings by the end of their 5-year strategic plan, 406 million shillings more than its present share capital of 527 million.

In 2013, Imarika Sacco deposits stood at 2.1 billion shillings while in the current year, the deposits have risen to 6.8 billion with an expectation of 15 billion in the year 2026.

The Sacco’s loans were at a record 2.4 billion in 2013, but have gone up to 9 billion shillings in 2022. The chairman urged the members to visit their nearest Sacco offices and take loans to develop themselves and grow the society in return, suggesting that the Sacco’s biggest and highest asset was the loans.

Impressed by the remarkable journey the society had taken over the years, Mr. Renson Ndoro was pleased to inform the members that compared to the year 2013 where the Sacco’s profits were only 518 million, today, the society’s profits were a whooping 1.7 billion and expected to rise to 3.2 billion in seven years if the members keep investing in the society as they always have over the years.

To efficiently serve the members from where they live and operate, Imarika Sacco has over the years invested heavily in infrastructure that meets the members’ needs. The Sacco is delighted to so far have 9 branches as compared to only 4 in 2013 spread all over the country with the ninth branch being under construction in Mpeketoni area. The latest branch to be opened is a Mombasa branch at Kengeleni launched on May 4, 2022.

The Chair also asked the members to be proud of Imarika Plaza that stands tall at the centre of Kilifi CBD, saying the property should be the joy and pride of all Imarika Sacco members as it is their sacrifice and contribution that saw such a magnificent project become successful.

To increase the number of members receiving services every day, the Chair revealed that the Sacco was in the process of adding a hundred more Imarika Sacco agents to support the existing 13 in rendering services. He also urged members to embrace the existing digital platforms that complement the physical offices and agents to easily transact and quickly get the society’s services whenever needed.

In order to enable members conveniently repay their loans, Mr. Ndoro announced that the Sacco had extended the 5-year loan repayment period to 8 years. This, he said, would give the members sufficient time as they balance to meet their every day needs following the tough economic times.

Additionally, the Sacco has ‘Mtandao Loan’ as one of their products where members can walk into any of their offices and walk out with a brand new phone that will enable them easily access the society’s services and repay within a certain period.

The Imarika Sacco Chair further encouraged the members to invest in their children by patronizing the Malaika Junior Savings Account, where members can conveniently save for their children’s school fees and future, while at the same time developing the young ones’ saving culture.

The members also learnt of the Corporate Social Responsibility (CSR) ventures the society had been undertaking through its Imarika Foundation such as the Eye Treatment Camp held in Mombasa, the anti-jiggers campaign in Mwandaza Kaloleni, Kimbule, and Ganda, among others, the education scholarships so far awarded to over 24 needy but brilliant students, and the sanitary pads campaign that helps restore dignity to school girls who are unable to acquire them.

The chairperson concluded by urging the members to be brand ambassadors and role models of the Sacco and encouraged them to bring more members on board so as to grow together as one large family.

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