Having celebrated 50 years of empowering members, Imarika Sacco is charting a new course. The Sacco is embarking on an exciting journey of growth to enhance its role within the country’s cooperative movement, empower dreams by revolutionizing members support.
The Sacco leadership and management have crafted a visionary manifesto outlining ambitious growth targets for the next 50 years. This comprehensive development plan aims to bring services directly to members, empowering them to achieve their life goals. With the guiding principle of “Together, We Grow,” Imarika Sacco reaffirms its commitment to the foundational vision of its founders—leveraging collective strengths, fostering collaboration, and building on each other’s abilities while leaning on one another’s strengths.
The Sacco is dedicated to being by its members’ side at every milestone, offering accessible and inclusive financial services both locally and globally. To fulfill this commitment, Imarika Sacco is accelerating its shift towards digital services and automation by refining internal processes and incorporating member feedback for continuous improvement. Furthermore, the Sacco is prioritizing skill enhancement in digital services, customer relations, and performance management to meet the evolving needs of its dynamic membership base.
In line with its Strategic Plan, Imarika Sacco aims to increase its membership from 172,824 to 216,789, adding over 43,900 members by 2026. Management also targets a 15% growth in both savings deposits and the loan portfolio by 2026. Additionally, the Board of Directors is focused on enhancing the Sacco’s image, reducing non-performing loans, maintaining high liquidity levels, adhering to legal and regulatory requirements, improving the service delivery index, and strengthening human resource welfare.
Envisioned as the trusted Sacco of choice for all, Imarika Sacco remains committed to its mission of providing accessible, innovative, competitive, and reliable financial solutions to empower members socio-economically.
During the recent Sacco’s Special General Meeting, Chairman Mr. John Ziro noted that despite a challenging political and economic environment, the Sacco recorded impressive half-year results. He projected strong end-of-year performance, with total assets, savings, and loans expected to exceed Ksh 14.5 billion, Ksh 9.3 billion, and Ksh 12.3 billion, respectively. In recent years, the Sacco has experienced consistent growth, with double-digit increases in key performance indicators.
“We expect to achieve impressive growth under our new manifesto. We assure our members that Imarika Sacco will be wherever they are, supporting them in achieving their goals,” said Mr. Ziro.
The Sacco has launched a share drive campaign running until December 20, 2024. Members are required to contribute Ksh 1,000 to enter a draw for a chance to win a Toyota Vitz and a two-day holiday for two. This initiative aims to enhance the Sacco’s savings mobilization.
During this year’s successful member education and training program, members were encouraged to reinvest 10% of their dividends to help grow the Sacco’s core capital.
In the recent review of its Strategic Plan for 2025-2026, the Sacco management has aligned its activities to the new manifesto and current business realities. The Sacco will focus on agri-business, revamping branches, and upgrading its core banking system as it prepares to offer short-term loans (12 months and below) next year, which members will be able to access via their mobile phones. The Sacco also plans to comply with the ESG framework by installing solar-powered systems in all branches and reducing the number of dormant members.
The Board has also adjusted fixed deposit tariffs to encourage greater patronage of this product and is reintroducing money transfer services in branches.
“We have successfully expanded our products and services portfolio to meet the diverse needs of our members. Additionally, we have invested in digital systems, including a new website, a member portal, enhancements in mobile banking services, a Sacco agency, Interactive Voice Recording (IVR) service, Merchant Till capabilities, and the new loyalty program (Mzawadi),” stated Mr. Ziro.
Beyond banking, Imarika Sacco has positively impacted communities through various CSR activities such as eye and dental camps, scholarship and mentorship programs for needy students, and environmental conservation efforts.
Hon. Clara Chonga, Kilifi County Executive Committee Member (CECM) for Trade, Tourism Promotion, and Cooperative Development, who was the chief guest during the SGM, commended the Sacco for its dedicated 50 years of service and its optimistic outlook for the future, emphasizing its significant role in Kilifi County’s development.
“With a target of recruiting 21,000 new members in 2025, Imarika remains steadfast in its commitment to fostering member growth while solidifying its reputation as the Sacco of choice,” said Hon. Chonga. She was accompanied by Chief Officer of Cooperative Development George Mwangiri, Deputy Director of Cooperatives Mary Mkara, Cooperative Officer Maureen Mapenzi, and others.
“Imarika Sacco assists members in accumulating deposits and accessing loans at reasonable rates. We are dedicated to empowering members to maximize their potential for investment and growth and building a prosperous future together. We will continue leveraging technology to offer convenient services anytime, anywhere,” stated Mr. George Yongo, CEO.
