Imarika Sacco plans to introduce money transfer services in some of its branches, eying to grow the number of Diaspora members transacting with the Deposit-Taking Society.
The Sacco has customized a number of products and services (visit https://www.imarika.or.ke/ to learn more), tailoring them to suit the financial needs of the lucrative diaspora market. The country’s foreign exchange is expected to shoot up as the new Government has created a diaspora department to enhance the market.
The new area of focus is part of Imarika Sacco’s to put up better savings mobilization strategies in place. The Sacco is anticipating 12% growth of long-term deposits this year.
The Sacco management is also expecting a 13% growth of loans and advances, an 18% increase in turnover and consolidated returns to members to rise by 17%.
The Board of Directors intends to reward and recognize the highest savers in a special way to attract savings and help members accumulate wealth.
“In our endeavour to motivate and encourage members to be loyal to our Imarika Brand, we will introduce a .loyalty programme that will allow members to earn points as they transact with the Sacco and be able to redeem them through a variety of channels. We believe this will enhance better patronage of our products by members,” said Renson Ndoro, Sacco Board Chair.
Speaking late last year during Special Delegates Meeting, Mr Ndoro said the Sacco has enhanced recovery and customer care services within all branches to strengthen member operational efficiency.
The Sacco has also revamped and refurbished branches to better customer experience. In May, the Sacco officially launched its magnificent Imarika Plaza, at the heart and landmark of Kilifi town, which boasts of a modern conference hall, gym provision and offices with ample external parking space.
It also opened a new Mombasa Branch at Kengeleni, which has recorded fast growth in just four months of operation.
Under the 2023 budget proposals, the Sacco leadership intends to give a special focus on agri-business products to tap into the agriculture sector’s enormous potential.
“We also intend to grow our mortgage loans and strengthen our Corporate Social Responsibility programmes implemented under the Imarika Foundation,” he told delegates.
Mr Ndoro said the Sacco registered steady improvement in its business activities supported by a recovering country’s economy that expanded by 6.8% despite rising inflations that affect members’ capacity to save and repay loans. Since 2020, the Society has continuously posted exponential growth, with a projected growth of total assets to Ksh13.2 billion by 2023.
The Sacco has remained innovative in its service delivery while enhancing its e-channels for fast and convenient banking solutions. “We have introduced a new electronic loan product for non-salaried members to allow them access to short-term advances. The loan is accessible through the Sacco’s mobile platform
The Sacco has also increased its mortgage loan amount to Ksh5 million. The Society’s two mortgage products: Makao and Ujenzi loans are offered in partnership with Kenya Refinance Mortgage Company (KMRC). “We are in the process of seeking partnerships with development firms to avail readily available houses to our members,” said Mr Ndoro.
Recently the Sacco management conducted successful members’ education and training reaching out to over 14,570 members. Imarika Sacco also launched a new Strategic Plan for 2022-2026 with ambitious growth targets in the five years. The blueprint clearly focuses on members’ empowerment and is designed to uplift social-economic standards, focusing on Customer (member), financial growth, internal business processes and learning, with a central theme of growth and improved service delivery.
“We aim to become a reliable and stable homegrown financial institution of choice as we encourage the public to join us to realize their development goals and gain financial freedom,” said Mr Ndoro.
Ranked highly among the large-tiered deposit-taking Saccos, Imarika Sacco has gigantically grown from less than 100 members in 1974 when it was registered to have over 140,000 members and eight branches. The Sacco recently introduced Sacco Agency banking to foster financial inclusion by improving financial service access in remote areas and enhancing convenience.
