Imarika Sacco’s dedicated financial literacy program is driving remarkable success, with a growing number of members achieving millionaire status.
The Deposit Taking Sacco has made substantial investments in educating and training its members, equipping them with essential financial skills such as budgeting, saving, debt management, and retirement planning. This empowering initiative has enabled members to make informed decisions, resulting in enhanced financial stability, reduced stress, and an elevated quality of life.
Through the program, members have gained the confidence to take charge of their finances, effectively navigate challenges, and capitalize on opportunities.
As a result, many have adopted prudent saving habits for financial security, coupled with strategic investments to maximize compounding effects and diversify their portfolios.
Notably, the Sacco recently hosted its Annual Investors Forum at the Imarika Plaza Conference Hall, where outstanding savers were celebrated, rewarded and equipped with the knowledge and skills to fortify their financial security.
“We are proud to host this event to honour our top savers of 2023. Our goal is to inspire them to continue saving and to consider investing for their financial growth. The Sacco is committed to expanding our MILLI Club membership,” announced Mr. John Ziro, Chairman, the Board of Directors.
Mr. Ziro stated that the focus is on providing specialized education to all members, ensuring that each member receives education and information to help them achieve their financial objectives. “The education forums have allowed us to progress and develop together as a Sacco, involving partners, members, staff, management, and the Board of Directors. We invite top financial literacy consultants to train our members and also raise awareness about our products. This has greatly impacted lives,” said Mr. Ziro.
“The main driver of our success is the trust of our members, which we have cultivated over time. We are dedicated to strengthening this loyalty by empowering people through financial and social education. Imarika Sacco is always here for everyone, and we encourage people to save and invest with us,” added Mr. Ziro.
Supporting Retirees
The Sacco also organizes engagement with retirees, providing them with valuable insights on investment and how to improve their lives.
“We help the senior members better understand pension plans, savings, and investment options offered by Imarika Sacco. This has ensured that many continue to enjoy their desired retirement lifestyle,” said Mr. Ziro.
Mr. George Yongo, the Sacco CEO, noted that education and training have ensured that many retirees continue to patronize Sacco products while investing and managing their savings and investments well.
“The Sacco has developed products that enable our retired members to earn interest every month from their savings,” he said. Since last year, the Sacco has been recognizing its top savers and supporting them to achieve their financial goals.
50 Years of Success
Imarika Sacco has upheld its values by treating its members like family, providing care and support at every stage of their lives and helping them in times of need. The Sacco helps its members grow within their means, offering stability and security.
Over the past fifty years, the Sacco has gone from strength to strength. Established in 1972, it has grown to over 168,000 members and their dependents across Kenya and in the Diaspora. It has become a well-recognized brand—a stable and secure financial institution that ensures its members’ security and growth.
As the Sacco approaches its 50th Anniversary later this year, it will be celebrating a successful journey marked by various milestones. The Sacco, proud of its ultra-modern Imarika Plaza towering high in the heart of Kilifi town, has introduced many tech-led services such as Mobile Banking, ATM services, Agency Banking, and M-Zawadi, a member loyalty program.
“Imarika Sacco stands as a beacon of hope for those aspiring towards a secure financial future. We are a catalyst for change in the coastal region and beyond, serving as a lifeline for our members. Our unwavering mission is to empower our members through the provision of efficient, innovative, and competitive financial products and services,” stated Mr. Yongo.
The Sacco has made all services accessible digitally, allowing members to manage their finances and borrow on the go. This has reduced paperwork and increased convenience.
“We have also formed strategic partnerships to maximize members’ benefits. To ensure long-term sustainability, the Sacco has researched and developed products tailored to the needs of young people,” added Mr. Yongo.
To stay ahead of the curve, the CEO said that the Sacco has invests in regular training to keep up with changes in the market.
At the core of Imarika Sacco’s success is a well-coordinated governance structure that ensures seamless decision-making, representation of members’ interests at every stage, and smooth succession.
The Sacco has improved members’ satisfaction by designing its branches as one-stop-shops where members can access all the financial services they need. The staff has been trained to ensure competent service to the members.
“As we celebrate the 50th Anniversary, we are charting a new course, and members should expect the best. At Imarika, we are stable and innovative and are focused on improving our services. Join us for empowerment,” said Mr. Yongo.
Empowering CommunitiesÂ
Imarika Sacco, through the Imarika Foundation, is actively breaking the cycle of poverty by supporting the less privileged in society. The Foundation has transformed lives through Corporate Social Responsibility (CSR) initiatives, making a difference in areas such as education and healthcare.
One of the most impactful CSR programs run by the Imarika Foundation is its scholarship program for bright but needy students. The program goes beyond paying fees and provides mentorship, guidance, and career talks to help the students navigate the challenges of academic life. Hundreds of students from Kilifi, Mombasa, Kwale, Tana River, and Lamu counties have benefited from this program.
In terms of healthcare CSR activities, the Sacco organizes free medical camps that offer free medical checkups, treatment, and medication to community members.
The Sacco Foundation also supports various community projects aimed at improving the living standards of community members. By working closely with community-based organizations and other stakeholders, the Foundation identifies and implements impactful and sustainable projects, ranging from anti-jiggers’ campaigns, charity walks, advocating against gender-based violence, agribusiness projects, environmental conservation, water and sanitation projects, to road construction and school infrastructure development. Moreover, the Foundation has partnered with schools in tree planting exercises and has donated thousands of fruits and indigenous seedlings to over 50 learning institutions.
Imarika Sacco is a shining example of how businesses can make a meaningful impact on society and contribute to a better future for all. With good relations, Imarika Sacco has continued to post impressive financial results year after year, with members’ interest on deposits for the last year growing by 21% to Ksh688.9 million as the Sacco’s income surged by 8.7% to Ksh1.96 billion in 2023. With total assets of over Ksh13.11 billion, a loan book of over Ksh10.96 billion, and members’ deposits of Ksh8.32 billion, Imarika Sacco is among the best-performing financial institutions in the country. The Sacco has its targets set high.
