Imarisha Sacco remained resilient amid economic challenges in the financial year that ended December 31st, 2022, to maintain an upward growth trajectory, further scaling up the ladder of the country’s largest financial institutions.
It was yet another good year for the Sacco members, who pocketed improved annual returns from their investment in the form of dividends on share capital at the rate of 14.04%, up from the 13.52% rate announced last year, amounting to Ksh280 million, and interest on members’ deposits at 11.41% an improvement from 11.30%, totaling to Ksh1.112 billion. The total annual payout of Ksh1.39 billion places the Sacco among the leading national financial institutions giving high returns on members’ investments.
The Sacco total revenue increased from Ksh2.8 billion in 2021 to more than Ksh3.3 billion in 2022.
Imarisha Sacco contributed immensely to members’ social and economic empowerment by providing affordable and accessible loan products during the year under review. Financial statements presented to delegates during the 34th Annual Delegates Meeting show the total loan portfolio increased by 16.8% to reach Ksh15.73 billion in 2022, up from Ksh13.46 billion. Over 98% of the Sacco loans are performing.
The Sacco’s innovative financial products and services are tailored to suit members’ needs satisfactorily. Under its micro-credit department, the Society has greatly empowered young and women entrepreneurs who want to invest, start and expand their businesses by offering low-interest loans while making loan accessibility easier for them. This has enabled many to achieve their development goals and financial independence.
“As we celebrate 45 years of empowerment, we are proud to stand tall among our peers as one of the best Saccos in the country. From our humble beginning in 1978, we are today a great institution, offering quality financial services to our members,” said Mr. Mathew Ruto, Sacco Board Chairman.
Innovative financial solutions have seen the Sacco attract more members. Last year, the Sacco membership grew to 191,094, compared to Ksh136,456 in 2021. Consequently, the members’ deposits rose by 19.6% or over Ksh2.3 billion to reach Ksh14.08 billion in 2022, up from Ksh11.77 billion in 2021.
“We appeal to all members to grow their regular monthly savings to earn more interest from their deposits,” said Mr. Ruto.
The Sacco has developed various initiatives to encourage savings and dividends capitalization, which include offering 10% interest on deposits saved for six months, paying 10% upfront on shares and deposits top-up, and 20% predetermined interest on the transfer of dividends or rebates to a share drive account. Members can also use their annual earnings to reduce their loan balances.
He disclosed that the Sacco total assets jumped by 15.8% to over Ksh19.82 billion in 2022 compared to ksh17.10 billion in 2021, which was boasted by the growth of the loan book. The Sacco also maintained a solid financial position as the share capital increased by 13.6% from Ksh1.75 billion in 2021 to Ksh1.99 billion last year.
“We are grateful to our loyal members for their trust and support to the Sacco that has bolstered our sustainable growth,” said Mr. Ruto.
Ranked 7th largest DT Sacco nationally by the Sacco Societies Regulatory Authority (SASRA) last year, Imarisha is setting the bar high and laying the ground for enhanced modern banking. “We foresee strong growth; our focus for the year 2023 is to align ourselves with the emerging industry trends. The Society shall drive innovation by leveraging on technology,” said Mr. Ruto. Â
The Sacco has prioritized acquiring a robust core banking system to ensure a seamless workflow by automating all processes for enhanced efficiency and implementing a new USSD Code *451# with enhanced services and features such as an e-guarantor system.
“Members applying loan will be able to use e-guarantor system which is in pilot phase and expected to be rolled out by May 2023,” said the Chairman.
Besides, the Sacco is set to launch a new user-friendly website by April and install a biometric identification system to enhance security in banking halls.
“We endeavour to achieve more in the future with your support and to live up to our motto “Unity is strength.” Together we can attain greater heights,” Mr. Ruto said.
 Mr. David Obonyo, Commissioner for Co-operatives Development, who represented the Cabinet Secretary for Co-operatives and Micro, Small and Medium Enterprises (MSMEs) Development, Mr. Simon Chelugui, praised the Sacco management for using technology to enhance service delivery. “This is the way to go, Saccos must leverage technology to offer competitive financial services while ensuring their digital channels are secure,” he said
Mr. Obonyo noted that the government is implementing various policy reforms to support the growth of the co-operative movement, which he said has enabled individuals’ self-actualization and economic development.
“Its Saccos such as Imarisha that are supporting people at the bottom of economy, young and old attain economic development. We are happy by the achievements of Imarisha Sacco over the last one year,” he said. He called on Sacco members to be loyal to their co-operatives and save more.
“The adoption of new technology has made our Sacco competitive to save and invest in because of ease and convenience in accessing affordable loan products, services and financial advice. We will continue being innovative to offer relevant financial solutions to our members,” said Mr. Mathew Rotich, Sacco CEO.
www.imarishasacco.co.keA Sacco with customer-centric experience
Our Mission
Providing efficient financial service delivery to customer through continuous innovation
Unity is strength
God First Respect Effectiveness &Â Efficiency Team Work Transparency & Accountability Creativity & Innovation Equity Equality Integrity
