Kericho-based Savings and Credit Co-operative Society (Sacco) popularly known as Imarisha has reported an asset-based value of Sh.16.1 billion as of August this year which is a 2 billion increase from last financial year 2019/2020.
According to Imarisha Sacco chairman Matthew Ruto, the Sacco has braved myriads of challenges due to the Covid-19 pandemic to maintain its growth through increased membership to over 100,000 up from 64,120 members in 2017.
“The membership growth can be attributed to the Sacco’s opening of its doors to other employees and business community, since it was initially dedicated to teachers only,” said Ruto
The chairman also revealed that plans were at an advanced stage to open more branches in counties such as Nairobi, Nakuru and Kisumu, as it seeks to nationalize the Sacco which has currently opened branches in seven Counties among them Narok branch which was launched recently.
“Our expansion is as a result of demand from Kenyans who require our financial services in all corners of the republic. We have done our survey on this and we are now responding,” Ruto said.
The Sacco also recently unveiled new micro-credit products for its customers including; Karibu loan, Superior loan, Take-off loan, and ideal loan that is tailor-made for the employed, the business and farming communities.
At the same time, Ruto added that the new micro-credit products will target common people in the society including business people at the marketplaces, registered groups, commercial motorcycle riders, and farmers.
Meanwhile, the Kericho based Sacco uses an ultra-modern 24-hour call center and m-banking agency to deliver varied services making it easy and convenient for customers to access products and services from the Sacco.
The recently released Sacco Societies Regulatory Authority (SASRA) report ranked Imarisha Sacco as the 8th best performing Sacco countrywide, an achievement Ruto pointed out as an indicator of the Sacco’s excellent performance in its mandate to offer quality services to its customers.
Saccos trace their roots from table banking which is founded by people with shared values and unlike other financial institutions, Saccos are member-owned, meaning every member has a stake and decides at Annual General Meetings or through other mechanisms agreed.
Members gain from Saccos, by saving consistently and growing savings so as to get healthy dividends which also enables members to secure higher loans that are interest friendly up to three or four times the savings.
Saccos also have emergency loans for school fees, medical needs or other unexpected costs and these loans can be processed within minutes which helps members to avoid shylocks.