Tue. May 26th, 2020

County Post

Accurate and Clear

Imarisha Sacco Registers Tremendous Growth

2 min read

The tremendous growth recorded by Imarisha Sacco Society Limited Society is an indication that it remains the best firm to invest your money.

The Sacco that abides by Sacco Societies Regulatory Authority (SASRA) regulations significantly posted 18.03 percent growth in asset base from Kshs.9, 251,273,993.09 in the year 2017 to Ksh10, 919,482,224.62 in the year 2018.

 This is according to the report released by the society’s chairman Mr. Mathew Ruto during the 2019 Annual Delegate Meeting.

 Imarisha displayed pliability in the challenging business environment characterized by interest rate cap to post the turnover grew from Kshs.1,375,468,675.03 in the year 2017 to kshs.1, 624,895,020.49 in 2018 an equivalent of 18.13%.

During the period under review, the Kericho-based Sacco grew its membership that stood at 76,044 as 31/12/2018 up from 64,120 members in the year 2017.

The membership growth is attributed to enhanced business strategy and good customer relations supported by initiation of Microcredit that has new products which include: Corporate advance, Soko Poa advance, Contractor advance, Kahawa loan, Cherry Picking Advance and Parchment Advance.

The department last year issued loans of Kshs.247, 906,017 compared to Kshs. 57,676,036 in 2017; this is equivalent to a record of 330 % increase.

Imarisha Sacco Society chair Mr. Mathew Ruto addressing delegates

 The rise also results from good leadership, the adoption of Society’s transformative policies and initiatives such as the online and outbound marketing campaigns in target areas.

At the same time, the Sacco’s Share capital rose from Kshs. 655,421,958.75 in the year 2017 to kshs759, 495,467.47 as at 31/12/2018.

A similar growth was demonstrated on Member deposits that rose from Kshs.6, 979,720,599.66 compared to Kshs. 5,848,789,639.82 in 2017 that is equivalent rise of 19.3% amounting to a total of kshs.1, 130, 887, 58

During the period that Imarisha recorded outstanding growth, it was in full compliance with all regulatory requirements.

While the Sacco disbursed Kshs.8,094,627,859.69 as loans in the year 2018 the Board of Management expresses optimism that the augment will continue in the ear 2019.

The Famous South Rift has established that the formerly Kipsigis Teachers Sacco has since the inception to date issued loans of Kshs.60, 234,246,887.83

According to the chair, the firm has planned new developments to be set up at the headquarters and some branches.

Imarisha Sacco Delegates attending their annual meeting

 “This year 2019the Sacco will come up with other new developments to improve on Sacco service delivery. These includes increased Share capital ,Installation of  a lift at the headquarters to cater for the special need groups, Issuing of  one share certificate for the housing project, Installation of an Interactive Teller Machine (ITM) in Bomet branch where members can do self-service when depositing and withdrawing of cash and other services” he said

Mr. Ruto announced that the Sacco intends to open up new branches in Nairobi and Nakuru to solidify the gains that are already being felt with newly opened branches.

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