Imarika DT Sacco is a financial institution that provides tailored financial services, including affordable loans and flexible saving plans. Celebrating its 50th anniversary, the society has uplifted its members and built brighter futures. Imarika DT Sacco now stands as a beacon of hope and possibility, showcasing the power of a shared vision and determination as Corporate Watch Magazine’s Joseph Chitwa narrates.
Imarika DT Sacco celebrated 50 years of service on September 21st 2024, with government and co-operative leaders attending the colorful event lauding the institution’s tremendous growth over the years.
The Cabinet Secretary, Ministry of Co-operatives, Micro, Small and Medium Enterprises Development, FCPA, Dr. Wycliffe Ambetsa Oparanya gave a thumbs up to the growth the Sacco has witnessed since inception, particularly marveling at the institution’s humble beginnings five decades ago at a small office in Malindi town.
“The Co-operative fraternity is proud of Imarika Sacco’s 50-year journey of transforming the lives of Kenyans with its innovative member-centric financial solutions. From humble beginnings of 11 teachers who attended Bura Teachers college in 1972, the Sacco has in the last 50 years created value for its members by providing access to affordable credit,” said the Cabinet Secretary, adding that the Sacco’s innovative trajectory has made it stand tall, becoming the largest Sacco in the Coastal region.
The Cabinet Secretary in his speech, went on to urge the Sacco’s leadership, membership and employees to maintain its impressive growth path that will see it become one of the most trusted and reliable Saccos beyond the Coast region, as it continues creating value by providing access to affordable credit that meets members’ financial needs through Back Office Service Activities (BOSA), Front Office Service Activity (FOSA) and microfinance among many other services.
“I commend the Board of Imarika Sacco for developing a premier and stable financial institution to what it is now,” Dr. Oparanya said, while expressing optimism that the Sacco will grow to even greater heights in the coming years.
“My ministry remains committed to providing an enabling environment through policy, legal and institutional reforms to advance the Co-operative movement,” affirmed the CS, urging the leadership of the Co-operative movement to continue promoting innovative, commercially oriented and efficient financial and other member services to enhance the Sacco’s visibility at local, regional and international levels.
The co-operatives Cabinet Secretary further encouraged all stake holders to actively engage with and support Imarika Sacco’s strategic vision as it makes its contribution towards driving the Co-operative movement forward.
Reforms for Prosperity and Growth…
Addressing guests and co-operators at the celebrations, Principal Secretary, State Department for Co-operatives Mr. Patrick Kilemi said the licensing of Imarika Sacco by the industry regulator; Sacco Societies Regulatory Authority (SASRA) to undertake Front Office Service Activity (FOSA) has immensely accelerated its business growth with Kenyans in the diaspora taking advantage of the service to patronize the FOSA.
Mr. Kilemi said: “We take pride in Imarika’s impressive growth and expansion. It has footprints in the whole of the coastal region of Kenya and this resonates well with the Government policy of promoting financial inclusion and access by targeting majority of the population that is un-reached to participate in the formal market economy.”
The PS revealed that the Government has embarked on policy, legal and institutional reforms to enable co-operatives realize their full potential despite the prevailing challenges that include weak governance, high cost of finance, inadequate market access, delays and non-remittance of deductions by employers, over dependence on eternal funding, non-performing loans, obsolete technology and cyber-crime among others.
Mr. Kilemi explained: “The reforms include review of the Co-operative Societies Act and Sacco Societies Act in order to align them to the Constitution and devolved system of governance.”
On behalf of the county government of Kilifi, the CEC Member Trade, Tourism and Co-operative Development Mrs. Clara Chonga paid tribute to the founding members of Imarika DT Sacco whose vision and sacrifices have paved the way for the success of the society. ‘The County Government of Kilifi remains committed to supporting the cooperative movement and will work closely with Imarika DT Sacco to ensure its continued success,’ noted madam Clara Chonga.
Time Lapse…
Imarika Sacco Chairman Mr. John Ziro lauded founders of the Sacco who lay a strong foundation for what has become a vibrant Community financial institution that has served thousands of members over the decades.
“The guiding principle that has seen us flourish even in trying times has been our prioritization of members’ needs over profits.” Said Mr. Ziro during a presser at the institution’s headquarters in Kilifi, adding that the Sacco has embraced technology that has improved members’ access to financial services.
He gave a historical account of events pitching the Sacco’s relocation from Malindi to Kilifi as the Provisional Headquarters and Construction of the Imarika office Block (KITECOH) along Charo Wamae Road in 1996.
In the year 1998 the Sacco opened its common bond inviting public members to its fold followed by the launch of Front Office Service (FOSA) in 1999 for deposits and banking services.
Afterwards, in 2003, the institution’s first branch was established in Malindi and the Micro Savings and Credit (MSCA) department introduced in the same year.
In the next ten years that followed, the Sacco then rebranded from Kilifi Teachers Sacco to Imarika Sacco in 2013 and in the year 2025 Introduced the Imarika Foundation.
Mr. Ziro further elaborated that the Board of management has ensured that Imarika Sacco continues to be a pillar of support to the community by consistently reinvesting in their members and the community at large, focusing on delivering value and enhancing other services.
Imarika Foundation
The Imarika Foundation was registered by Imarika SACCO in October 2015 as an NGO to propagate the Corporate Social Responsibility issues of the SACCO in a broader perspective.
All along the SACCO had been engaging in CSR activities by giving back to the community through its donation kit under the marketing vote head.
The Sacco soon realized that the donation kit was no longer adequate following the many requests put forward by stakeholders especially learning institutions seeking trophies to award their winning students during school prize-giving days.
The board of the Sacco then formed Imarika Foundation to specifically carry out CSR to its community on behalf of Imarika Sacco.
The foundation’s mission is to partner with individuals, communities and organizations to enhance access to equitable opportunities to the disadvantaged and a vision to Secure, empowered, resilient and transformed communities. Its goal is to provide access to sustainable development to people from disadvantaged backgrounds
The foundation’s pillars are; Education, Health, Agribusiness, Environmental conservation Disaster and Emergency Relief.
On November 9, 2024, the Imarika Foundation will hold a Walkathon at Karisa Maitha Grounds, Kilifi, to raise funds for its TVET and Economic Empowerment Program.
This year’s walkathon aims to raise KSh2 million to train 50 vulnerable youth across Coastal Kenya in high-demand trades and set them on a path toward economic independence.
Performance…
“Our financial performance has been remarkable in all our key performance indicators including our asset base that we project will surpass Kshs.13.8 Billion by the end of this financial year.” Said Mr. Ziro.
The growth of the institution’s membership to over 170,300 members, according to the Sacco leadership is as a result of the Institution opening its doors to non TSC members, a move that has made the institution resilient despite market shakeups.
Mr. Ziro proudly explained that the increase in the institution’s total revenue is a statement to the Sacco’s commitment to sound financial management and prudent risk management practices, putting it above bar according to the sector regulator’s requirement that the Institution Capital to Total Assets ratio (ICA) remains above eight percent, signaling its ability to absorb losses in case of economic shocks, hence a sign of good financial health.
The Chief Executive Officer Imarika DT Sacco, Mr. George Yongo Ngala said the golden Jubilee is a celebration of decades of dedication, progress and financial inclusion where Imarika DT Sacco has evolved, adapted and redefined itself to meet the changing needs of the members as well as the business environment.
Mr. Ngala said: “When we look back at what we have achieved – Billions in loans disbursed, countless Community initiatives supported with our Imarika Foundation and thousands of lives touched, we can take pride in knowing that Imarika is far more than just a financial institution.
In his statement, Mr. Ngala said much of the institution’s growth is attributed to embracing technology, allowing members to check balances, apply for loans and conduct transactions conveniently, a move he said has led to increased efficiency, reduced risk of fraud and improved member satisfaction.
“Embracing technology has been critical in attracting and retaining the membership, especially the techno-Savvy generation which currently dominates the country’s productive economy, and that’s how we have ended up with members in the diaspora.” He observed.
The CEO promised to carry on with innovations, launching new services that meet the evolving needs of the members.
“We commit to deepen the Sacco’s commitment to financial education, inclusion and community development, making Imarika DT Sacco a beacon of hope, strength and support for the next 50 years and beyond.” He said.
The golden Jubilee Celebration, which saw hundreds of members and co-operative leaders attend, was held at the Karisa Maitha Grounds in Kilifi town, Kilifi County.