Stephen Sifa is a proud beneficiary of Imarika Sacco. He is the co-founder of Milele Funeral Burial & Benevolent Services in Kilifi, one of the largest standalone funeral facilities in the coast region.
When building the establishment in 2014, Sifa and other co-founders projected a budget of ksh 25-35 million for the whole establishment. According to him, Imarika sacco funded about 80% of the total costs.
Sifa is just one of the thousands of individuals whose lives have been transformed by Imarika Sacco.
Here is the rich history of Imarika Sacco as told by WoK.
History
Imarika Sacco was started in 1974 as Malindi Teachers Sacco by a group of primary school teachers. Its humble beginning was pioneered by 100 members.
The main objective of the Sacco was to provide a savings avenue for its members and to advance loans to them at an affordable rate of interest.
As the sacco expanded, members moved its headquarters from Malindi to Kilifi and changed its name to Kilifi Teachers sacco in 1990. The membership was about 700 by then.
In 1998, the sacco opened its common bond, allowing members from other government professions to join.
In 2003, the sacco expanded its membership to include self-employed businessmen, and individual and group membership.
In 2013, the Sacco rebranded from Kilifi Teachers Sacco to Imarika Sacco. The name “Imarika” is Kiswahili for “become stable”. The Sacco adopted this name to reflect its commitment to providing its members with a stable financial future.
In 2015, the sacco started and funded the Imarika Foundation, a non-profit organization that focuses on five pillars: education, health, disaster and emergency relief, environmental conservation, and agribusiness.
By 2022, Imarika Sacco’s membership had grown to over 140,000 members with an asset base of at least sh 10.6 billion, a savings portfolio of sh 7 billion, and a loan portfolio of sh 9 billion.
It had also expanded its operations to include other counties in the Coast region, such as Mombasa, Kwale, and Tana River, with branches in Kilifi town, Malindi, Mtwapa, Mombasa, Changamwe, Kwale town, Hola, Ukunda, and Kengeleni.
Today, the sacco’s membership includes members of the disciplined forces, public and private sector workers, employees of the national and county governments, and individual business owners.
Financial products
The headquarters of the sacco is at the ultramodern Imarika Plaza, the tallest building in Kilifi town.
Imarika Sacco, the largest sacco in the coast region, offers a wide range of financial products and services to its members, including savings accounts, loans, investment products, and insurance.
Cooperative Bank of Kenya remains the sacco’s topmost financial partner. A few years ago, Imarika partnered with the bank to offer visa-branded ATM cards to its members. The cards can be used locally and internationally.
Imarika also acquired an instant Visa issuance machine, which enables it to produce ATM cards instantly through a member’s application.
Besides offering convenience to members, the ATM transaction fee is an additional source of revenue for the sacco, whose organizational structure includes a board of 12 directors, staff, delegates, and members.
Eligibility & dividends
For new members, Imarika sacco’s entrance fee is ksh 600 with minimum savings of ksh 1000. All that is needed to open an account is one’s national ID and passport photos.
Members can access their accounts by dialing *645#, *440#, or log in using the Imarika Sacco app.
In 2022, the Sacco paid dividends on share capital at the rate of 14% and interest on members’ deposits at the rate of 8%.
As Stephen Sifa and countless others continue to benefit from Imarika Sacco’s support, it is clear that the sacco’s impact extends far beyond financial assistance.
It represents a lifeline for many individuals and a catalyst for positive change within communities.
