Imarika Sacco, one of the leading cooperative societies, marked its 50th anniversary in a grand and vibrant celebration, reflecting on its remarkable growth from humble beginnings. The event, held on September 21, 2024, was a testament to Imarika’s transformation from a small teachers’ savings and credit cooperative society into a financial powerhouse, now serving thousands of members from diverse sectors across the country.
Founded in 1974, Imarika Sacco was originally a teachers’ only cooperative, focused on offering financial services to educators. Over the decades, it has expanded significantly, growing into a multi-sectoral cooperative with a wide range of financial products tailored to meet the needs of both formal and informal workers. Today, Imarika boasts an asset base of Ksh. 13.85 billion and member deposits amounting to Ksh. 8.9 billion, placing it among Kenya’s top 15 Saccos, according to a recent report by the Sacco Societies Regulatory Authority (SASRA).
The golden jubilee celebration drew hundreds of members, delegates, and dignitaries, who gathered at the Sacco’s headquarters in Kilifi Town to commemorate this historic milestone. The festive atmosphere was complemented by lively performances, skits, and traditional dances that entertained the crowd throughout the day. Attendees, clad in specially designed T-shirts, dresses, and hats featuring Imarika’s anniversary insignia, filled the event with pride and unity, representing the cooperative’s deep-rooted connection with the community.
Kilifi County’s Deputy Governor, Flowrence Mbetsa Chibule, attended the event as the chief guest. In her address, she praised Imarika Sacco for its resilience and continued commitment to supporting the local economy.
“Fifty years is not just a milestone for an institution, but a significant chapter in its journey. Imarika Sacco’s role in uplifting this community is something to be truly proud of,” said Hon. Chibule. She acknowledged the Sacco’s contribution to Kilifi’s socio-economic development, particularly in empowering individuals through affordable financial services.
What began as a small cooperative society with fewer than 100 members in 1974 has now blossomed into a financial giant that impacts over 170,000 members. Over the years, Imarika expanded beyond its initial teacher-based membership, opening its doors to individuals from various economic sectors, including agriculture, trade, and informal businesses. This strategic move, combined with innovations in financial products and services, fueled Imarika’s rapid growth.
Imarika Sacco’s Chairman, John Ziro, credited the cooperative’s success to the dedication of its members. “We have faced many challenges over the years, but through resilience and unity, we have emerged stronger. Our motto, ‘Together We Grow,’ is a reflection of our collective strength and determination,” said Ziro.
The Sacco’s CEO, George Yongo, expressed his gratitude to the founding members, six of whom were present at the celebration, despite their advanced age. Their presence symbolized the enduring legacy they had set in motion half a century ago. “We owe our success to the vision and determination of our founders. They laid a foundation that has transformed thousands of lives,” Yongo said.
He noted that while the Sacco celebrates its past achievements, the future holds even greater promise as they continue to innovate and adapt to the evolving financial landscape.
Imarika Sacco’s impact goes beyond financial services. In 2013, the Sacco rebranded from Kilifi Teachers Sacco to Imarika Sacco, a move that allowed it to expand its membership to individuals from different sectors of the economy. This change, coupled with the introduction of member-tailored products, has positioned Imarika as a key driver of financial inclusion in the region.
Through the Imarika Foundation, the Sacco has supported various social initiatives aimed at improving the welfare of its members and the larger community. The foundation’s work was highlighted during the anniversary celebration, showcasing the Sacco’s commitment to giving back to society. From education scholarships to community development projects, Imarika has made significant contributions to the well-being of its members.
One of the most anticipated moments of the anniversary event was the unveiling of Imarika Sacco’s new manifesto. CEO George Yongo described the manifesto as a “turbo engine” that would propel the Sacco to greater heights, both locally and globally. He emphasized the need for Imarika to embrace digital technology and foster innovation to remain competitive in the ever-changing financial sector.
“We are committed to enhancing service delivery through strategic investments in digital infrastructure,” Yongo said, citing recent upgrades that have improved member experiences and streamlined operations. He reassured members of the Sacco’s dedication to walking with them into the future, providing financial solutions that help them achieve their dreams.
Imarika’s leadership and progress were recognized by several key figures from the cooperative movement. Robert Njue, Chairman of the Kenya Teachers Sacco Association (KETSA), commended Imarika for its exemplary leadership, particularly in safeguarding members’ funds under SASRA’s regulatory oversight. He referenced the ongoing efforts to pass the Deposits Guarantee Fund Bill, which would further secure members’ savings.
Daniel Marube, CEO of the Cooperative Alliance of Kenya (CAK), urged Saccos to develop innovative products that appeal to the younger generation. He emphasized the importance of engaging youth in wealth creation through cooperative ventures, calling on the sector to leverage its moral leadership to inspire the next generation.
KUSSCO Managing Director, Arnold Munene, also lauded Imarika Sacco for its unmatched progress in the region. He highlighted the role of financial inclusion and literacy in supporting Kenya’s Bottom-Up Economic Transformative Agenda (BETA). “Saccos should not compete but complement each other to strengthen the collective impact of the cooperative movement,” Munene said, urging unity among Saccos to maximize their potential.
Imarika Sacco’s 50th anniversary celebration was a momentous occasion, filled with reflections on the Sacco’s impressive journey and optimism for the future. With a solid foundation, visionary leadership, and unwavering member support, Imarika is well-positioned to continue its legacy of financial empowerment, making a lasting impact on the lives of its members and the broader community for years to come.
