Imarika Sacco has embarked on a transformative journey to enhance the saving culture for its members. Demonstrating remarkable foresight, the Sacco has revolutionized the savings landscape with the introduction of Malaika Junior accounts. Launched just a few years ago, this initiative has inspired a robust increase in cash deposits totaling Ksh. 123.4 million.
The Malaika Junior account is a unique savings account designed for members to dedicate savings for their children under the age of 18. Each year, the Sacco hosts an annual celebration known as Annual Malaika Junior holders’ event where the children of members unite to celebrate their achievements. The Sacco graciously organizes and covers the event’s expenses while also rewarding top savers with prizes.
The 2024 Annual Malaika Junior account holders’ event took place at the prestigious Wild Waters in Mombasa, welcoming over four hundred children along with their parents and guardians. This event stands out as one of the most memorable experiences for the children, providing not only joy and relaxation but also mentorship for those aged 15 and above regarding the importance of saving and financial management.
Mr. John Ziro, Imarika Sacco’s Chairman, commended the parents during the event, applauding them for being role models in fostering a saving mindset in their children. He encouraged parents to actively engage their children in the saving process, including visiting the sacco together. ”This,” he insisted, ”will give them a clear picture of what is happening.”
“Teach them; let them know how we invest by involving them in the process. The Children’s account is meant to nurture and build a culture of saving from a young age,” Mr. Ziro shared.
Echoing the chairman’s sentiments, Imarika Sacco’s CEO Mr. George Yongo, urged members to continue their saving efforts and grow their accounts even further. ”We recognize the dedication, and we appreciate it. Let’s maintain this momentum, as these accounts will greatly benefit the children as they grow,” Yongo emphasized.
The CEO announced that Imarika holds an impressive total of Ksh. 123.4 million in its Malaika Junior Savings accounts across all its nine branches. According to the Sacco’s statistics, the Kilifi branch, which serves as the headquarter, leads with Ksh. 42.2 million in its 2,253 Malaika Junior accounts, followed closely by Malindi branch with Ksh. 35.2 million in its 1,840 Malaika Junior accounts.
Mariakani branch which has 1,100 accounts comes third with Ksh. 19.5 million, while Mtwapa branch holds Ksh. 10.7 million in 793 Malaika Junior accounts. Ukunda branch has a total number of 465 accounts with 5.7 million, while Bamba branch ranks sixth with Ksh. 4.2 million and has 370 Malaika Junior accounts.
The relatively new Mombasa branches of Mombasa, Garsen and Mpeketoni also have recorded a significant development with the Malaika Junior account. Mombasa leads the trio with an accumulated amount of Ksh. 3.6 million in 256 Malaika Junior accounts, Garsen branch has Ksh.1.9 million in 153 Junior accounts and the Mpeketoni branch, with just 25 Malaika Junior accounts, boasts an impressive Ksh. 139,470.
With such an innovative product, both the parents and their young ones can confidently rely on Imarika Sacco to secure their future. Malaika Junior accounts have offered a conducive platform where parents can effectively plan for their children’s dreams while counting on Imarika Sacco to turn those dreams into reality.
