Imarika Sacco’s 2023 outstanding performance improved its earnings to ksh 1.96 billion from previously received ksh. 1.8 billion in the year 2022 recording an increase of 8.7%. This immense growth was attributed by many factors among them earnings derived from loans and advances interests which rose by 7% to ksh. 1.6 billion in year 2023 from ksh. 1.5 billion in the previous year.
Additionally, in the same year, its total asset grew to ksh 13.1 billion representing a 12% growth against a set target of ksh 13.2 billion whereas members’ deposits soar to ksh 8.3 billion, an increase of 11% despite tough economic times that greatly impacted the people around the country.
As a sign of resilience and determination, the society’s loans and advances granted to members and its turnover grew to ksh. 10.9 billion and ksh 1.9 billion respectively while members’ share capital further witnessed an incredible rise from the set target of ksh. 743 million to ksh 842 million.
Its non-loan interest income including operating and service fee income in the year 2023 hit a record of ksh 283.1 million from the other year’s mark of ksh 252.6 million indicating an increase of 12%. Interest expense, the bulk of which comprises payment of returns to members witnessed a 21% increase to ksh 688.9 million in the year 2023 from ksh. 567.8 in the year 2022.
In his speech read by the CEO Mr. George Yongo, the Chairman Mr. John Ziro said the society will keep on leveraging on technology to improve service delivery especially in the product delivery channels.
“We have already automated deposits and withdrawal transactions through our electronic channels. We have also implemented the dividend advances in the mobile services for ease of access and are looking forward to adding more loans in the mobile space and automatic share and loans recovery for standing orders.” Stated Ziro.
To ensure Imarika Sacco’s strategic plan keeps working effectively for the betterment of the members and the sacco, the chairman, recognizing the uncertain and complex business environment the sacco operates in, said the society shall be reviewing its strategic plan to ascertain its effectiveness with a view of remaining alive to the everchanging business environment.
Also, Ziro further announced that the Sacco had in the same year partnered with Agricultural Finance Corporation (AFC), a Development Finance Institution (DFI) mandated to assist in the development of agriculture and agricultural industries and Micro-Enterprises Support Programme Trust (MESPT), a development organization with the purpose of growing smallholder farmers.
“These strategic partnerships are aimed at enabling our members access affordable credit so as to invest in the agricultural value chains where the sacco has come up with products to support the same thus we urge members who have interest in agribusiness to visit our offices for more details,” he emphasized.
Addressing Imarika Sacco’s delegates as the chief guest during this year’s annual delegates meeting, Kilifi County Deputy Governor Hon. Flora Mbetsa congratulated the giant sacco for a sterling performance adding that the society had proven that success was possible when people come together for a good cause.
“I am proud to note that Imarika Sacco has emerged as a market leader within the cooperative movement. You are not only one of the top performing saccos in the coastal region, but you also standout nationally,” she stressed.
Applauding Imarika Sacco’s intentional strategy to empower women and youth through access to affordable credit, Hon. Mbetsa commended the society’s commitment to achieving this through its diverse products and services targeting women and youth.
She also recognized the sacco’s dedication to ethical and transparent leadership that members, for about 50 years now, have entrusted the society with their hard-earned money.
“This trust comes with a responsibility; the responsibility to safeguard members’ investment and ensure their continued prosperity. Imarika Sacco’s achievement is a testament to the impact of good governance practiced by each one of you. This is not just a one-time accomplishment, but a foundation for the future,” she advised.
Acknowledging Imarika Sacco’s valuable impact in the county’s development, she went ahead to praise the society for its deliberate and calculated contribution in the county’s key sectors such as education, health and environment through its CSR arm, Imarika Foundation.
“Imarika Foundation’s scholarships for underprivileged students and projects focusing on health and environment are truly inspiring and align perfectly with our vision for transforming our county,” she added.
Hon. Clara Chonga, Kilifi County’s CEC Trade, Tourism and Cooperative Development stressed on the county government’s devotion towards fostering a strong and continued partnership with Imarika Sacco.
“The performance in the cooperative sector has been on a positive trajectory. As of December 2023, we had a total of 196 active societies with a collective asset base in excess of ksh 15 billion with Imarika in excess of ksh 13 billion,” said Hon. Chonga.
This, she added, was indeed a significant contribution to the overall prosperity of the sector and encouraged the sacco to continue upholding and practicing the principles of cooperatives.
Imarika Sacco will this year be turning 50 years in September 2024, celebrating half a century of hard work, resilience, deliberate efforts to transform members’ lives and livelihoods and historical milestone in the cooperative world that has seen it grow to a respected giant sacco both at the coastal region and in the country.
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