Imarika Sacco projects to have a turnover growth of 18% in the year 2024 surpassing its ksh 13.189 billion total assets mark to be recorded by December 2023 to reach the ksh 15.009 billion spot by end of the year 2024.
Additionally, its consolidated returns to members will experience a significant growth of 12.65% rising from ksh 814 million in the current year to ksh 917 million in the coming year.
According to the year 2024 financial report tabled recently during the society’s Special Delegates Meeting (SDM), the Sacco anticipates to witness its long-term deposits and loans and advances grow by 14% and 13% respectively. This is to be highly attributed by innovative products and services it intends to develop geared mainly towards uplifting members’ lives and livelihoods.
The society’s Premium Deposits (FOSA), unlike this year’s record of ksh 2.6 billon, the year 2024 will record an impressive ksh. 2.9 billion representing 14% growth while its non-earning assets will jump from ksh 1.5 billion to ksh 1.7 billion due to a 13% growth during the same year.
Over the years, Imarika Sacco has been remarkably growing by averagely 12% rate annually, representing about 1% growth per month, and in the coming year, the society has laid down strategies and mechanisms to see it grow by 13.8% registering a projected growth in total assets in the same year of Ksh. 1.820 billion.
Imarika Sacco anticipates for instance to bring in a total of ksh. 179.03 million in the year 2024 through its service fee income, ksh. 53.35 million through the liquidity investment income that include interests on fixed deposits, and ksh. 27.45 million through the society’s financial investment income.
Both its miscellaneous and rental incomes are together predicted to earn the coastal based giant Sacco a combined total of ksh 8.6 million by the end of December 2024, pushing it a step higher towards meeting its aspirations for the year.
In his report read by the CEO Mr. George Yongo, the chairperson, Mr. John Ziro acknowledged the recent economic variations both in the country and globally that have fundamentally impacted on the members and the society, hinting that members’ statutory deductions had increased, reducing their disposable income hence limiting their ability to save and borrow.
“Because of the fast-changing business environment, including high inflation rates, changes in regulation, unpredictable political environment and competition that has led to loss of jobs and businesses, significantly affecting our members ability to patronize our services, we will continue developing more innovative and creative products and services for our members,” said Ziro.
While analyzing the Sacco’s loan utilization report that indicated majority of members borrowed mainly for education needs and land and housing demands, Ziro advised it is essential for members to borrow and invest in trade and manufacturing activities so as to generate more income for savings to accommodate bigger loans for growing their businesses.
As the society steps in the year 2024, the Chairperson announced, as part of its innovative and creative initiatives, it shall develop more tech solutions to meet and address members’ every day needs.
“Come next year, we plan to embark on rolling out a number of technology-based solutions including increased mobile banking solutions, member portal, Sacco agency and loyalty program amongst other operational improvements to better serve members,” stressed Ziro.
Similarly, to allow more members access the short-term advances in the Sacco, Imarika Sacco aims to increase its advance ceiling from ksh 100,000 to ksh 150,000 subject to eligibility, a move that will see more members access more funds to meet their daily wants whenever they need.
Hon. Clara Chonga, Kilifi County CEC for Trade, Tourism and Cooperative Development, speaking during the event as the chief guest, congratulated Imarika Sacco for sterling strides taken over the years despite the economic challenges experienced in the country, linking it to good governance and continuous patronage of ICT and digital platforms to offer services to members.
She said ICT was revolutionizing the business world and presented numerous opportunities in improving the efficiency of services provided to members.
“Let’s keep on leveraging on ICT and also on artificial intelligence and data analytics to better our services,” stated Hon. Chonga.
Assuring the society of Kilifi County Government’s commitment to enabling cooperatives, Chonga promised, together with the National Government, to create a conducive working environment for cooperatives to thrive.
She applauded the Board, management, delegates and the members of Imarika Sacco for working together to achieve impressive results and encouraged them to always observe the cooperative model that seeks to promote members’ quality of life by providing quality financial products and services.
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