Started in 2011 with only 25 members, Mwamba Imara Sacco has witnessed a progressive journey touching on the lives of individuals in the informal sector, the Jua kali sector.
The sacco has created an avenue for the individuals in the informal sector to associate with persons of like minds through saving and borrowing of loans from the sacco. The members are allowed to seek various loans such as Development loans, Education and Emergency loans whenever need be with currently the sacco giving a long-term maximum loan of ksh. 4 million.
Through the society, a number of unemployed individuals have benefitted from the products and services offered. A number of them have been able to access loans and built houses using the development loans turning many members into landlords.
Additionally, the education loan has also enabled the members to pay fees for their children. Some started businesses of their own, importing goods from outside the country while others bought plots for settlement and for businesses. This has tremendously transformed lives.
Mwamba Imara Sacco chairman, Mr. George Ngigi, while speaking to Sacco World stated that the sacco enables individuals to air their opinions and partake in the decisions that concerns the operations of the sacco.
“The sacco runs democratically where leaders are chosen by the members. Everyone has a voice in the sacco,” the Chairman noted.
Ngigi further called upon the young people to join saccos in order to cultivate a saving culture and also benefit from the services offered by saccos.
The Christian-based sacco moreover operates with integrity whereby everything is done with transparency and honesty. Reports are audited annually and presented to members. This thus gives members the confidence and an assurance of the safety of their money.
The society has also complied fully with the government regulations that concerns cooperatives.
Mwamba Imara offers 1% interest rate a month on loans and offered 9.2% interest on dividends in the year 2022.
To join the sacco, an individual is expected to have attained 18 years and above and a holder of Kenyan national Identity Card. They should also be able to present a passport sized photograph to the sacco, then pay a registration fee of Ksh. 1000, buy shares worth Ksh. 1000 and similarly start with a minimum savings of Ksh. 1000. After which the individual can access the loans after a period of 6 months in the sacco.
Share this story:
