EXPANSION

Imarisha Sacco expands reach, eyes national stage

The Kericho based sacco has presence seven counties so far.

In Summary

•It plans to open branches in the counties of Nairobi, Nakuru, and Kisumu as its seeks to nationalise the Sacco.

The recently released Sacco Societies Regulatory Authority (SASRA) report ranked Imarisha Sacco the eighth best performing Sacco.

Imarisha Sacco chairman Mathew Ruto consult with Narok County CEC for Trade & Industrialization Ezekiel Rono during the launch of Narok Branch/HANDOUT
Imarisha Sacco chairman Mathew Ruto consult with Narok County CEC for Trade & Industrialization Ezekiel Rono during the launch of Narok Branch/HANDOUT

Imarisha Sacco has reported an asset-based value of Sh16.1 billion as at August this year, as it eyes a nationwide reach.

This is a 2 billion increase from last financial year 2019/20.

The Kericho-based Sacco that was initially dedicated to teachers has opened its doors to other employees and businesses, increasing its membership to over 100,000 up from 64,120 members in 2017.

It plans to open branches in the counties of Nairobi, Nakuru, and Kisumu as its seeks to nationalise the Sacco.

The Sacco currently has branches in seven counties, with the latest being Narok which opened over the weekend.

“Our expansion is as a result of demand from Kenyans who require our financial services in all corners of the republic. We have done our survey on this and we are responding,” chairman Mathew Rutoh said.

He said the Sacco has braved challenges arising from the Covid-19 pandemic to maintain its growth through increased membership.

“This great improvement is as a result of more members joining us, depositing their money and taking loans to invest in their various economic projects,” he said during the opening of the Narok branch.

Narok county minister in charge of trade, Ezekiel Rono, applauded the Sacco's expansion initiative, with its entry in Narok expected to support growth in investment mainly in agriculture and tourism.

During the event, the Sacco also unveiled new products; Karibu loan, Superior loan, Take-off loan and ideal loan that are tailored for the employed, the business and the farming community.

“These are new micro-credit products that target mama mboga, business people, corporate institutions, chamas, registered groups, bodaboda loans, farmers and asset financing” Ruto emphasised

The recently released Sacco Societies Regulatory Authority (SASRA) report ranked Imarisha Sacco the eighth  best performing Sacco countrywide, an achievement that the chairman pointed as an indicator of the Sacco’s excellent performance in its mandate of offering quality services to its customers.

The sacco recently unveiled an ultra-modern 24-hour call center and m-banking agency in Kericho town for a one-stop shop services to its members.