IMARISHA SACCO’S INCREASE IN ASSET BASE AMIDST CHALLENGES IN 2021
Picture Caption: Imarisha Sacco Chairman Mathew Ruto during 33rd Annual Delegates Meeting.
By Winnie Towett
lastietowett@gmail.com
Worth Noting:
- The Chairman revealed that diaspora members have continued to patronize the sacco’s products and that they are in process of signing an MOU with licenced and reputable agents in diaspora who shall keep track of the members and also provide their credit rating whenever they want to access a loan facility.
- “The sacco’s upward trajectory is attributed to the intense marketing strategies and hiring of sales executives assigned to each branch and marketing outlets. We still keep our focus on strengthening the society, and we urge you all to continue patronizing our products and services”, Ruto said.
Over 136,400 members of Imarisha Sacco have a reason to smile after the society maintained an impressive performance in the year 2021 despite a challenging business environment.
The Sacco saw an increase in its asset base from Ksh. 14,164,023,173 in 2020 to Ksh.17,104,892,713 in 2021 which was an encouraging 21 per cent rise, while the turnover grew from Ksh. 2,152,162,485 to Ksh. 2,818,837,685, an increase of 31 per cent during the same period.
The society witnessed growth in membership from 102,134 in 2020 to 136,456 in 2021 which translates to a 34% increase.
In the year under review, the society managed to disburse loans to the tune of Ksh. 13,461,338,818 as compared to Ksh. 10,795,008,055 in 2020 posting an increase of Ksh. 2,666,330,763.
Speaking during 33rd Annual Delegates Meeting on Saturday held at their Conference hall at Kebo Plaza in Kericho town, the Sacco’s Chairman Mr. Mathew Ruto stated that the society managed to increase the Share Capital from Ksh. 1,092,144,344 in the year 2020 to Ksh. 1,752,540,438 in 2021 a growth of 60 percent while the members’ deposits grew from Ksh. 9,855,850,021 to Ksh. 11,778,191,428 in the same period which translates to 20% increase.
Mr. Ruto indicated that in the year under review, a total of KSH. 61,711,442.20 was spent to offset bills, while Ksh. 54, 240,224.28 was used to write off loans, interest and double the deposit paid to beneficiaries.
The Chairman revealed that diaspora members have continued to patronize the sacco’s products and that they are in process of signing an MOU with licenced and reputable agents in diaspora who shall keep track of the members and also provide their credit rating whenever they want to access a loan facility.
“The sacco’s upward trajectory is attributed to the intense marketing strategies and hiring of sales executives assigned to each branch and marketing outlets. We still keep our focus on strengthening the society, and we urge you all to continue patronizing our products and services”, Ruto said.
The society encourages shareholders to purchase shares by opening and depositing monies into a share drive account, where such deposits earn a predetermined interest on deposit of 20 % for the next five years.
The Board of Directors encourages members to retain or capitalize their interest on deposits and dividends through several options offered by the Sacco.
In a bid to achieve 100% service delivery, the sacco has established a new branch in Nairobi and three marketing outlets in Kisumu, Kilgoris and Nakuru, which will be upgraded to fully fledged branches in the course of the year.
Meanwhile, Imarisha Chief Executive Officer Mathew Rotich said in order to enhance Imarisha’s public image, the Board of Directors intends to set up Imarisha Sacco Foundation, which will improve the corporate image as they give back to the society.
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