TECHNOLOGY
Imarika Sacco Set to Soar Higher
in 2021 Driven by Technology By Anthony Mwachiro
T
he Coast giant Imarika Sacco is set to scale greater heights of success in 2021; if the budget projections unveiled during the Society’s Special Delegates Meeting (SDM) held at a Mombasa resort, are anything to go by. In attendance were the KUSCCO Advocacy Manager Mercy Njeru, who represented Mr. George Ototo, KUSCCO Group Managing Director; Kilifi County Government Chief Officer in the department of Trade, Tourism and Co-operative, Mary Mkare; Mr. James Mwasi, Kilifi County Commissioner of Co-operatives; Mr. David Mategwa, Chairman Kenya Police Sacco; Mr. Joseph Munga of CIC and Mr Frederick Nguma, KNUT Malindi branch Executive Secretary. The Society has projected an asset growth of Kshs 1.2 billion in the year 2021. Technological advancements are at the epicenter of the Society’s 2021 projected plans, as
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emphasized by the Chairperson Mr. Renson Ndoro in his speech; which assured members of continued sourcing for digital channels to enhance convenience and bring services closer to members, especially in the wake of the Covid-19 pandemic as a measure to safeguard members. The move is well aligned to guidelines issued by the Sacco Societies Regulatory Authority (SASRA), on best practices for Co-operatives to navigate during these turbulent times. In addition, the move is a step in the right direction in acceptance to Challenge 2025, set by the World Council of Credit Unions (WOCCU) on digitalization of the global co-operative movement. “In light of this, the Sacco is in the process of rolling out an Agency banking platform that will enable members to access Sacco services, without travelling to the physical branches. The Agency banking platform dubbed “Imarika Papa Hapa”, will not only serve existing members but also for on boarding new members, thus assist in growing the Sacco membership.” Stated the Chairman Mr Renson Ndoro.
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SACCO TIMES | DECEMBER 2020 - JANUARY 2021
“The effective use of technology in the development and delivery of financial products and services; is one of the ways that the sector can position itself to sustain growth. Again the millennials who we target as potential members, are always on their phones and it’s good as the Sacco fraternity to come up with products to bring them in.” the Kilifi County Government, Chief Officer, in the department of Trade, Tourism and Co-operative, Mary Mkare advised, maintaining that the future of the financial sector is through technology. The Sacco intends to greatly increase membership having allocated Kshs 43 million, in their 2021 budget for marketing purposes, with plans underway to open a new branch in Mombasa County. Statistics from the Sacco’s marketing department indicate a positive growth trend. Despite the pandemic, the department was able to recruit about 6645 new members, between January to September 2020. Imarika Sacco has been growing at a fast pace and the management, emphasizes on the need to serve members more efficiently and satisfactorily. In this regard, the Society’s General Manager in Finance, Mr. Josephat Kitsao, revealed that they have reviewed the interest rate as
