Coast-based Sacco eyes digital tools in its expansion strategy

“These are good projections and a golden ticket to chat the path forward. We continue to implement our strategic plan which is anchored on technology and new innovations,” he said.

The Sacco which was founded by 11 teachers in Kilifi County in 1974  has now 170,391 registered members.

“In addition to our core members who are teachers, we now have members from other government institutions including county governments, hotel industry, security companies, EPZs as well as  other private institutions,’’ he said.

He also noted that the Sacco’s products and services portfolio cut across different member-segments to address diverse needs having invested heavily in digital systems including a new website, a member portal, advancements in mobile banking services, Sacco agency, IVR and Mzawadi among others.

Some of the most recent milestones the Sacco has made include introduction of new products like Weka na Ujipange and Weka mdogo mdogo to help members plan for the future.

The Sacco also runs the Mzawadi, a reward programme that gives back to those who actively save and invest.

Commenting on the future, Ngala said the Sacco’s commitment to good governance, transparency and accountability will lead its plans.

He added that the Sacco’s financial strength and stability have inspired confidence in members and the wider public, and have contributed to the growth and development of the cooperative movement in the country.

Imarika Sacco chairman John Ziro said the Sacco expects to raise the customer and staff satisfaction index, and enhance the capacity of board, delegates, members and staff.

“We have eight branches and one site office spread across the Coast; we are also available everywhere,” said Ziro.

He said the Sacco is stable because the model they use is different where members deposit shares on one hand and at the same time they can deposit other savings.

He said the Sacco operates even in the diaspora through the internet. “We’ve members in the diaspora. We communicate with them through our portal, our social media pages and via zoom,” he stressed. “Saccos collapse due to mismanagement and bad governance where there is no transparency.”

Kilifi Deputy Governor Flora Chibule urged locals to develop a culture of saving. “When we save we grow, and we can be able to do so many things as we develop ourselves,’’ she said.

Kiilifi County Executive for Trade Clara Chonga, said the county is in the process of developing a cooperative Bill that will protect Saccos.

“We have just finished our cooperative Bill which is now on the floor of the county assembly. It will help these Saccos grow,” said Chonga.