Imarisha Sacco Society Limited has increased its asset base by Sh 1.9 billion translating to a 9.89 percent increase which brings the total assets to Sh 21.7 billion up from Sh19.8 billion
The Sacco’s share capital also increased by 2.25 percent from Sh 1.99 billion as of December 31,2022 to Sh 2.03 billion as of December 31,2023.
This data was released during this year’s 35th annual delegates meeting held in Kericho town where guests were also informed that the Sacco’s membership had grown to 215,464 as of December 31, 2023 up from 191,094 in the 2022 financial year.
State Department for Cooperatives Principal Secretary Patrick Kilemi who was the chief guest at the event, was impressed by the Sacco’s performance which indicated that member’s deposits had also risen by Sh1.798 billion translating to an increase of 12.75 percent.
The PS mentioned that the Sacco’s future was bright urging the members to continue borrowing loans for businesses and entrepreneurship and not for consumption.
He congratulated the Sacco for posting a total loan portfolio of Sh 17.42 compared to Sh 15.46 billion in the financial period ending December 31, 2022, translating into an increase of Sh 1.96 billion which is a 12 percent increase.
“It is an important event in the calendar of your cooperative as it allows the members to review the operations of the society, consolidate lessons you have learned, and chat a way forward for the coming years,” said Mr. Kilemi
He said the government recognises the importance the Saccos play as partners in the promotion of savings and provision of affordable credit to members thus bettering the lives of Kenyans.
“The Sacco has achieved a major milestone and I congratulate them for this good performance. They have just distributed dividends totalling Sh 1.5 billion to their members,” added Mr Kilemi
Kilemi also mentioned that the government has already registered the Kenya Society Professional Co-operators as a way of professionalising the cooperatives adding that the ministry is in talks with the Kenya Institute of Curriculum Development to introduce the principals of cooperatives in the lower education sector.
He said Teacher’s cooperatives were leading in savings and credit cooperatives in the country with the leading Sacco being Mwalimu National.
The Commissioner of Cooperatives David Obonyo who was present at the event congratulated Imarisha Sacco for the performance noting that the organisation’s efficiency in service delivery was outstanding to the community having embraced technology.
Meanwhile, the Imarisha Sacco Society Chairman, Matthew Ruto pointed out that members’ commitment was key to good performance in the last financial year.
“This year, we must strive for progress with heightened determination and strategic foresight, to move to the next level” added Mr. Ruto
By Kibe Mburu
