The word ‘Imarika’ is a Swahili word meaning stable—a philosophy and vision which propelled the formation of Imarika Sacco. The Sacco was started in 1974 by Teachers Service Commission employees Kilifi branch. Though the Sacco was formed to serve members from Kilifi County and Coast Region, it has experienced tremendous growth to admit members across the nation.
Imarika Sacco started with a membership of 100 persons but currently boasts of above 37,000 members. The main objective behind its formation was to encourage members to save and give out loans at affordable interest rates. the members can access up to two times their savings at a monthly interest rate of 12.5%. The repayment period is up to five years.
How to Become a Member of Imarika Sacco
Membership of Imarika Sacco has grown significantly due to its quality and flexible services to members. Apart from the basic requirement of being at least 18 years of age, the requirements for membership remain the same as the ones needed to join any other Sacco in Kenya. They include the following;
a) Registration Form
You can obtain a registration form from Imarika Saccos website by downloading, printing and filling it or doing the online filling or get the hardcopy from any of its branches. The form helps in capturing your essential information such as your full name, your email address, physical address, and gender, among other necessary information.
b) Copy of ID and Passport Size Photos
In many registrations, be it government or private, a national identification card is like a basic requirement. It will be needed also during your registration to authenticate your membership. To it you will add two passport size photos for your membership profile and production of the Saccos identification card.
c) Registration Fees
As a sign of commitment, you will submit a registration fee along with your registration form, identification card and passport size photos. The amount helps in processing your registration and is payable once. It is also non-refundable.
d) Share Capital
Unlike banks where you remain a customer even if you have millions of dollars in your account, in Saccos you receive the privilege of becoming a co-owner or shareholder when you pay share capital. The share capital is non-refundable and is payable once in a lifetime.
Besides giving you equal rights in running the Sacco affairs it also accumulates annual dividends which is helpful in boosting your financial goals. If you want to leave the Sacco, you can transfer your share capital to another member or it can be inherited by your nominee if you die.
e) Monthly Contributions
What is the main reason why people join Saccos or why Saccos are started? If you check well you will find that it pulls resources together for development by saving and accessing affordable loans. So, when you join Imarika Sacco you will commit a monthly contribution in the form of savings. The amount accumulates and multiplies your potential to borrow.
The more you save the higher you can borrow. In most cases, the amount you can borrow is three times your savings. Though different Saccos have different policies. And unlike share capital which is non-refundable, savings are refundable when you want to quit the Sacco by writing to the management and giving them a period of 60 days to process your withdrawals.
It is a fact that getting into a Sacco speeds up your development potential rather than deciding to save for your development goals or borrow from the banks. Imarika Sacco has transformed the lives of its members by giving out affordable loans and giving financial education.
Categories: Imarika Sacco