Imarisha Sacco opens a FOSA branch in Eldoret

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The Sacco Chairman Mr Mathew Ruto said the opening of the Eldoret branch brings the number of branches to nine after Kericho; the head office, Buretti in Kericho County, Bomet,mulot and Ndanai to serve Bomet County membership, Keringet in Nakuru County, Awasi in Kisumu county, Nandi Hills in Nandi county and the newly opened Eldoret FOSA to serve Uasin Gishu County and further Narok marketing Office in Narok County.

Imarisha Sacco Participants keenly follow proceedings Official opening of the new branch PHOTO/ANTHONY MWACHIRO

Members of Imarisha Sacco in Eldoret and the rest of Uasin Gishu County now have a reason to celebrate as the management brings front office savings activities (FOSA) products closer to their proximity.

“These FOSA products we have brought to you include savings accounts, FOSA and corporate loans. The Savings Account is meant for salaried employees, farmers and business people. The account earns interest annually at the prevailing market rate. One only requires a national identity card/passport, passport size photograph (taken at the time of opening account),” says Mathew Rotich, Imarisha Sacco Chief Executive Officer (CEO).

For the Fixed Deposit Account, he says is meant for long term savings with minimum opening balance of Ksh 50,000 and earns interest at rates 2% above those offered by commercial banks..

Other savings account at the new FOSA are Parrot Account Meant for children aged between 1 – 18 which balances above Ksh 5,000 earned interest with minimum opening balance of Ksh 1,000, Joint Account (Individuals) meant for individuals coming together. The account earns interest annually at the prevailing market rate. Members require national identity card/passport, passport size photograph (taken at the time of opening the account).

Last but not list under the savings accounts is Corporate or Institution Account meant for corporates and institutions. The account earns interest annually at the prevailing market rate. To open the accounts, members require national identity card/passport of all signatories, Company registration certificate, Minutes of meeting appointing signatories, passport size photograph (taken at the time of opening account).

The new branch will also provide Long Term Salary Advance and Short Term Salary Advance.

“For the corporate loan we encourage organizations such as schools and companies to take up membership with us and save regularly. This will facilitate access to loans at highly competitive rates and a repayment period is 48 months.

The CEO confirms and assures members that Imarisha sacco is among the tier one Saccos having been attained to the league of large Saccos with an asset base of 12.1 Billion. That a large Sacco is rated by SASRA after attaining an asset base of ksh6 billion,” disclosed the Chief Executive Officer.

The Chairman, Imarisha Sacco Society Ltd, Mr Mathew Ruto addressing the members during an induction workshop at Ndanai Catholic Church.

He therefore urged residents of Uasin Gishu County and the neighbouring counties to register with the Sacco as members so as to benefit from a variety of products and services tailored for them.

“ Imarisha Sacco membership is open to all membership after opening a common bond to the general public, civil servants, lecturers, tutors, farmers, youth, businessmen and women, corporate members and members from other professional bodies who are eligible to join Imarisha sacco as members,” says the CEO.

Pleasantries

Kenya national union of teachers officials Uasin Gishu county (KNUT); John Boor, Kipchumba Arusei and Sammy Bor and its counter parts Kenya union of Post Primary Education Teachers (KUPPET) led by The Executive Secretary Mr Elijah Maiyo welcomed Imarisha Sacco to Uansin Gishu county.

The Chief Operations Officer, Mr James Olengiti who represented the Managing Director Kenya Union of Savings and Credit Co-operative Society lauded Imarisha Sacco for taking services closer to its clientele.

Mr Olen Giti observes that the entry of Imarisha Sacco into Uasin Gishu County will improve member’s financial stability through issuance of affordable loans portfolio.

He said Saccos have played a key role in financial inclusion to all members of communities in counties to empowering them economically.

“There is no other financial institution that caters for the needs of its members in terms of financial inclusivity other than cooperative movement,” he noted.

The County Director of Education, Uasin Gishu County Mr Gitonga Mutuambaga thanked the Imarisha Sacco Management for establishing branches closer to the members.

“We extend our sincere appreciation to all managements of Saccos for embracing devolution of financial services to members,” He observed

The CDE called on the members to utilize financial services offered by Saccos across the County by borrowing loans for schools fees payment for themselves and their children, development and investment loans among many more products and services.

He said deposits taking Saccos across the country are the secrets of financial success for its members.

The Director Cooperative Bank of Kenya, North Rift region Mr Julius Sitienei said that Imarisha Sacco is the largest shareholder at Cooperative bank in the North Rift Region.

He applauded Governor Manadago for creating a fully-fledged ministry in his government to take of cooperative societies across the county.

The Sacco Chairman Mr Mathew Ruto said the opening of the Eldoret branch brings the number of branches to nine after Kericho; the head office, Buretti in Kericho County, Bomet,mulot and Ndanai to serve Bomet County membership, Keringet in Nakuru County, Awasi in Kisumu county, Nandi Hills in Nandi county and the newly opened Eldoret FOSA to serve Uasin Gishu County and further Narok marketing Office in Narok County.

Uasin Gishu Governor Jackson Mandago, EGH, who graced the official opening of the new FOSA, welcomed Imarisha Sacco to Eldoret and urged its management just to adhere to the Sacco society regulations authority and County Government of Uasin Gishu policies in running the operations of the sacco.

Imarisha Sacco CEO also conveyed plans to have a new FOSA branch in Trans Nzoia to, which will bring services closer to residents of Trans Nzoia County.

“Plans are at advanced stage for the establishment of a FOSA branch in Trans Nzoia town to serve the people of Trans Nzoia County,” CEO disclosed`

Formerly Kipsigis Teachers Sacco was established in 1978 with 100 members and has grown in leaps with current membership of over eighty thousand members.

Imarisha Sacco Participants keenly follow proceedings Official opening of the new branch

In attendance were; Imarisha Sacco Delegates, Board of Directors, noble Sacco chief executive officer Mr Meshack Maru, Boresha Sacco Business and Development Manager Mr Philemon Chebii who represented the Chief Executive Officer Mr Moses Chebor.

The governor regretted that many Sacco licenses have been revoked by the regulator, the Sacco Society Regulations Authority, due mismanagements in cooperatives societies by the top brass adding that his government will not tolerate any misuse of members savings.

“I want to tell other investors that Eldoret is our business hub outside Nairobi –apart from leading in sports activities, the town also leads with the highest number of financial institutions compared to other counties across the country –because we have created an enabling environment for business opportunities,” he said.

Mandago assured cooperative societies of the county government’s support in governance.

“We have seen a situation in the past where members lose all their life’s Savings in Cooperatives Societies. We want to tell the national government not to be in a rush to dissolve such cooperatives before the culprits are arrested and judged in courts, as some managers are there to enrich themselves with members savings,” observed the governor.

Mandago, warned managers who will be found culpable of misappropriation of members’ funds that they will face the full force of law.

The governor observed that many residents of Uasin Gishu are yet to join cooperative societies due to ignorance that Saccos belong to the elderly.

He asked the people of Uasin Gishu who are not in any cooperative society to join Saccos spread across the county.

He challenged the management of Imarisha savings and credit cooperative to observe gender parity in its Board of Directors composition.

He lauded the Uasin Gishu County Government led by the Governor Jackson Mandago EGH for allowing the Sacco pitch tent in the county.

The CDE called on the members to utilize financial services offered by Saccos across the County by borrowing loans for schools fees payment for themselves and their children, development and investment loans among many more products and services.

He said deposits taking Saccos across the country are the secrets of financial success for its members.

Kenya highlands Sacco Chief Executive Officer Mrs Alice Kosgei who represented her counterparts welcomed Imarisha Sacco to Uasin Gishu County.

The CEO said that the work of Saccos is to alleviate poverty levels among residents in counties hence they have continued to embrace team work, since their mandate is to empower members economically through affordable loans, adding that Saccos across the country have continued to complement each other.

“We thank Governor Mandago for creating an enabling and conducive environment for investments in his County especially the Co-operative movement,” she disclosed.

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