Imarika SACCO loans, Website, Member portal, Spot Cash, contacts, how to join and Mobile services

November 25, 2024

Savings And Credit Co-Operatives (SACCOs) have become more popular with customers looking for cheaper and flexible loan products. One of such SACCOs operating in Kenya is the Imarika SACCO. Imarika is a Kiswahili term for “become stable”.

Imarika SACCO was registered on 14th, September, 1974 with about 100 members who were employees of Teachers Service Commission (TSC) in KILIFI District. Currently the SACCO has an active membership of about 38,000 with its head office in KILIFI town with five branches in MALINDI, MTWAPA, KALOLENI,GARSEN,UKUNDA and a service center at BAMBA in Ganze District.

Its core objective is to provide a savings avenue to members and advancing loans to them at an affordable rate of interest. In 1998 the SACCO opened its common bond and admitted other categories of membership. Today it has three major activities namely:

BOSA – For all members operating through check off system
FOSA – For business people operating through standing orders
MSCA – For group members of between 10-30 registered with social services and operating through the group accounts

The membership of the SACCO covers the entire KILIFI County and to some extent beyond the county into the neighboring counties of the Coast province.

DESCRIPTION OF IMARIKA SACCO SERVICES

The major activity of the SACCO is to offer Savings and Credit products to her clients/members and in doing so we seek to address the standard practices a member expects, time lines and the cost factor for such service if any under (BOSA, FOSA & MSCA) for efficiency and productivity. The SACCO also addresses issues of the prospective members seeking to join the SACCO (Membership registration, withdrawals and re-admission) and general guidelines affecting our clients/members.

IMARIKA SACCO PRODUCTS AND SERVICES

Imarika Sacco being a savings and credit co-operative society gives credit to its members. The capital used to offer this credit mainly comes from the savings from its members. The society majorly relies on member’s shares/long-term deposits and FOSA premium savings to conduct its core business of credit advancement.

Like the loans, the society has over the years developed several savings products to boost its capital base thereby enabling it conduct its business smoothly.

Each savings product has specific features that define it and being a member driven institution, all the savings products earn the member some sort of return. Each of the savings products has a specific purpose and therefore the savings products are broadly categorized as withdrawable and non-withdrawable.

The society, in addition to the savings products that it offers, it also has an insurance/security fund that it runs for its members. Each member is required to pay Kshs. 100 every month as insurance. This sum insures the member against death. Upon the demise of a member, the insurance clears any loan that the member had with the Society and also refunds to the member’s next of kin the shares amount held as at the time of death.

MALAIKA JUNIOR SAVINGS ACCOUNT

This account aims at enabling members secure their child’s future. Open the Malaika Junior Savings Account and teach them early how to Imarika with the free Parrot Bank!

Kshs. 2000 Minimum Balance
Best interest rates
Earning interest from Kshs. 3000
Withdraw 3 times a year
Invitations to Malaika Junior Parties and events every December*
*For accounts with Kshs. 10,000 and above and over 6 months

ORDINARY SAVINGS ACCOUNT

Account opening fee of Ksh 600
Minimum opening balance of Ksh 1,000/-
Free balance inquiry
Linked to ATM and mobile banking services
Statement requisition ksh30/-
Minimum interest earning balance ksh2000/- and rate is as determined by the Board

SCHOOL FEES ACCOUNT

Ideally this account is to enable members save for school fees

Open to all members
Minimum deposit ksh1,000/-
A/c to have regular deposits
Minimum interest earning balance 2,000/- rate is as may be determined by Board
On request by the member, the SACCO can pay fees directly to the school.
Free statement of a/c every quarter.

HOLIDAY ACCOUNT

Ideally this account is to enable members save for their holidays

Open to all members
Minimum deposit ksh1,000/-
A/c to have regular deposits
Minimum interest earning balance 2,000/- rate is as may be determined by Board
Free statement of account every quarter.

MEDICAL ACCOUNT

The medical savings a/c is designed to enable members save for any eventuality.

Minimum opening balance Ksh1,000/-
Regular deposits
No restrictions on withdrawals
Minimum interest earning balance Ksh 2,000/- rate is as may be determined by Board
Free statement of account every quarter.

EKEZA SAVINGS ACCOUNT

This account is for individuals or businesses.

No minimum balance
Earn interest at Kshs. 5,000
The best interest rates
Loan is after six months savings through Mavuno tele loan

MAVUNO TELE LOAN

This is the loan for businessmen and women who have the Ekeza Savings Account. As long as you save regularly you can borrow your average savings!

Applicable to starting or existing businessmen
48 months maximum repayment period
Loan secured by collateral or guarantors

CURRENT ACCOUNT

This account is a strategic solution aimed at offering operational solutions to members who operate business ventures.

Benefits of current accounts.

Enables mulitiple payments
Security of transactions/ cash
Facilitates Record keeping
Facilitates Bulk payments
Eliminates the need to visit any of the Branches
Cost effective
Free quarterly statements

Imarika current account features

Opening balance Kshs. 1000
Free quarterly statements
No below minimum balance fee
Monthly account maintenance fee
Unlimited withdrawals
Competitive interest rates over (Ksh. 250,000/=)
Cheque book.

FIXED DEPOSIT ACCOUNT

This account enables members to save lump sums in their possesion, with an aim to invest in a given project in the near future.

Minimum deposit amount Ksh. 10,000/=
Minimum interest earning period 3 months
Attractive interest rate which is negotiated based on amount fixed and period
Has an option of pre-mature withdrawal and re-investment.

MSCA SAVINGS

The MSCA savings is a weekly contribution made by every member of a MSCA group with the aim of acquiring a loan. The total premiums contributed after ten (10) weeks and above by a member is what will be used to determine the amount of loan to be given to the member when he/she comes to borrow.

Download the account opening application form Here

Also read:

These are loan products offered at the Back Office Service Activity (BOSA) which forms the core activity of the society.

LONG-TERM LOANS

These are loans that run for over 36 months. They are aimed at offering flexible repayment schedule to ease strain on the member. They include:-

BOSA LONG-TERM LOAN

DEVELOPMENT LOAN (FORMERLY NORMAL LOAN)

Approval based on eligibility.
Granted 3 times one’s share
Repayment Period is 60 Months.
Assessment is based purely on salary repayment ability
Minimum loan amount Ksh.100,000
Loan processing fees shall be as decided by the Board
Must be guaranteed
Loan disbursed within one week of application
Clearance from CRB (Credit Reference Bureau)

SMART LOAN

Open to all BOSA Members
Approval based on eligibility.
Repayment Period is 72 Months.
Minimum of Ksh.100,000 in long term deposits
Loan ceiling of Ksh.5 Million
Assessment is based purely on salary repayment ability
Salary to pass through the Sacco
Must be guaranteed
At its discretion, the Sacco may consider other form of collateral
Clearance from CRB (Credit Reference Bureau)

KARIBU LOAN

Approval based on eligibility.
Equivalent one month share contribution and a copy of the current pay slip.
Loan to be granted depends on salary ability ensuring 1/3 remains
Upon granting of the loan, a quarter of the loan granted is transferred to shares leaving the member with 75% of the loan to withdraw.
Karibu loan caters for new employees who want to start their life
Repayment Period is 48 Months.
Loan processing fees shall apply
Clearance from CRB (Credit Reference Bureau)

MEDIUM-TERM LOANS

SCHOLARPLUS LOAN

Approval based on eligibility.
Repayment Period is 30 Months. Has a minimum amount of Kshs. 41,000 and has no maximum ceiling
Assessment is based purely on salary repayment ability

SWIFT LOAN

For BOSA salaried members only, recoverable at FOSA
Must be within the bracket of 3 times member’s shares
Applicant must retain1/6 of basic salary as net pay.
Repayment Period is 36 Months. Has no maximum ceiling.
The loan must be guaranteed whose shares equates or surpasses the loan requested.

SHORT-TERM LOANS

EMERGENCY LOAN

To be approved based on eligibility.
Repayment Period is 12 Months.
Assessment is based purely on salary repayment ability

SCHOOL FEES LOAN

To be approved based on eligibility.
School fees Loans include all loans to cater for education fees.
Fees structure must be attached to the application form
Repayment Period is 12 Months.
Assessment is based purely on salary repayment ability

These are loan products offered at the Front Office Service Activity (FOSA) for members who are banking with the society.

MEDIUM-TERM LOANS

DEVELOPMENT LOAN (FORMERLY NORMAL LOAN)

To be approved based on eligibility.
The loan granted 2 times the members premium savings
Minimum loan amount Ksh.100,000
Repayment Period is as follows:

Loan from Ksh.100,000- Ksh.399,999- 36 Months

Loan from Ksh.400,000- Ksh.999,999- 48 Months

Loan over Ksh,1,000,000-60 Months

Assessment is based purely on salary repayment ability/average monthly savings
To be guaranteed
Loan processing fee shall be as decided by the Board
Loan disbured within one week of application
Clearance from CRB (Credit Reference Bureau)

SCHOLAR PLUS LOAN

To be approved based on eligibility. The loan to be granted plus the existing loans shall not exceed 2.5 times the members premium savings
Salary must be passing through the FOSA account
Repayment Period is 30 Months.
Minimum allowable amount is Kshs. 41,000. Has no maximum ceiling.
Assessment is based on salary ability/average monthly savings

UFANISI LOAN

Available to all FOSA members with pay slips.
Granted 3 times one’s share
Repayment period is 48 months.
Pay slip should be able to meet the loan deductions and be left with 1/3 requirement.
Assessment based purely on salary repayment ability/ average monthly savings.
Salary must be passing through the FOSA account
Must be guaranteed
Clearance from CRB (Credit Reference Bureau)

SHORT-TERM LOANS

EMERGENCY LOAN

To be approved based on eligibility. Loan must not exceed 2 times a members premium savings
Emergency Loans include all loans for taking care of all calamities e.g. hospital, settlement of civil cases etc.
Repayment Period is 12 Months.
Assessment is based purely on salary repayment ability/average monthly savings
Must be guaranteed

SCHOOL FEES LOAN

To be approved based on eligibility.
Loan granted 2 times a members premium savings
Repayment Period is 12 Months.
Assessment is based purely on salary repayment ability/average monthly savings

IMARIKA VIJANA LOAN

For youth between 18-34 years. At Imarika Sacco, we care about growth of young people. Introducing the Imarika Vijana loan, for young people in youth groups, so that they can build their businesses together or individually.

Open a Savings Account
Save regularly
Show us your business and business plan
Borrow between Kshs. 40,000 (when having 10,000/= shares)and Kshs. 100,000 (when having 20,000/=)
Repay in 24 months
One month grace period
Sacco Business Support to advice on the business

FOSA ADVANCES

PRESTIGE ADVANCE

Applicant must be an active member of the society.
Applicant salary must be passing through his/her SASA Account
Applicant must have serviced in full any outstanding advance.
Repayment period ranges from 7-10 months
Advances are considered on the spot but subject to availability of funds
Advances should be guaranteed by members of the society whose salary passes through the FOSA Account.

ORDINARY ADVANCE

Applicant must be an active member of the society.
Applicant salary must be passing through his/her FOSA Account
Applicant must have serviced in full any outstanding advance.
Repayment period ranges from 1-6 months
Advances are considered on the spot but subject to availability of funds
Advances should be guaranteed by members of the society whose salary passes through the FOSA Account.

ONE-MONTH ADVANCE

Applicant must be an active member of the society.
Maximum advance applied should not exceed 2/3 of net salary
Applicant salary must be passing through his/her FOSA Account
Applicant must not be servicing any advance.
Advances are considered on the spot but subject to availability of funds
The guarantor(s) must be receiving salary through the FOSA.

ADVANCE TOP-UP

The society allow members to benefit by topping up the existing advance

Applicant should have an outstanding advance balance
Maximum repayment period for the new advance balance is dependent on the advance type
Other conditions of the type of advance being topped up apply.

Below are links to the SACCO’s full list of products and services:

IMARIKA SACCO CONTACTS

For further details, use any of the following media to reach the SACCO:

Address: Kitecoh Complex, P.O. Box 712, Kilifi
Email: info@imarika.org
Phone: 041-7522572/7525017
Fax: 041-752 5001

IMARIKA SACCO MOBILE BANKING: SPOT C ASH SERVICE

The good news for Imarika SACCO members is that they can now enjoy a wide variety of services via their mobile phones. With your mobile phone at hand, you can now access many services at a click of a button.

SERVICES ACCESSED THROUGH THE MOBILE

Registration for SpotCash Mobile services is absolutely free by dialing *645#. Here are the mobile banking services for your convenience and reliability:

Cash deposits and withdrawals.
Balance inquiry.
Savings
Loans
Shares
Airtime purchase
Mini Statement
Funds transfer.

BENEFITS

There are many benefits that are obtained by using Imarica SACCO’s mobile banking. These include:

Accessing your account any time, anywhere.
Saves your time and energy.
Faster and reliable
Keeps you informed about your account; alerts on loans, salary, cheque maturity, ATM and guarantors.
You can borrow money at your own comfort (Mkopo Hewani).