Financial Sector Deepening (FSD) Kenya noted that SACCOs play an essential role in providing financial services to rural areas. In many rural regions, SACCOs are the primary sources of financial services. By digitizing SACCO services, technology can address specific consumer needs, foster productivity growth, and enhance member benefits, even in rural regions.
Kenya has robust internet penetration, connectivity, and affordability, making it a conducive infrastructure for SACCOs to transition from traditional processes to a more efficient digital realm. Educating members about the advantages of digital systems over traditional ones and their potential benefits is crucial. Embracing digital operations promises quicker transactions, improved services, and increased member satisfaction within SACCOs. Furthermore, optimizing operations ensures security, as most core banking platforms offer secure transaction environments, safeguarding member data and finances.
Imarika Sacco is the foremost SACCO in the coastal region, with an extensive membership base spread worldwide, relying on it as a reliable, steadfast, secure, and expanding financial entity.
In response to the COVID-19 pandemic, Imarika is actively seeking digital channels to improve convenience for its members. Introducing the “Imarika Papa Hapa” Agency banking platform allows members to access Sacco services remotely, aligning with SASRA guidelines and prioritizing member safety.
Acknowledging the prevalence of millennials’ reliance on mobile technology, Imarika aims to attract them as potential members by offering tech-accessible products, positioning itself for sustained growth in the evolving financial landscape.
With a sizeable budgetary allocation towards marketing efforts, plans by the Sacco to expand its reach and membership base by opening a new branch in Mombasa County are in the pipeline. This expansion aligns with its commitment to technological innovation and ensuring stability and prosperity for its members. SACCOs rely on a shared branching network, enabling members to access branches and ATMs of other SACCOs without additional charges. This collaborative approach significantly enhances accessibility for members across various locations.
Moreover, SACCOs use a robust core banking system for efficient branch management. This system facilitates branch accounting and reporting, allowing SACCOs to monitor individual branch performance in terms of revenues. By doing so, SACCOs can allocate costs effectively, ensuring that each branch operates efficiently and contributes to the overall success of the organization.
In essence, SACCOs leverage shared branching networks and robust core banking systems to seamlessly interlink their branches, delivering uninterrupted services to their members.
Imarika branch network includes: Mombasa, Kwale, Tana River, Changamwe, Hola, Kaloleni and Kwale town. With branches in Kilifi town, Malindi, Mtwapa, Mombasa, Ukunda, Kengeleni, Garsen, Ukunda and a service center at Bamba.