Imarisha Sacco: Membership Requirements, Savings, Loans Options And Interest

Imarisha Sacco is a financial cooperative that started in 1978 as Kipsigis Teachers Sacco, founded by 100 teachers.

In 2014, it rebranded to Imarisha Sacco, opening its membership to non-teachers. With 14 branches and headquarters in Kericho town, the Sacco serves over 160,000 members and manages an asset base of Ksh21.78 billion.

It offers a range of financial services, including savings, loans, digital banking, and diaspora services, guided by principles of accountability, integrity, equity, and transparency.

Additionally, it is one of the leading Saccos in Kenya that has, over the past 44 years, established itself as one of the top-tier institutions Co-operative sector.

The Sacco has opened its doors to all professionals and entrepreneurs from all walks of life.

Membership Registration

Imarisha Sacco allows both individual and joint memberships.

To join, complete the membership application form and attach the required documents.

To join Imarisha Sacco, complete the membership application form and attach:

Copy of your National ID
Copy of your KRA PIN certificate
Copy of your payslip/paystub

Fee: Application fee of Ksh360.

Members are required to contribute a minimum monthly amount:

Class A: Ksh1,600
Class B: Ksh1,300

Upon complete registration of a new member, a notification will be sent to them via Email or SMS.

Loan Options Offered at Imarisha Sacco

Back Office Service Activities (BOSA) Loans

Imarisha Sacco offers a variety of loans to meet the diverse needs of its members. BOSA loans are for members who save through BOSA and include development, education, emergency, premium, introductory, and refinance loans.

These loans are open to all members who save through BOSA. Members can borrow up to three times their BOSA deposits, with an interest rate of 1% per month on the reducing balance.

The repayment period can be up to 48 months. BOSA loan products include Development Loan, Education Loan, Emergency Loan, Premium Loan, Introductory Loan, Re-Finance Loan, Sky & Sky Poa Loans, Karibu Loan, Ideal & Superior Loans, and Take-Off Loan.

Also Read: Unaitas Sacco: Membership Requirements, Savings, Loans Options And Interest

FOSA (Front Office Service Activities) Loans

FOSA loans are available to members with active FOSA accounts and regular salary deposits. The loan options include Short-Term Loans, which are repayable within 1-month, Long-Term Loans repayable over 6 months, Inua Loans with a 24-month repayment period, and Daraja Loans with a 36-month repayment period.

Diaspora Loans

These loans are tailored for members residing outside Kenya. Available products include Ughaibuni Loan, based on BOSA deposits; Homeland Loan for investments in Kenya; Nguvu Loan for empowerment projects; Diaspora Loan for general purposes; and Asset Finance & Mortgage loans for purchasing property or other assets.

MSME Loans

MSME loans are designed for members in the micro, small, and medium enterprise sector, including agricultural loans such as the Kilimo Loan.

Members can apply for these loans by completing the respective application forms available at Imarisha Sacco.

Also Read: Tower Sacco: Membership Requirements, Savings, Loans Options And Interest

Savings at Imarisha

Imarisha Sacco offers a variety of savings options to suit the needs of its members. The Savings Account is ideal for members who want to deposit and withdraw funds at any time; it requires a minimum balance of Ksh750, an account opening fee of Ksh100, and earns interest annually.

The Parrot Account is designed for children aged 18 years and below, helping them secure their future while earning attractive interest rates and dividends.

The Fixed Deposit Account allows members to save a fixed amount over a specified period, offering higher interest rates compared to regular savings accounts.

For Kenyans living abroad, the Diaspora Savings Account provides a platform to save and access affordable credit while earning impressive dividends.

Finally, Share Capital represents ownership in the Sacco; it is non-refundable but transferable to a nominee or another member and earns annual dividends.

Requirements to open a Savings Account: