Below is a review of Imarika Sacco. It offers investment products, accounts and loans.

Imarika Sacco Branches and contacts

Head office : KILIFI

CALL US ON :0726007037

EMAIL :info@imarika.org

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IMARIKA PLAZA

P.O. BOX 712-80108

Charo Wa Mae Road, Opposite Baobab Building.

Marikani Branch

CALL US ON :0773386980

EMAIL :info@imarika.org

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NHIF Building

P.O. BOX 237-80113

Malindi Branch

CALL US ON :0724986026

EMAIL :info@imarika.org

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Oppsoite Royal Complex

P.O. BOX 399-80200

Ukunda Branch

CALL US ON :0728352072

EMAIL :info@imarika.org

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Corner ya Beach, Opposite

Naivas Supermarker

Mtwapa Branch

CALL US ON :0708267597

EMAIL :info@imarika.org

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Opposite Yellow Garage

P.O. BOX

Mombasa Branch

CALL US ON :0115961133

EMAIL :info@imarika.org

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Kengeleni Business Center, Opposite Kongowea Market,

P.O. BOX

Bamba Branch

CALL US ON :0701822464 / 0736771001

EMAIL :info@imarika.org

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Sokoni Road

Opposite Subcounty Hsp Junction.

Garsen Branch

CALL US ON :0797674440

EMAIL :info@imarika.org

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Garsen Cemter

P.O. BOX 80-80201

MPEKETONI Branch

CALL US ON :0729286480

EMAIL :info@imarika.org

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Mpeketoni Cemter

Next to Pazuri Petrol Station

P.O. BOX

Imarika Sacco Savings Products

Ordinary Savings Account

• Every member joining the sacco must operate ordinary savings A/c.
• Minimum account balance is Ksh. 1000
• All transaction charges and standing orders are deducted from this account.
• No ledger fee charged.
• Minimum interest earning balance is Ksh. 5,000.
• The account can be used as salary account.
• Accessed by VISA ATM card and Mobile banking services(Spotcash) and Sacco agency.

Malaika Junior Savings Account

• Enables members to introduce their children to saving at early age, save for their future needs as well earn attractive returns.
• Requirements; Parent ID copy, Child’s birth certificate & Passport Photos
• No minimum monthly savings.
• Minimum savings balance is Ksh. 2,000
• Minimum Earning Interest from Kshs. 5,000
• Rate of interest is 7-6% p.a or as may be determined by board
• Operated by guardian.
• No ledger fees charged.
• Discount on bankers cheque to school.
• Maximum 3 withdrawals per year (controlled by system).
• Invitation to Malaika Junior parties and events every December for accounts with Kshs.70,000 and above.

Ekeza Savings Account

• This account is for individuals or businesses that need funding based on cash flow
• Earn interest on savings above Ksh.5,000
• No Minimum balance
• Attractive interest rate
• Makes one eligible for Mavuno Tele Loan depending on one’s average savings over six months.

Jipange Savings Account

• Open to all Sacco members who want to save bit by bit without withdrawing until a specified long period.
• Minimum monthly contribution of Ksh.200
• Accumulated savings can be accessed after 36 months (in full) or maybe re-invested for a similar period.
• Rate of interest rates 10% p. a calculated annually but paid on expiry of the term.
• Deposits should be regular and consistent
• All withdrawals made before the specified term not to earn interest
• Dormant accounts do not earn interest.

Holiday Savings Account

• This account helps members plan vacations and important events in their lives at affordable cost.
• Minimum monthly savings is Ksh. 1,000.
• Attractive interest on minimum balance of Ksh. 2,000.
• Rate of interest is 5% p.a or as may be determined by Board.
• Account to have regular deposits.
• One withdrawal per year e.g. December holidays or any other.
• Members enjoy discounted holiday packages both locally and internationally.

Fixed Deposit Account

• This account is for a member with lump sum cash and plans to use later.
• Minimum fixed deposit savings of Ksh.20,000
• Minimum fixed deposit period is three months.
• Negotiable and attractive interest rates 8-13%
• Fixed deposit certificate issued to the member.

Weka na Ujipange Account

• This product is for members who have retired and may not necessarily want to withdraw the entire long-term deposits and may want to continue getting a form of monthly cash inflow as they wait for their final dues.
• The product cuts across all segments of salaried membership when they retire. The member to continue making monthly contributions thereafter
• Targets all members who have retired from a salaried position Nature of account
• Opened upon member application. Retirees long-term deposits (partial or full) to be credited to this account which will earn monthly interest which are credited into the members ordinary savings account.
• The interest credited can be used by the Sacco to issue advances to the retiree and the Imarika Weka na Ujipange used as security
•  Minimum allowable deposit – As per long-term deposits.
• Term Deposit period – Minimum 6 months
• Interest rate – 10% p.a. Partial withdrawal – Not allowed
• Withdrawal – Permitted as per terms of fixed deposit.
• Any premature withdrawal leads to member forfeiting the interest for the month. This is to attract a small charge of Kshs. 100. Withdrawal can only be done through the counter upon filling of closure form.
• Period of Product – It can be renewed indefinitely
• Standing orders/Transfer – Not allowable

Weka Mdogo Mdogo Account

• This product is for members who have some significant funds that they want to temporarily invest as they plan to use the funds in the medium term. The product can cut across all segments of our membership.
• It allows members to make monthly deposits and at the same time be able to withdraw when need arises and still be able to earn some relatively good return
•  Nature of account – Opened upon member application. Funds deposited to earn monthly interest which are credited into the members account.
•  Member to be able to withdraw the funds within 2 working days
•  Minimum allowable deposit – Kshs. 5,000. Member can deposit more in multiples of 5k,10k,15k,20k etc.
• Additional funds to earn interest as well
• Interest rate – 6%p.a.
• Withdrawal – Full withdrawal Permissible upon filling of a closure form. This is to attract a small charge.
• It can run indefinitely Standing orders/Transfer – Standing order from ordinary savings account or transfer from another member to boost the account is allowable

Partial Withdrawal of Long-term Deposits

This product is to allow members who have retired to withdraw part of their deposits in case they have a dire need for same.

It provides 4 scenarios where members can access the deposits depending on their level of indebtedness to the Sacco

Scenario 1

• A retiree without loan and has not guaranteed any member –
• Upto 50% of the long-term deposits can be withdrawn

Scenario 2

• A retiree without a loan and has guaranteed Member(s) –
• Have Retiree seek for alternative guarantors
• Consider up to 50% of the remaining long-term deposits

Scenario 3

• A retiree with a loan and has not guaranteed Member(s)
• Offset Loan Balance
• Consider up to 50% of the remaining long-term deposits

Scenario 4

• A retiree with a loan and has guaranteed Member(s)
• Offset Loan Balance
• Have Retiree seek for alternative guarantors
• Consider up to 50% of the remaining long-term deposits

Share Capital

• This is a member’s contribution that earn dividend yearly. It forms part of society’s capital used for Sacco infrastructure/business expansion.
• It is non-refundable but only transferable to other members upon termination of membership.
• Minimum share capital is Ksh. 30,000 deductible half-yearly at rate of Kshs.3,000.
• The higher your share capital the higher the dividends earned.

Long Term Deposit / Share Deposit

• This amount is contributed by a member to determine borrowing power from Sacco.
• Also known as Share Deposits for BOSA, FOSA Premium Savings for FOSA and Group Premium savings for GROUPS/ MSCA members.
• Minimum monthly deposit is Ksh 3,000 (BOSA), 2000 (FOSA) & 1,200 (MScA).
• Higher deposits give you a higher borrowing power.
• Used as security against your loan and those you guarantee.
• Earn rebates/interests.
• Refundable upon termination of membership as per the SAcco By-laws.

Imarika Sacco List of Loans

KILIMO BIASHARA LOAN

• To facilitate agribusiness including seed, fertilizer, farm preparation, crop management and harvest management.
• At least 2 acres under active production
• Maximum repayment of 12 months
• Active member with ordinary savings account
• Maximum loan size of 1M
• Credit life insurance of 0.6%

UFUGAJI LOAN

• For farmers who invest in livestock: beef cows, goats, sheep, poultry, bee including production management, feeds and structures.
• Proof of residency or project location
• Business plan where necessary
• Grace period of 3 months
• Loan size of 5,000 to 100,000
• Maximum repayment period of 24 months

MAZIWA LOAN

• Loan for dairy improvement, purchase of dairy cows, dairy production management or other dairy business needs.
• Consistent milk income for last 12 months
• Proof of contracted agreement
• Loan size of 5,000 to 500,000
• Grace period of 2 months
• Maximum repayment period of 36 months
• Ability to repay

MTAJI LOAN

• Loan help farmers increase their production capacity by acquiring agribusiness inputs, tools and equipment
• Active membership of at least 6 members
• Maximum repayment period of 36 months
• Grace period of 3 months
• Must have 25%of value of inputs/tools/equipment’s
• Insurance credit of 0.6

RETIREE PRODUCT

• Consider up to 50% Partial withdrawal of the long-term deposits.
• Retired members
• Clear all loan balances
• Find alternative guarantors

MICRO SAVINGS AND CREDIT ACTIVITIES (MSCA)

1. MSCA GROUP LOAN

• This is a loan issued to small and micro- enterprise group individuals that are registered with the society under Micro saving and credit Activity.
• Loan after 10 weeks of consistent premium savings of Kshs. 300 and security of Kshs. 50 weekly.
• Guarantee by 2/3 group members
• Interest rate is 1.34% p.m. on reducing balance.
• Maximum repayment period is 36months.

ORGANIZATION’S LOAN PRODUCTS

1. a) INSTITUTION/ORGANIZATION ADVANCE

• Designed to help member companies, schools, business entities, churches and cSos among others to sort out urgent needs afflicting their operations

Institution must be an active member with 3 months’ shares

• Evidence of express authority from top organ e.g AGM or BoD Minutes.
• Security; guarantors, title deed, shares of the organization and any assets of the organization.
• Loan granted four times the net savings account of the ordinary savings account or net remittance for last 3 months.
• Maximum repayment period is 12 months.
• Interest rate is 5% p.m. reducing balance.
• Max. Loan amount Kshs. 500,000.

b.) INSTITUTION/ORGANIZATION LOAN

• Designed to help member companies, schools, business entities, churches and csos among others to invest in major projects and development for their growth.
• Institution must be an active member with 3 months’ shares.
• Evidence of express authority from top organ e.g AGM or BOD Minutes.
• Security; guarantors, title deed, shares of the organization and any assets of the organization.
• Loan granted four times the net savings account of the ordinary savings account or net remittance for last 3 months.
• Maximum repayment period is 24 months.
• Interest rate is 1.5%p.m. reducing balance. • Max. loan amount Kshs. 6,000,000

SHARE BOOSTER

• Share booster offers financial solution to members who wish to borrow on multiplicity of their shares, but for some constraints, may not match the criterion.
• Given to all BoSA and FoSA members.
• Imarika Sacco boosts shares for members.
• Maximum amount allowed is Kshs.30,000/=
• Boosted amount automatically qualifies for loan eligibility consideration.
• Available only on loan application.
• 20% interest on amount boosted is automatically recovered from the loan.

MTANDAO LOAN

Designed for members interested to acquire and upgrade to modern communication gadgets like mobile phones, tablets, laptops (digital gadgets) etc.

• Maximum repayment 12 months
• Max. loan amount is Kshs. 100,000
• Interest rate is 1% p.m on reducing balance.
• Processing fee is 2% of loan applied for.
• Money paid to asset company via cheque and applicant to attach proforma invoice.
• 15% of  loan applied should be in deposits.
• Existing laws of chattels applicable.

FOSA ADVANCES

FOSA means Front Office Service Activity a.k.a banking hall (branch).

These are salary advances to members to help them sort out small financial challenges afflicting them from time to time provided their salary passes through his/her FOSA a/c.

• Prestige advance – 4 times of your net pay

Repayment period is 10 months @6% interest rate p.m.

• Ordinary advance – 3 times of your net pay

Repayment period is 6months@4% interest rate p.m.

• One-Month Advance – 2/3 of your net pay

• Repayment period is 1 month @2% interest rate p.m.

• Dividend Advance – during annual dividend payment @5% p.m. as determined by Management Board.

SCHOOL FEES LOAN

This loan caters for school fees challenges members meet in educating their children/dependents

• Maximum repayment period is 12 months
• Interest rate is 1% p.m on reducing balance
• Assessment based on salary/average income repayment ability
• Maximum loan depends on BoSA/FoSA deposits

EMERGENCY LOAN

This is designed to address small emergency issues afflicting members

e.g sickness, court cases, accidents etc

• Maximum repayment period is 12 months
• Interest rate is 1% p.m on reducing balance
• Assessment based on salary/average income repayment ability
• Maximum loan depends on BoSA/FoSA deposits

BODA BODA LOAN

Loan is accessible to members interested to have motorbikes for business.

• Regular savings of not less than 3 months.
• Minimum shares/deposits Ksh.40,000.
• Maximum Loan amount is Ksh.150,000.
• Money paid to Asset company via cheque and applicant to attach proforma invoice.
• Maximum repayment period is 18 months.
• Interest rate is 1.42% p.m (17p.a). Reducing balance.
• Processing fee 2% of loan applied for.
• The Sacco will hold the logbook and
• Maximum loan is 4 times the member’s deposits.

SWIFT LOAN

This loan is designed for salaried members having accessed big loans like normal, smart and other loan but still has intermittent financial needs and need longer repayment period.

• For BoSA salaried only, recoverable at FoSA
• Applicant must retain 1/6 of basic salary as net pay.
• Maximum repayment period is 36 months
• Interest rate is 1.25% p.m on reducing balance surrender upon clearance of the loan.
• Loan security is member’s shares and guarantors’ savings plus asset.

SCHOLARPLUS LOAN

This Loan is designed for fees to members’ or their dependants pursuing university/college education.

• Maximum repayment period is 30 months
• Interest 1.167% p.m. on reducing balance
• Maximum loan depends on member’s deposit or salary ability.
• Minimum loan amount is Ksh. 41,000
• No maximum ceiling

MORTGAGE PRODUCT LOAN

This is a 100% home owning finance to our members in two ways:

1. a) MAKAO LOAN

• Maximum of 25 years
• A mortgage product targeting members who wish to purchase ready made residential property in cities, municipalities and towns in Kenya for owner occupation.
• To enable the SAcco member to purchase ready built residential house for owner occupation.
• Enable Members to purchase a residential house (for own use or rental income)

•  Up to 100% financing on residential housing. (SAcco will finance 90% of the purchase price and associated costs estimated at 10%).
•  Loan repayment duration of up to 25 years.
•  Mortgage protection cover to save guard against loss of income resulting disability or death of the borrower.
•  Mortgage Protection Insurance (MPI) cover limit up to Ksh.4M without need for medical checkup (minimum cover limit). A cushion against loss

of income for (24 months) resulting from corporate actions leading to retrenchment.

•  Interest rates at less than 10% (for affordable mortgages and

competitive interest rates for market mortgages).

•  Access to all other SAcco products (e.g. current account, savings products and other loans).
•  Owner occupied home borrower receive a tax relief of up to

Ksh. 150,000 annually.

1. b)         UJENZI LOAN (15-25 yRS)

• A mortgage product targeting members who wish to develop their own homes in cities, municipalities and towns in Kenya for owner occupation.
• To enable a SAcco member to construct or improve a residential house for owner occupation
• Up to 100% financing on residential housing construction.
• Member can purchase a plot and develop a home at his own taste and preference in a city, municipality and town in Kenya for owner occupation.
• Loan amount as determined by ability to pay as follows:
• Affordable Mortgages up to 7M
• Member to contribute 10% of purchase price
• Finance 90% of market price / open market valuation whichever is lower and other costs estimated at 10%.

MAVUNO TELE LOAN

This is a loan for businessmen and women who have Ekeza account, willing to borrow based on business cashflow.

• Applicable to existing or starting businessmen.
• Borrow upto your average 6 months savings in the Ekeza account.
• Maximum repayment period is 48 months.
• Interest rate is 1.5% p.m. reducing balance.
• Loan secured by collateral or guarantors.

UFANISI LOAN

• Available to all FoSA members with pay slips to ensure they have longer repayment period and left with reasonable net salary.
• Granted 4 times one’s shares/deposits.
• Repayment period is 48 months.
• Rate of interest is 1.25% p.m on reducing balance.
• Pay slip should be able to meet the loan deductions and be left with 1/3 requirement.
• Salary must be passing through FOSA A/c.

• Assessment is based purely on salary repayment ability/average monthly savings.

KARIBU LOAN

• Designed for new check- off members with low deposits/shares in Imarika but interested in big projects/investments/ development.
• Assessment depends on salary ability, ensuring 1/3 remains.
• 25% of the loan is retained as member deposits and 75% as take home.
• Interest 1.25% p.m. on reducing balance.
• Maximum repayment period is 48 months.
• To qualify, at least one monthly deposits/ shares has to be made through check off.
• Processing fee 1% of loan applied for.

SMART LOAN

• Designed for members who need longer repayment period than Normal Loan to carry out major investments and development.
• For BOSA check- off and IMARIKA salary pay-point members only.
• Assessment is based on salary ability.
• Maximum repayment period is 144 months.
• Interest 1.125% p.m. amortized.
• Processing fee 1% of loan applied for.

DEVELOPMENT/NORMAL

• Designed to assist members in sorting out major projects/development and investments.
• Maximum repayment period of 60 months.
• Interest rate is 1.167% p.m. on reducing balance.
• Maximum loan depends on BOSA/FOSA deposits.

Imarika Sacco Paybill Number

Imarika Sacco’s M-Pesa Paybill Number: 4404 404! This convenient service allows you to easily manage your Sacco transactions directly from your mobile phone. Whether you’re making contributions, paying loans, or handling other financial activities, our M-Pesa Paybill number ensures a seamless and efficient experience. Simply use the number 4404 404 for all your Sacco-related payments and enjoy the convenience of managing your finances anytime, anywhere.

Imarika Sacco Membership Requirements

To become a member of Imarika Sacco, you need to fill out a membership application form, available on the Imarika Sacco website or at any of their branches. You’ll also need to provide identification documents and pay a membership fee. Membership is open to individuals, groups, and institutions.

Here’s a more detailed breakdown:

1. 1. Application:
   • You can find the membership application form on Imarika Sacco’s website or at any of their branches.

The form can be filled out online or in person.

2. Required Documents:

• You’ll need to provide identification documents as part of the application process.

3. Membership Fee:

• There’s a membership fee that needs to be paid upon joining.

4. Share Capital:

• Imarika Sacco has a share capital requirement, which is a member’s contribution that earns dividends annually.

The minimum share capital is Ksh. 30,000, which is deductible half-yearly at a rate of Ksh. 3,000.

The higher your share capital, the higher the dividends you earn.

5. Membership Type:

• Imarika Sacco welcomes membership from individuals, groups, and institutions.