Imarisha Sacco, one of Kenya’s leading deposit-taking Saccos, has grown significantly over the years, with an asset base exceeding Kshs 19.82 billion. The Sacco has established itself as a top-tier institution in Kenya’s cooperative sector, offering its members exceptional service, leveraging technology, and continuously innovating its product offerings.
In this article, we highlight the eligibility criteria and membership requirements for joining Imarisha Sacco, along with a detailed overview of its products and services.
Imarisha Sacco Membership Eligibility
Imarisha Sacco has a wide membership base that is open to individuals from all occupations. Whether you’re an employee, self-employed, or part of a group, you can become a member and enjoy the Sacco’s benefits.
Imarisha Sacco Membership Requirements
The membership process at Imarisha Sacco is straightforward and varies depending on the type of membership. Below are the key membership categories and their requirements:
1. Individual Membership
- Complete the membership application form.
- Provide a copy of your National ID.
- Provide a copy of your KRA PIN.
- Attach a copy of your payslip/paystub (for salaried individuals).
- Maintain a minimum account balance of Kshs 750.
- Pay an account opening charge of Kshs 100.
2. Group Membership
- Complete the group membership application form.
- Fill out the group’s account opening form.
- Provide a group registration certificate issued by the Department of Social Services.
- Submit copies of IDs for all the group’s officials.
3. Joint Membership
- Complete the joint membership application form.
- Submit National ID copies for all joint applicants.
- Provide a passport-size photo for all applicants (taken free during the account opening process).
- Maintain a minimum account balance of Kshs 500.
- Pay an account opening charge of Kshs 150.
4. Diaspora Membership
- Submit a valid Kenyan ID or passport.
- Pay an application fee of Kshs 360.
- Make an initial membership contribution of Kshs 19,200.
- Provide a passport-size photograph.
Imarisha Sacco Products
Imarisha Sacco offers a wide array of financial products designed to meet the needs of its diverse membership, including loans, savings accounts, and mobile banking services. Below is a breakdown of some of the key products offered by the Sacco.
1. FOSA Loans
- Short-term advance (1 month): A quick loan for short-term financial needs.
- Long-term advance (6 months): Available for slightly longer financial requirements.
- Inua Loan (24 months): A medium-term loan for larger needs.
- Daraja Loan (36 months): A longer-term loan option for bigger projects.
2. BOSA Loans
- Re-finance loan: For members looking to refinance existing loans.
- Education/school fees loan: Designed to cater to educational expenses.
- Emergency loan: Quick-access loans for emergency situations.
- Introductory loan: Available to new members to help them get started.
- Superior loan (96 months): A long-term loan with an extended repayment period.
- Take off loan (84 months): A long-term loan ideal for business or personal development.
- Development loan: For those with investment or development projects.
- Premium loan: High-value loans for members with large financial needs.
- Sky loan & Sky poa loan: Tailored loans for varied personal or business needs.
- Karibu loan (12 months): A short-term loan option.
- Ideal loan (84 months): A long-term loan with flexible repayment terms.
3. Savings Products
- FOSA Senior Citizen Account: A specialized account for senior citizens.
- Savings Account: A general-purpose savings account for all members.
- Fixed Deposit Account: Earn higher interest rates with fixed-term deposits.
- Parrot Account: A savings account designed to encourage savings culture.
4. Diaspora Products
- Ughaibuni Loan: Tailored for members in the diaspora.
- Homeland: Financing solutions for investment back home.
- Nguvu Loan: Diaspora-specific loans with favorable terms.
- Diaspora Loan: A dedicated loan product for Kenyan citizens living abroad.
5. Additional Services
Imarisha Sacco also offers a range of convenient banking services including:
- M-imarisha: Mobile banking for easy access to accounts and transactions.
- Standing orders: Automate regular payments.
- Sale of banker’s cheques.
- SMS alerts.
- 24/7 call centre services.
- Cheque book services.
- ATM banking.
- Mpesa integration: For deposits and withdrawals.
- NHIF contribution processing.
- Safe custody of documents and items.
- Prompt salary processing for members with salary accounts.
Imarisha Sacco Contacts
For more information or membership inquiries, you can contact Imarisha Sacco’s head office:
- Location: Imarisha Sacco Building, Moi Highway, Along Kericho-Nakuru Road
- Phone: 0709 578 000
Imarisha Sacco continues to play a pivotal role in empowering Kenyans through tailored financial products and services. With its broad membership eligibility and a wide range of financial solutions, it is a great option for individuals and groups seeking to grow financially and invest in their future.
