Kericho-based Imarisha sacco has completed the purchase of the landmark Posta Plaza building and embarked on a multi-million shilling upgrade. The four-storey building was acquired at a cost of Sh210 million from the Posta Kenya pensioners, the sacco chairman Mathew Ruto said.
Mr Ruto said the expansion works, which will see four more floors added to the building, is expected to be completed in about a year. The upgrade will cost Sh295 million.
“The board wanted to expand the asset base. We expect to open the building again for business by August next year. Already some universities and major businesses have shown interest in acquiring space in the building,” he said.
The sacco which was founded in 1978 by 100 members who invested Sh49,000 now has close to 35,000 members and boasts share capital of Sh3.2 billion. Mr Ruto attributed the success of the sacco which started off as a financial institution serving teachers to the support and non-interference from the leadership of the two teacher unions in Kenya; The Kenya National Union of Teachers (Knut) and the Kenya Union of Post Primary Education Teachers (Kuppet).
It rebranded earlier this year from Kipsigis Teachers Sacco to Imarisha, a move which Mr Sigey credits with the rise in the number of members. “It enabled us attract new members as many people felt that the name locked out other communities,” the chief executive officer Paul Sigey said.
He said the sacco was last year ranked the ninth richest in the country by the Sacco Societies Regulatory Authority (Sasra), owing to its asset base amounting to Sh5.2 billion.
The sacco has five branches set across three counties and has plans to open three more this year in Nandi, Kisumu and Trans Mara counties.