This archive report was first published on 21 June 2021.
Imarika Sacco CEO George Yongo Ngala Takes Office ¶
June 21, 2021
George Yongo Ngala has been appointed the new CEO of Imarika Sacco, a progressive institution that has consistently posted good performance. With 19 years of experience in the cooperative movement, Ngala is well-equipped to lead the Sacco to greater heights.
Ngala, who was formerly the deputy CEO, intends to make Imarika Sacco the most agile financial institution, meeting the expectations of its members by developing visionary products that change their lives. He plans to achieve this by implementing the remaining targets of the Sacco's 2018-2022 strategic plan, reviewing it to develop fresh targets, and emphasizing proper structures that empower decision-making at various levels.
Ngala also promised to focus on performance management, creating a performance-driven culture that transforms Imarika Sacco into a more professional organization. He added that they will keenly focus on innovative digital transformation, supported by research, to provide personalized services to meet the needs of members and clients.
Ngala has witnessed tremendous growth in membership during his 19-year experience in the industry. From less than 5,000 members when he joined, the Sacco now has over 10,000 members. He has seen how the society has touched its members by enabling them to acquire assets, educate children, pursue further studies, set up businesses, and take care of hospital bills.
Ngala acknowledged that the business environment keeps changing, like during the current pandemic, and promised to be more alert and flexible in making decisions to remain the Imarika clout. He also promised to ensure that all stakeholders are empowered to undertake their roles competently and develop an agile structure that allows flexibility in decision-making at all levels.
Ngala emphasized the importance of building a strong, coherent team to achieve the desired success. He also reviewed the 2020 financial year, admitting that Covid-19 brought unprecedented challenges worldwide. However, Imarika Sacco survived the challenges due to its diversified membership spanning across many sectors, which remained relatively stable.
Ngala concluded by saying that well-managed cooperatives can play a significant role in building economies. He praised the government for supporting laws and regulations for the movement but emphasized the need to review them from time to time due to changing dynamics. He also suggested that taxation laws should be improved, considering the unique model of Saccos.
