Sheria Sacco, one of Kenya’s premier deposit-taking Saccos, was formally registered in 1972 and has since grown into a financial powerhouse with over 10,000 members. The Sacco has an impressive asset base of Ksh 8.51 billion, offering a range of savings and credit products tailored to meet the financial needs of its members.
This article delves into the eligibility and requirements for becoming a member of Sheria Sacco, alongside the benefits members enjoy.
Sheria Sacco Membership Eligibility
Sheria Sacco’s membership is open to a diverse range of individuals from various sectors. Below is a list of eligible groups for membership:
1. Employees of Various Institutions
- Judiciary: Current and former employees of the Kenyan judiciary can join.
- Office of the Attorney General: Staff working under the Attorney General’s office are eligible.
- Government Ministries and Departments: Any employee working for the Kenyan government qualifies for membership.
- Sheria Sacco and its Subsidiaries: Employees of the Sacco and its related projects or subsidiaries can become members.
- Kenya School of Law: Both staff and students of the institution are eligible.
- Universities: Employees from all Kenyan universities.
- Law Society of Kenya: Advocates and associated members under the Law Society of Kenya.
- Quasi-Government Institutions: Employees from institutions under the Office of the Attorney General and the judiciary.
2. Other Eligible Members
- Immediate Family Members: A spouse or a close family member of an existing Sheria Sacco member.
- Advocates of the High Court of Kenya: Legal practitioners can also join the Sacco.
- Certified Public Secretaries: Individuals who are certified public secretaries qualify for membership.
- Entrepreneurs and Business Institutions: Approved business entrepreneurs and institutions are welcome to join, provided they meet the required contribution and loan repayment criteria.
- NGOs: Employees of non-governmental organizations (NGOs) can also apply for membership.
- Other Professionals: Anyone employed in an organization registered in Kenya, capable of making regular contributions, and able to meet loan repayment requirements.
Sheria Sacco Membership Requirements
To become a member of Sheria Sacco, interested individuals must meet the following requirements:
- Membership Application Form: A fully completed membership application form, which is available on the Sacco’s website.
- National ID/Passport: A copy of a valid National Identification Card or passport.
- Nominee Card: A filled nominee card, indicating the beneficiary in case of the member’s demise.
- Passport-Size Photograph: One recent passport-sized photo.
- Entrance Fees:
- Kshs 1,000 for registration.
- Kshs 500 for opening a FOSA account.
- Kshs 200 for the Burial Benevolent Fund registration.
- Total: Kshs 1,700.
Benefits of Sheria Sacco Membership
Joining Sheria Sacco comes with a wide array of benefits, including:
- Dividends and Interest on Deposits: Members earn dividends and interest on their deposits, which are paid out annually.
- Direct Access to Management: Members have the privilege of directly engaging with the Sacco’s board and management to address their concerns.
- Active Role in Sacco Governance: Members participate in the society’s decision-making processes through their elected delegates, representing them during the Annual General Meetings (AGMs).
- Personalized Service: Sheria Sacco prides itself on maintaining a human touch when dealing with its members.
- Ownership and Customer Status: Members are both the owners and customers of the Sacco, giving them a unique relationship with the institution.
- Competitive Loan Products: Sheria Sacco offers loans at competitive interest rates compared to traditional banks and other financial institutions.
Sheria Sacco Contact Information
For any inquiries or to apply for membership, you can reach Sheria Sacco through the following contact details:
- Location: Matumbato Close, Upperhill, Nairobi.
- Contact: 020 780 1500.
Conclusion
Sheria Sacco has established itself as a reliable and member-centric institution, offering financial stability and growth opportunities. Its membership eligibility encompasses a wide range of professionals, from legal practitioners and government employees to business owners and family members of existing members. With a simple application process and numerous member benefits, Sheria Sacco remains an attractive financial cooperative for many Kenyans.
