Shoppers Sacco, a licensed deposit-taking Sacco, has been dedicated to improving its members’ social and economic well-being since its establishment in 1993. Initially founded with only 100 members, the Sacco has grown significantly over the years, now boasting over 19,000 members. With a strong financial standing, Shoppers Sacco has an asset base of Kshs 610 million, a loan balance of Kshs 0.84 billion, and total deposits of Kshs 0.3 billion.
In 2011, Shoppers Sacco introduced Front Office Services Activity (FOSA), expanding its offerings to include banking services, which has made it even more convenient for its members to access financial support.
Shoppers Sacco Membership Eligibility
Shoppers Sacco is open to all Kenyans, providing an inclusive platform for individuals and groups to join and benefit from its financial services. Whether you are a salaried worker, a business owner, or part of an investment group, you can easily become a member of the Sacco.
Shoppers Sacco Membership Requirements
To become a member of Shoppers Sacco, applicants need to meet the following requirements:
- Complete a Membership Application Form: Available on the Sacco’s website or at their offices.
- Two Recent Passport Size Photographs: These should accompany the membership application form.
- Copy of National ID or Passport: Proof of identity is required.
- Registration Fee: A non-refundable joining fee of Kshs 500 is mandatory for new members. This fee can also be deducted from the member’s payslip upon their first contribution.
For former members who wish to rejoin the Sacco, a rejoining fee of Kshs 1,500 applies.
Benefits of Shoppers Sacco Membership
Being a member of Shoppers Sacco comes with numerous financial and social benefits:
- Culture of Saving: The Sacco encourages disciplined savings habits among its members, helping them manage their finances better.
- Convenient Access to Funds: Members can access their money through Sacco link ATM cards, mobile banking, and e-banking services.
- Financial Empowerment: The Sacco provides financial support and investment opportunities, enabling members to grow their wealth.
- Affordable Loans: Members can access affordable and competitive loan facilities with interest rates as low as 1% per month on a reducing balance.
- Share Deposits and Dividends: Members earn guaranteed interest on their share deposits and dividends on share capital at rates approved during the Annual General Meeting (AGM).
- Benevolent Scheme: The Sacco offers coverage for burial expenses, providing peace of mind for members and their families.
Shoppers Sacco Contacts
Shoppers Sacco operates branches in Nairobi and Nakuru, providing easy access to its services across the country.
1. Nairobi Branch
- Location: Nature House, Ground Floor, Tom Mboya Street, Nairobi.
- Contacts: 0730 780 000 / 0730 780 136.
2. Nakuru Branch
- Location: Baraka Plaza, 2nd Floor, Along Kenyatta Avenue, Nakuru Town.
- Contact: 0730 780 000.
Conclusion
Shoppers Sacco offers a wide range of financial products and services designed to uplift the economic status of its members. With easy membership requirements, affordable loans, and a strong commitment to financial empowerment, Shoppers Sacco continues to be a valuable financial institution for many Kenyans. Whether you’re an individual looking to save or a business group seeking financial support, Shoppers Sacco provides a solid platform for growth.
