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0724610715

0734897817

info@shirikasacco.co.ke

shirikasaccosociety@gmail.com

OUR HISTORY.

HISTORY

Shirika Sacco was registered on 24th April,1969 by the founder members of the Ministry of Industrialization and Enterprise Development Department of Co-operative which is the parent ministry. Originally membership was drawn from Co-operative Development and Marketing but later, due to changes in the economy, it was found necessary to widen this scope to include all other government ministries, all cooperative related organizations; and other reputable public organizations, but which are approved by the Annual General Meeting. With this enlarged scope, we are able to retain our members who change or quit employment for various reasons. Regardless of the employment status, members are treated equal and observe the operating policies and procedures.

The real effect was that the Sacco had to continue operations with:
  • Reduced member capacity
  • Reduced capital base due to withdrawals.
  • Non performing loans

Loans from retrenched members were not recoverable from retrenchment package but management enhanced recovery procedures which were very successful and no bad debts were declared. On recovery process management adopted other governance strategies particularly:

  • Member recruitment drive
  • Fixed percentage of share contribution rate
  • Improved service delivery

The above strategies along with others have successfully seen the Society membership grow close to 6273 as at today. Our operations and financial status are stable with total Deposits of Ksh. 1.8B and a loan portfolio of Ksh. 2.1B.

Members are encourage to contribute monthly deposit of 10% of their gross salary as the minimum.

SHARE CAPITAL: Minimum for each member is Kshs 25,000 which is build in two yearly installments.The first Installment was implemented on 30th June 2015.