Welcome to the definitive guide on Shirika SACCO, designed to provide a professional, detailed overview of our services and membership. As a leading financial cooperative, we are dedicated to empowering our members through secure, accessible, and innovative financial solutions. This blog post addresses the most frequently asked questions to help you navigate your journey with us.
1. Membership & Registration
Q: Who is eligible to join Shirika SACCO?
A: Shirika SACCO offers a broad and inclusive membership base. Eligibility extends to a wide range of individuals, including:
- Government Employees: Staff from various government ministries, parastatals, and county governments.
- Salaried Individuals: Employees from organizations with a formal check-off agreement with the SACCO.
- Members of the Public: Including self-employed individuals and business owners, who can join through the FOSA (Front Office Service Activity) platform. Our open-door policy ensures that a diverse group of Kenyans can benefit from our financial products and services.
Q: What documents are required to become a member?
A: To ensure a smooth registration process, prospective members should prepare the following essential documents:
- A copy of your National ID or Passport.
- Your KRA PIN Certificate.
- Recent passport-size photographs.
- Proof of employment or a recent pay slip (for salaried workers).
- A business registration certificate or a business permit (for self-employed individuals). A filled-out membership application form is also required, which can be downloaded from our official website or obtained at any of our branches.
Q: Is there a membership fee?
A: Yes, there are initial costs associated with joining. New members are required to pay a one-time, non-refundable registration fee and must contribute a minimum amount towards their share capital. These contributions are crucial as they form the foundation of your ownership in the SACCO and enable you to access our credit facilities.
Q: Can I transfer my membership from another SACCO to Shirika SACCO?
A: Absolutely. We facilitate membership transfers for individuals seeking to consolidate their financial activities with us. The process requires you to first clear any outstanding loans or obligations with your previous institution before formally applying for membership with Shirika SACCO.
2. Savings & Accounts
Q: What types of savings accounts does Shirika SACCO offer?
A: We provide a comprehensive suite of savings products designed to meet diverse financial goals:
- BOSA (Back Office Service Activity) Accounts: These are long-term, non-withdrawable savings that form the basis for loan eligibility and guarantorship.
- FOSA Accounts: Designed for daily transactions, these accounts offer convenience with features like ATM access, mobile banking, and salary processing.
- Junior Accounts: Tailored to instill a culture of saving in children, with features that encourage consistent deposits for their future.
- Fixed Deposit Accounts: Ideal for members seeking higher returns on their savings, with flexible terms and competitive interest rates.
- Special Purpose Accounts: These include dedicated savings plans for education (Masomo), travel (Safari), and business ventures, helping members achieve specific financial milestones.
Q: How safe are my savings with Shirika SACCO?
A: Your financial security is our top priority. Shirika SACCO is a Deposit-Taking SACCO, which means we are licensed and rigorously regulated by the Sacco Societies Regulatory Authority (SASRA). This oversight ensures we adhere to all national financial regulations, maintaining the highest standards of transparency and accountability. We undergo regular internal and external audits to protect member deposits and uphold financial integrity.
Q: Can I earn returns on my savings?
A: Yes. We believe in sharing our success with our members. You earn returns in two ways:
- Annual Dividends: These are paid on your share capital contributions, reflecting your ownership in the SACCO.
- Interest Rebates: These are earned on your regular savings in various accounts. Both dividends and rebates are declared during our Annual General Meeting (AGM) and are a testament to our cooperative model.
3. Loans & Credit Facilities
Q: What loan products does Shirika SACCO provide?
A: We offer a versatile portfolio of credit products to address a wide range of needs:
- Personal Loans: Available for salaried and self-employed members to meet various personal needs.
- Development Loans: Tailored for significant projects such as real estate, farming, or business expansion.
- Emergency Loans: Designed for urgent, unforeseen expenses, with a quick processing turnaround.
- Education Loans: Specifically for school and tuition fees at all educational levels.
- Senior Citizen Loans: Flexible and favorable loan options for retirees.
Q: What are the requirements for applying for a loan?
A: To apply for a loan, you must be an active and contributing member. Key requirements typically include:
- Consistent monthly savings.
- Meeting minimum share capital requirements.
- Providing sufficient guarantors from fellow members.
- Offering collateral where required, depending on the loan amount and type. Loan limits are directly tied to your savings and repayment capacity, ensuring responsible lending.
Q: How long does loan processing take?
A: Our commitment is to efficient service delivery. Standard loan processing typically takes between 3 and 7 working days once all necessary documentation has been submitted. For urgent needs, our Emergency Loans are processed at an accelerated pace.
4. Digital & Mobile Banking
Q: Does Shirika SACCO have mobile banking services?
A: Yes, we offer robust mobile banking services for your convenience. By dialing the USSD code 645#, members can perform a variety of transactions directly from their mobile phones, including:
- Checking account balances and requesting mini-statements.
- Applying for and repaying loans.
- Withdrawing cash.
- Transferring funds between accounts.
Q: Can I access my account with an ATM card?
A: Yes. We issue the Sacco Link ATM card, which provides you with seamless access to your funds. You can withdraw cash from any Co-operative Bank ATM as well as any other ATM that displays the Visa logo, both locally and internationally.
Q: Can I transfer money from my Shirika SACCO account to other banks?
A: Yes, our services are fully integrated with the national banking system. You can perform bank-to-bank transfers through Electronic Funds Transfer (EFT) and RTGS. Additionally, we support mobile money transfers via M-Pesa for quick and easy transactions.
5. Special Programs & Benefits
Q: What is the Burial Benevolent Fund (BBF)?
A: The Burial Benevolent Fund (BBF) is a compassionate welfare program designed to support members and their families during times of bereavement. It provides swift financial relief to assist with funeral expenses, and it also settles any outstanding loans for the deceased member, providing peace of mind for their next of kin.
Q: What other benefits does membership offer?
A: Beyond our core financial services, members also benefit from:
- Investment Opportunities: The SACCO strategically invests in high-potential sectors like real estate and agribusiness, with members benefiting from the collective returns.
- Education and Training: We conduct regular financial literacy workshops and educational forums for our members to enhance their financial knowledge.
6. General Information
Q: Where are Shirika SACCO branches located?
A: Shirika Sacco has NO branches. We have one main office located at Nairobi, Ngara off Kipande Road.
Q: Is Shirika SACCO a regulated financial institution?
A: Yes. As mentioned, Shirika SACCO operates under the strict regulatory framework of the Sacco Societies Regulatory Authority (SASRA), which falls under the Ministry of Co-operatives and MSMEs. This regulatory oversight ensures our commitment to prudent financial management and member protection.