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.
Since registration in 1969, the Society has had upward growth in membership. During its early years of operation, and up to 1999 membership levels had reached a ceiling of 3500 members. However due to the Government reform programmes which aimed at downsizing its workforce in the year 2000; the Society lost more than half of its membership.The Society Continued recruiting new members and now its membership is close to 5500.
The real effect was that the Sacco had to continue operations with:
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:
The above strategies along with others have successfully seen the Society membership grow close to 5300 as at today. Our operations and financial status are stable with total Deposits of Ksh. 1.5B and a loan portfolio of Ksh. 1.6B.
Members are encourage to contribute monthly deposit of 10% of their gross salary as the minimum.
SHARE CAPITAL: Minimum for each member is Kshs 28,078 which is build in two yearly installments.The first Installment was implemented on 30th June 2015.
Shirika Sacco Society LTD was registered on 24th April 1969 by the founding members of the Ministry of Industrialization and Enterprise Development Department. Main Office | SHIRIKA COOP HOUSE, Kipande/Ngara Rd | P.O. BOX 43429 - 00100, Nairobi | Tel: 0724610715, 0734897817 Email: email@example.com, firstname.lastname@example.org © 2016 Shirika Sacco Society LTD. All Rights Reserved. Designed & Developed by Adzumi.