Sheria Sacco Society Ltd is a Savings and credit cooperative society formally registered in 1972. Sheria Sacco Paybill Number 964 700. Its membership was initially drawn from Judiciary, AG chambers and law practitioners but has since grown to include membership from various government ministries, business persons and anyone above the age of 18 years with an income.
Membership today stands at more than 10,000 members.
Sheria Sacco offices are located at Miliman Law Courts.
Sheria Sacco Savings Products.
1. Ordinary Savings Account
· It’s a savings account that also facilitates payments of loans, dividends, refunds and interest on deposits
· Minimum balance of Kshs. 500/=
· Sacco Link ATM card available for just Kshs. 700/=
2. Withdrawable Savings Account (SHEWISA)
· Minimum monthly contribution of Kshs. 500/=
· No charge on deposits.
· Interest is credited at the end of every financial year at prevailing market rates on savings account.
· No withdrawal notice.
3. Salary Account
· Caters for members whose salary is processed through FOSA.
· Salary processing fee is available for just Kshs. 100/=
4. Medical Account
· The facility caters for account holders who wish to save for medical needs.
· Withdrawals are unlimited.
· Interest is credited at the end of every financial year
5. Holiday Account
· Facilitates savings for holidays.
· Withdrawals are limited to 2 times per year.
· Interest is credited at the end of every financial year
6. Group Account
· At least one member of the group must be a member of the society.
· The Groups must be registered with the Ministry of Culture and Society Services or the Registrar of Societies.
· Account opening fees is Kshs 2,500/=.
· The account to maintain a minimum balance of Kshs 5,000/=.
· The Group to provide minutes authorizing the opening of the account, the names of the signatories and the mandate. The Group to provide a current certificate of registration.
· The account to earn interest at the prevailing market rates on savings accounts at the closure of the financial year.
7. Education Account
· The facility caters for account holders who wish to save for education needs.
· Withdrawals are quarterly. Interest is credited at the end of every financial year
8. Sheria Junior Account
· Minimum monthly contribution of Kshs. 300/=
· No charge on deposits.
· Interest is credited at the end of every financial year at prevailing market rates
· No withdrawal notice.
· Birthday cards/presents
· Free bankers cheques for school fees
9. Fixed Deposit Account
· Minimum deposit of Kshs. 5,000
· Fix money for a minimum period of 3 months
· Earn interest at 2 points below the Central Bank of Kenya’s Treasury bill rates
· Interest rate is negotiable depending on the amounts to be fixed
· Interest payable at maturity
Sheria Sacco Credit Products.
1. Diamond Loan
· Maximum repayment period of 72 months.
· Interest at 1.25% p.m. on reducing balance and an effective interest rate of 8.1% p.a.
· The maximum loan ceiling is Kshs. 12,000,000
· Member’s can now have both diamond and development loan running concurrently.
2. Development Loan
· Maximum amount granted Kshs. 12,000,000
· Repayment period of 48 months
· Interest at 1.25% p.m. on reducing balance and an effective interest rate of 8.1% p.a.
· Easy top-up facility.
· Members can now have both Diamond and development loans running concurrently.
· Loan up to 200,000 and below takes 7 days to be processed.
3. Educational Loan
· Maximum amount granted Kshs. 500,000
· The maximum repayment period is 12 months.
· Interest at 1.25% p.m. on reducing balance and an effective interest rate of 8.1% p.a.
4. Emergency Loan
· Maximum amount granted Kshs. 5,000,000
· Repayment period of 12 months
· Interest at 1.25% p.m. on reducing balance and an effective interest rate of 8.1% p.a.
5. Jipange Loan
· Maximum amount granted Kshs. 100,000
· Competitive interest of 10% p.a.
· Repayment period of 12 months.
· Interest of 1.25% p.m reducing balance.
· The new members who have not finished the six months are allowed to access this loan facility.
6. Bima Loan (Insurance premium Financing)
· Maximum ceiling to be ksh.300, 000/=.
· The loan to be repaid within 10 months.
· The interest to be at 1.25% on reducing balance.
· Loan to be guaranteed by the deposits.
· Automatic remainders of insurance expiry.
7. Asset financing Loan
· The maximum loan to be Kshs 5,000,000/=
· The repayment period to be 72 months.
· Interest to be 1.25% per month on reducing balance.
· The property / equipment will form part of the security for the loan.
· The funds will be paid directly to the vendor.
· The property to be charged.
**The Asset remains the property of Sheria Sacco for the duration of the loan period. Ownership is transferred once the last payment has been made by the loanee.
8. Shamba LoanThe loan is meant to finance the members of Sheria Sacco who are also members of Sheria Housing Co-operative and would want to acquire land through the Sheria Housing Co-operative.
Features of the loan facility include:
· The loan is guaranteed by Sheria Sacco Deposits and the title deed of the land being purchased.
· The loan will be paid directly to the Sheria Housing Co-operative.
· The Loan form will be signed by three parties i.e. the borrower, the Housing Co-operative and the Sheria Sacco Society.
· The interest charged will be 1% on reducing balance.
· The repayment period will be 48 months.
· The land to be co-owned until the loan is fully repaid.
· Loan not based on 3 times deposits but on the ability to pay.
· The Loan limit is Kshs. 2,000,000/=
9. Fosa Personal Loan
· The Loan advanced is repayable in 72 months.
· Interest charged will be 1.25% p. m. on reducing balance.
· The loan is guaranteed by both the guarantor’s salaries and the deposits at the Back office.
· Loan insurance premium adjusted to 1.25% of the loan recovered from loan amount granted.
· Maximum loan to be advanced is Kshs 5,000,000.
· Processing commission of 1.25% of Loan granted but subject to minimum of Kshs 500.
· Minimum loan to be advanced is Kshs 5,000/= subject to review by the Board.
· Member to maintain at least 2,000/= on the Account when servicing a loan.
10. Fosa Salary in Advance
· Member will be advanced a maximum of 80% of that month’s net salary.
· Repayment period 3 months
· Interest charged will be at 2.5% on amount advanced.
· Processing commission of 1.25% of loan granted but subject to minimum of Kshs 500.
11. Fosa Salary Advance
· Maximum repayment period is 12 months.
· Interest will be at 4% p.m. on outstanding balance.
· Amount advanced will be subject to a maximum of two (2) times basic salary and the applicant’s ability to repay.
· A penalty of 10% will be levied on any amount defaulted by the 10th day of the subsequent month.
· Processing commission of 1.25% of Loan granted but subject to minimum of Kshs 500.
· The advance must be guaranteed by at least two (2) guarantors whose salaries are remitted through FOSA.
· The applicant must not have any outstanding advance.
12. Fosa Business Loan.
· Maximum amount granted Kshs 5,000,000/=
· Repayment period is 48 months or less
· Interest rate of 1.25% p.m
· Must have a FOSA business account and class B shares OR
· Must have FOSA Savings Account and Class A shares.
· Must have run the Account for 6 months.
· The loan is guaranteed by Loanee’s deposits and / or collateral (motor vehicle/ land) or guarantors’ deposits.
· Must have the ability to service the loan either through Salary/ standing order.
· Processing fee of 1% and Insurance fee of 1% of loan value will be charged.
Sheria Sacco has made progress in making the banking services available to its members at their convenience. Members are able to make deposits and repay loans using the Paybill number 964 700
Here are the simple steps of using the Sheria Sacco Paybill number 964 700
- Go to Mpesa menu
- Select Lipa na Mpesa
- Select Paybill
- Enter UN Sacco Paybill number 964 700
- Enter account number- here enter your membership number
- Enter Amount to transfer.
- Enter Mpesa Pin
- Confirm details and then click ok.
- You will receive an email from Safaricom indicating that your money has been transferred to UN Sacco.
*Members can also access their accounts by dialing *645# in your phone and then follow the easy steps.
Sheria Sacco contacts
You can communicate with Sheria Sacco using the following contacts.
P.O. BOX 34390-00100
Nairobi
Telephone numbers: +254 020-201 0396, +254 722 745 156 or +254 788 412 977
Emil: [email protected] or [email protected]
