Shoppers Sacco Membership Eligibility & Requirements. Shoppers Sacco, established in 1993, is a licensed deposit-taking Sacco with the aim of enhancing the social and economic well-being of its members. Since the introduction of Front Office Services Activity (FOSA) in 2011, it has expanded its services to include banking. The Sacco now boasts over 19,000 members, starting from just 100 in 1993, and holds an asset base of Kshs 610 million, a loan balance of Kshs 0.84 billion, and total deposits of Kshs 0.3 billion.
Membership Eligibility
Shoppers Sacco’s membership is open to all Kenyans. Individuals and groups can join the Sacco.
Membership Requirements
Individual Membership
- Application Form: Fill out the membership application form available on the Sacco’s website.
- Photographs: Attach two recent passport size photographs.
- Identification: Attach a copy of your National ID or passport.
- Joining Fee: Pay a non-refundable joining fee of Kshs 500. This fee can also be deducted from the payslip on the first contribution.
- Rejoining Fee: For those rejoining the Sacco after withdrawal, a rejoining fee of Kshs 1,500 is required.
Benefits of Membership
- Savings Culture: Promotes the habit of saving among members and helps manage their spending habits.
- Convenient Access: Members can access their money through Sacco link ATM cards, mobile banking, and e-banking.
- Financial Empowerment: Provides members with financial empowerment and investment opportunities.
- Affordable Loans: Offers affordable and competitive loan facilities, with interest rates as low as 1% per month on a reducing balance.
- Dividends: Guarantees interest on share deposits and dividends on share capital at competitive rates as approved in the AGM.
- Benevolent Scheme: Covers burial expenses for members and their families.
Contact Information
Nairobi Branch
- Location: Nature House, Ground Floor, Tom Mboya Street, Nairobi.
- Contacts: 0730 780 000 / 0730 780 136
Nakuru Branch
- Location: Baraka Plaza, 2nd Floor, Along Kenyatta Avenue, Nakuru Town.
- Contact: 0730 780 000
Shoppers Sacco offers a wide range of benefits to its members, from convenient banking services to affordable loans and financial empowerment opportunities, making it an attractive option for individuals and groups looking to improve their financial standing.
