Sheria Sacco Portal: How To Register,Login, Apply For Loans And Access services
Looking for a dependable cooperative society in Kenya? Look no further than Sheria Sacco. Explore their loan services, mobile banking, and other offerings today
In the dynamic economic terrain of Kenya, the mention of Sheria Sacco resonates with many. Known for its solid membership and extensive range of financial services, Sheria Sacco has rightly earned its position as one of the country's most dependable cooperative societies. But what is Sheria Sacco? And why should you consider joining it?
Founded in 1972, Sheria Sacco has grown massively with a national membership of over 10,000 individuals, primarily from the Judiciary, private sectors, and various government institutions. This institution cherishes its reputation as one of Kenya's best-managed Saccos. Its core mission? To boost the economic lives of its members through encouraging savings and offering affordable loans, acting as a crucial financial lifeline.
Who Can Join Sheria Sacco?
Historically, Sheria Sacco's membership was primarily composed of individuals from the judiciary sector and law departments. However, Sheria Sacco has since widened its doors to the general public. This means that whether you're employed by a registered organization in Kenya, a student at the Kenya School of Law, or a businessperson, you can apply for a Sheria Sacco membership. Membership is also open to non-governmental organizations, certified public secretaries, institutions, and even immediate family members or spouses of existing Sacco members.
The Membership Application Process: What Does It Involve?
The application process for Sheria Sacco's membership involves a few steps. Let's take a detailed look at each of them:
1. Filling out the Membership Application Form
Firstly, you need to obtain Sheria Sacco's membership application form. This form can be collected from Sheria Sacco's branches or downloaded from their online portal. You'll need to provide personal information such as your email address, postal address, and mobile phone number. You must also provide your business details if joining as a business entity.
2. Submission of National ID or Passport Copy
Sheria Sacco, like any other financial institution, prioritizes security. Therefore, you must attach a copy of your original ID card or passport alongside the application form and two passport-sized photos.
3. Completion of the Nominee Card
In the unfortunate event of a member's demise, Sheria Sacco requires a filled nominee card. This card captures the details of the person you appoint to inherit your share at the Sacco.
4. Payment of Entrance and Registration Fee
Sheria Sacco requires a registration fee of Ksh1,000 and an entrance fee of Ksh1,700, which are used in processing your membership application.
5. Opening of a FOSA Account
FOSA, or Front Office Service Activity, provides transactional activities akin to Commercial Banks. For a fee of Ksh500, you can open a FOSA account, enabling convenient and affordable cash transfers, including deposits and withdrawals.
6. Registration for the Burial Benevolent Fund
Sheria Sacco requires a monthly contribution of Ksh200 towards a benevolent fund. This fund assists in the burial of a member or their next of kin in the event of their demise.
7. Monthly Contributions
Once a member, you must deposit a minimum of Ksh2,000 monthly as part of your savings. These savings determine your loan eligibility, typically three times your savings.
Upon joining, you must also provide a non-refundable share capital of Ksh20,000. You can choose to pay the amount in whole or in monthly installments. Share capital allows you to be the owner of the section. However, you should know that the amount can not be withdrawn. If you decide to leave, you are only allowed to transfer the amount to other members of the Sacco.
What Does Sheria Sacco Offer?
Sheria Sacco offers a host of services tailored to meet the diverse needs of its members. These services include:
Whether you need funds for school fees, business expansion, personal development, or emergencies, Sheria Sacco has covered you. Their loan types include Diamond Loans, Development Loans, Education Loans, Emergency Loans, Jipange Loans, Refinancing Loans, Bima Loans, Business Loans, Personal Loans, Salary In Advance, and Salary Advance.
With the advancement of technology, Sheria Sacco has developed a mobile banking platform for its members. This platform ensures that you can access their services from the comfort of your location.
Online Member Portal
Sheria Sacco offers an online portal for members to track their transactions, apply for loans, and manage their accounts, enhancing convenience and accessibility.
Sheria Sacco stands out in the competitive Kenyan financial landscape with its commitment to improving the economic lives of its members. Sacco offers a myriad of services designed to cater to the diverse financial needs of its members, from a wide range of loan products to convenient mobile banking and an online member portal.
With a simple application process and a supportive cooperative Sheria Sacco could be the right choice for anyone seeking a reliable financial partner. If you're considering joining a Sacco, Sheria Sacco offers you the opportunity to save, borrow, and grow your economic potential.
Frequently Asked Questions
What services does Sheria Sacco offer?
Sheria Sacco provides various services, including loan types, mobile banking, and an online member portal for enhanced convenience.
How do I apply for a loan at Sheria Sacco?
To apply for a loan at Sheria Sacco, fill in and submit the loan application form, which can be downloaded from the Sheria Sacco website.
How can I become a member of Sheria Sacco?
Very easy; you need to fill out the membership application form and provide the necessary details.
What is the Sheria Sacco mobile banking platform?
Sheria Sacco's mobile banking platform is a service that allows members to transact and access their accounts remotely from their mobile devices.
How much is the non-refundable share capital for Sheria Sacco?
The non-refundable share capital for Sheria Sacco is Ksh20,000. This amount can be paid in a lump sum or installments.