Shofco Sacco is an open bond Sacco that serves members from all walks in life anyone who has attained the age of 18 years, and those who are either local residents or in diaspora. Shofco Sacco draws its members from both the formal & informal sectors of the economy like the business community, civil servants, SMEs, & chama

• licensed & regulated by Sacco Societies Regulatory Authority (SASRA).
• Safe custody of our members assets.
• Steady and consistent growth, serving members since 2015.
• Service delivery at its best (We listen, We Respond & We care)
• Access to a wide array of investment & savings options.
• Competitive, affordable & flexible interest rates on loans with friendly repayment terms.
• Good Service Turnaround Time.
• High returns on your deposits.
• Technologically advanced and digitally current.

Go to Shofco Sacco website and click on the link “JOIN US” to complete the online membership form and submit.

• Pay the joining fee of Kes. 500 & using our pay bill number 986562 with your ID number as the account number. 

Alternatively;

• You can fill a hardcopy membership form available at our office or the website www.shofcosacco.com under the downloads menu.
• Return the form to our customer care desk and make a deposit of the joining fee of Kes 500 and make minimum monthly contributions of 1000
• You can scan and send the documents to our email info@shofcosacco.com

You will need to complete a duly filled joining form, attach a copy of your ID, a passport photo, & a copy of KRA pin certificate. Submit after paying registration fees of Kes. 500 for admission.

A member needs to inform the society by filling in a withdrawal form giving the society 60 days’ notice.

The Sacco offers a broad range of financial products & services i.e. both savings and loan products. Visit the Sacco website link to get a glimpse. One must enroll as member to enjoy these products and services.

It is against credit policy to use member deposits for purposes of loan repayment. However, special consideration may allow use of member deposit for loan clearance under unique circumstances if it has been determined that the loan borrower has no capacity to pay up his/her loan(s). As a last resort. A member is only allowed to offset his loans against his deposits if he is ceasing to be a member. He must then pay off the loan balance immediately if any. Offsets are only done when a member has asked those he has guaranteed to seek for guarantor replacements.

Yes you can. Your membership is not tied to your employment/job. What is important is your ability to meet your Sacco obligations.

This can be accessed through:

• Annually Emails sent by the Sacco.
• The member portal.
• Through USSD Code *820# to check balances

YES. A member who transfers directly from another Sacco is immediately eligible for all benefits of a full member.

You can remit Sacco Savings through the below Channels.

• M-Pesa Paybill number 986562 Use your ID Number as account number. For specific Sacco account check the link for applicable codes
• Alternatively, use our bankers below:

Bank Transfers: Sacco`s often have bank accounts, and members can transfer funds directly to these accounts. You would need the Sacco’s bank details for this transaction. Kenya Commercial Bank- Kibra –Account Name SHOFCO SACCO SOCIETY LTD -1179391551

PAYBILL :986562

 ACCOUNT NO: ID (…).

You can pay extra contributions/ Loan repayment using MSHOFCO / MPESA or Bank deposits.

Shares continue earning dividends and can also be transferred/sold to another member.

After being a member for at least six months and have accumulated the minimum Share Capital.

Yes. You can have multiple loans at ago subject to your ability to pay and qualification in terms of your deposit’s (Loan is considered Up to 3times a member’s deposits). Total loans repayments should not exceed two thirds of the member’s salary and three times the member’s savings. However, a member cannot apply for the same loan facility that they are servicing unless they clear it, that is, if a member has a current running Development loan he/she is not eligible to apply for another development loan until he/she clears the loan balance to enjoy the same facility.

No interest or penalty is charged for clearing a loan earlier than the contracted period.

Yes, you can boost your deposits and apply for a loan immediately

• Fully completed loan application form 
• Guarantors who must be active members and have accumulated sufficient deposits for at least six months. 
• Guarantors’ and applicant’s deposits MUST be equal to or more than the loan applied for. 
• Employer MUST sign and rubber stamp the application form. 
• Outstanding loan by the applicant, MUST be cleared before a loan of the same kind is approved. 
• A most current pay slip certified by the applicant’s employer’s payroll officer, MUST be attached to the application. 
• Must have been an active member for at least six months.

No. Where one does not have guarantors, a member may provide alternative collateral like land Title deed or Motor vehicle logbook. A member may guarantee themselves up to 80% of their free deposits.

The maximum loan amount a member can be given at any one time is three times the member’s savings subject to their ability to pay as ascertained in their pay slips. A member must take home at least a third of his/her pay after all deductions.

A member with an existing loan, emergency loan is allowed to apply for a new emergency loan from which the society will recover the balance of the existing loan and give the member difference.

All loans attract an interest of 1% on reducing balance.