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 History
Sheria Sacco Society Ltd is a Savings and credit cooperative
society formally registered in 1972. 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 Loan
The 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 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: bosa@sheriasacco.coop
or fosa@sheriasacco.coop
This is so,am really happy to be member.. Thank you
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