Sacco Membership Composition
Shelloyees Sacco membership currently stands at over 750 members drawn from VIVO Energy Kenya, Solvochem East Africa, Salems Limited, Tropical Focus, KFC, SIBED Transporters, Manpower Networks, INSIGNIA and Kiter Engineering.
Membership Eligibility:
A person of either sex shall be eligible for membership of the society who possesses the following qualifications:-
- Is within the field of membership of the common bond which is Vivo Energy Kenya Ltd and former Sister companies which include; Colas East Africa Limited, Solvochem East Africa, Salems Limited, Shell & Vivo Lubricants Limited, KFC, SIBED Transporters, Manpower Networks, INSIGNIA and Kiter Engineering and/or;
- Is an employee of select corporate institutions that have been vetted and approved by the Management committee or an employee of companies contracted by the above common bond companies and/or;
- Is an immediate family member to an existing member of the society and/or;
- Is an employee of the society or related investment of the Society.
- Is not less than 18 years, or minor member admitted under special circumstances.
- Is of good character.
- Is not a member of another society having similar objects?
Requirements for qualification for a loan.
- A member must have completed six (6) months membership and contributed a Minimum of KSh.20, 000.00 in deposits. An account that has been dormant must be regularized i.e. make monthly contributions for a period of six (6) months before the Member is considered for a loan.
- A member who withdraws and re-joins the society will be treated as a new member
- Lump sum deposits outside the normal monthly contributions shall remain in the Society for at least three (3) months to qualify for any loan. A lump sum deposit is a sudden increase in contributions that has not been consistent for at least three (3) months
- Member’s eligibility and sanction of loan shall be guided by assessment of character, Capital, collateral, capacity to repay and adherence to the conditions of Loan