Shofco Sacco won a total of six awards at the International Co-operative Day held at Safari Park Hotel in Nairobi.

The Sacco, which has over 20,000 members, was named Best Managed Non-Deposit Taking Community Sacco and the Most Improved Non-Deposit Taking Community Sacco.

The lender also emerged position one in the Most Improved Non-Deposit Taking Community Sacco and Most Improved Countrywide categories.

“We are delighted to have achieved a remarkable success by winning six awards during this year’s the International Co-operative Day. We are proud of this collective achievement and look forward to continued success,” Shofco Sacco Chairman Dr. Kennedy Odede said.

The Sacco also scooped position two and three in Best in Credit Management Non-Deposit Taking Community Sacco and Most Efficient Non-Deposit Taking Community Sacco categories respectively.

“Our membership has grown many-fold and we are glad that our Sacco is changing lives in informal settlements and rural communities across Kenya,” Odede stated.

The Sacco Chairman said the lender focuses on supporting people at the bottom of the economic pyramid which banks term as high risk.

“We are one of the largest and fast growing Saccos in Kenya. We are banking those who don’t have jobs, boda boda riders, mama mbogas and all those at the bottom of the economic pyramid.

“These are people who are seen as high risk, but we see them as high opportunity and they have never let us down,” Dr. Odede said.

The Shofco boss also said the Sacco has grown from 10 members to over 20,000 members in the past seven years.

“Even with this membership, we are still below the icebag. This is because we have over two million Shofco Urban Network members across the country who are eligible to become Sacco members,” he said.

In March this year, the Sacco launched digital platforms to enable its members to enjoy seamless banking.

The Sacco now transact its businesses via Mobile App, USSD Code and Website, enabling its customers to borrow and deposit money in real time.

The platforms were launched during the Sacco’s Seventh Annual Delegates Meeting held in Kibera.

The Sacco gave out loans worth Ksh272million in 2023 up from 148million it disbursed in 2022, registering an increase of 83 per cent.

The lender’s assets increased from Ksh231million in 2022 to Ksh389million in 2023.

The Sacco has branches in Kibera, Mathare, Mukuru kwa Njenga, Kwangware, Bangladesh in Mombasa and Kakamega.

Last year, the Sacco opened state-of-the-art headquarters in Kibera.

The Sacco has so far disbursed over Ksh1billion in form of loans to its members since its inception seven years ago, enabling them to start and grow businesses, take their children to school and buy assets.

At least 86 per cent of the Sacco’s members are women who are major economic drivers in the slums.

“Women are transformative leaders and Shofco Sacco is giving them top priority during loan disbursement,” Dr. Odede said.

The Sacco, which was founded in 2015, allows residents of informal settlements to access credit without collaterals as long as they have savings as little as Ksh1000 for community members and Ksh2000 for salaried members.

Groups are allowed to save as little as Ksh2000.

The Sacco offers different categories of loans ranging from Long-term Loans, Short-term Loans and Mobile Loans.

Under its Long-term Loans, the lender gives Bridging Loan at an interest rate of 1% per month, Super Premium Loan (10%), Car Loan (15%), YASAR Loan (10%), Business Loan (1%), Asset Financing Loan (1%), and Development Loan (1%).

Customers interested in taking Short-term loans have a variety of products to choose from.

For example, the Sacco offers Education Loan at an interest rate of 1% per month, Emergency Loan (1%), Household Loan (1%), LPO Financing Loan (10%), Pamoja Loan (10%), Qaribu Loan (10%), Advance Loan (10%), Divided  Advance Loan (10%), Easter Loan (10%), Quick Fix Loan (5%), Vuka Loan (10%), and X-mass Loan (10%).

For those interested in mobile loans, the lender has a variety of products which include Chap Chap Loan and M-SHOFCO Loan at an interest of 10% and 7.5% interest per month respectively.

All loans are payable at reducing balance. This means, the interest is calculated as per the outstanding principal amount after each repayment.

The loans can be applied online through the Sacco Website, Mobile App and USSD Code.