Fundilima Sacco Society was registered on January 5, 1982 under the Co-operative Societies of the Laws of Kenya, with a membership of 126. The objectives of the society were to enable members save and borrow wisely depending on the member’s needs and ability to repay. As at December 31, 2014 the membership as per the members register stood at 1,952.
The society’s membership is largely drawn from the employees of Jomo Kenyatta University of Agriculture and Technology and the society’s employees besides those members who have changed from the common bond and employees of organizations operating or networking with the University (JKUAT).
Since its inception, the Society has undergone very tremendous growth as evidenced by the following statistics:
- Loans to members stood at an average of Kshs. 33 million per month.
- Monthly remittance from the Jomo Kenyatta University and Agriculture and Technology at an average of kshs. 26 million per month.
- The society’s operations are substantially computerized.
The main objective of the society is to facilitate savings and at the same time giving loans to the members. The society gives 7 types of loans:
The society’s supreme authority is the Annual General Meeting and Special General Meeting, which elects the Board of Directors and the Supervisory committee from within the general membership. The Board of Directors is composed of nine members who governs the society on behalf of the general membership and hires the society employees; on the other hand, the Supervisory committee is composed of three members who act as the watch dog for the members. The Board of Directors delegates its functions to various committees which include Administration and Finance, Credit, Education, Audit and Tender/Investment.
The CEO and the other staff are responsible for day to day running of the society on behalf of the Board of Directors.