How To Join Law Society Of Kenya (LSK) Sacco

How To Join Law Society Of Kenya (LSK) Sacco

To offer savings and credit facilities to Law Society of Kenya (LSK) members, LSK Sacco was formed on 15th July 1986.

Its formation was an idea of the Council of the Law Society of Kenya, but the common bond has since gone beyond the society to include staff of legal-oriented organizations, employees and spouses of advocates, and anyone working in the administration of justice in Kenya.

LSK Sacco hit a slow or no growth for about two decades. The membership stood at about 675 in 2004 from 100 members in 1986, with membership deposit at around Kshs40 million at the end of 2004. The stagnation created difficulty in marketing the Sacco until 2005, when it made a deliberate effort to move things forward.

The Sacco got back on track after the supervisory committee did an in-depth analysis and revamped the management systems. The membership currently stands at 6,200 with an asset base of over Kshs1 Million, with members’ deposits standing at over Ksh924 Million and a loan book of over Ksh960 Million.

How to Become a Member Of LSK Sacco

Membership of LSK Sacco is open to anyone above 18 years of age, including LSK members, their spouses, and employees. Becoming a member is simple and includes the following process:

a) Fill out the Membership Form

You will fill out a membership application form to capture your necessary basic yet essential information, such as your full name, physical address, phone number, gender, and your email address, among some vital information. Filling out membership forms is a common step into joining any Sacco. The process is less complicated.

b) Attach a Copy of Passport Or National ID

Your national identity is an official transaction document for any severe engagement in Kenya. It is, therefore, an essential requirement when acquiring Sacco membership. There is an option of using your official passport copy in place of your ID.

c) Attach Two Recent Passport Photos

Your Sacco member’s profile will be created if your membership goes through. The Sacco will need to place your photo on your profile, hence the need to attach two of your recent passport-size photographs. Another copy will be used in producing your membership card.

d) Pay Membership Fee 

The membership fee helps in processing your registration. LSK Sacco charges Ksh1,000 for the membership fee. The amount is not payable in cash by cheque or cheque deposit. The amount also shows how committed you are to acquiring the membership and cooperating as a member of the Sacco.

e) Contributing Monthly Savings

Why would you want to join a sacco, yet several other financial institutions exist? It is because Saccos has affordable and more flexible loans. If you qualify for the loans, you must contribute monthly savings to the Sacco.

The more money you save, the higher the loan limits you may qualify for. The savings are refundable if you quit the Sacco upon giving written notice.

f) Pay the Minimum Share Capital

LSK Sacco charges Ksh10,000 as share capital. Maintaining a minimum share capital in a Sacco is a requirement by law besides earning you an annual dividend at an interest rate. While you become a lifetime member by paying the amount, you also become a co-owner or shareholder of the Sacco.

However, it is good to note that, unlike the savings you get back when your membership ceases, the share capital is non-refundable. 

In Conclusion,

Though the Law Society of Kenya Savings and Credit Society experienced hiccups in its management system at a certain point, it has since picked up and is offering some of the best financial services in the sector.

The membership is growing steadily with its financial products transforming the lives of many members economically.



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