CHUNA SACCO Ltd was established in the year 1976. The principal objective/function of the sacco is:
- To afford its members an opportunity to save money.
- To offer credit facilities to members. A pool of savings created from where various types of loans are issued to members.
A variety of services are offered through the Back Office Service
Activities (BOSA) and Front Office Service Activities (FOSA) i.e. both
BOSA and FOSA form up CHUNA SACCO. SACCOs are now regulated or supervised by the Sacco Society Regulatory Authority (SASRA). The authority has put minimum standards for sacco’s like CHUNA to meet.
One of the standards which sacco’s must endeavor to meet is the capital adequacy ratio. For Chuna Sacco, it is expected to meet the capital adequacy ratios by end of 2014.
Towards achieving the ratio, members are expected to raise shares in one
of the following ways:
- Contribute (by paying cash at Chuna office) any amount of money that one can afford. The payout can be done immediately one gets salary.
- Somebody can come to Chuna and pledge a monthly deduction from salary of say Kshs 500/= (Kenya Shillings Five Hundred only) or more to go towards share capital.