History of LSK SACCO Society Ltd
LSK Sacco was registered on 15th July 1986 to provide savings and credit facilities to members of the Law Society of Kenya. The formation was an idea conceived by the Council of the Law Society of Kenya. The common bond has since expanded to include spouses and employees of advocates, staff of legal oriented organisations or anyone working in the administration of justice in Kenya.
The Sacco growth was stifled for many years after its formation. There was little or no growth in all key fundamentals of the Sacco for almost two decades. From 100 members in 1986, membership stood at about 675 in 2004 with very few being active, and member’s deposit stood at Kshs. 40,886,361 as at the end of 2004. This made it difficult to sell the Sacco to would be members. In the year 2005, the Sacco made a deliberate effort to turn around things. The Supervisory Committee comprising Of Lawrence Mugambi Mungania, Derek Kioko Ndonye and Stella Katuku Muendo did an in-depth analysis of the Sacco records and ‘systems’ and produced reports that revealed systemic weaknesses in the management of the Sacco affairs which were promptly addressed.The Sacco started adopting basic management systems and governance policies that steadied operations. The SACCO also developed a strategic plan (2006-2011) that gave direction to its operations, enhanced human resource capacity and reviewed governance structure which led to proper book-keeping, accurate financial reports and records. There was an injection of fresh blood into the human resource and governance structure of the Sacco. Proper book-keeping and better financial reports and records were produced.
After addressing the “dwarfing” challenges and guided by the 1stStrategic Plan (2006-2011), confidence re-kindled and the Sacco’s key fundamentals started to grow steadily with the support of the members and the successive councils of the Law Society of Kenya. The Sacco developed a 2nd Strategic Plan (2011-2016) and deepened reforms, boosted operations, and growth has since been exponential. Currently, membership stands at over 7,600 with a deposit base of Kshs. 924,803,254, an asset base of Kshs. 1.26 Billion and a loan book of Kshs 1.1 Billion. For the last 3 years the Sacco has given interest on deposits of 8%, 9% and 9% respectively.The first ever interest on deposits was paid in 2006 at 3%.
The next phase of growth will be anchored in our next (3rd) Strategic Plan (2017-2021). It will seek to entrench, cement and sustain this growth, all systems and human resource capacities. It will also endeavor to sharpen LSK Sacco as a respected brand as she opens her common bond fully to all. In particular, the Sacco will strengthen her management and governance structures/policies for posterity. We are confident that LSK Sacco will soon mature to be the most valued choice for members of the administration of justice in Kenya and soon to the general public.