This article focuses on Magadi Sacco membership eligibility and requirements. Magadi Sacco Society is a deposit-taking Sacco registered and regulated by the Sacco Societies Regulatory Authority (SASRA).
The Sacco began its operations in 1977 following its registration under the Co-operative Societies Act, with the objective of providing a mechanism for the then Magadi Soda employees to save and borrow at low cost in order to meet their socio-economic needs.
The Sacco’s membership has grown from the initial 50 members in 1977 to over 7,000 members in 2022. In the same period, members’ deposits have grown from less than Kshs 50,000 to over Kshs 570 million while the asset base of the sacco has grown to over Kshs 830 million.
Magadi Sacco Membership Eligibility
The membership of the Sacco is open to all. All Kenyans (both in the country and diaspora) can join the Sacco.
Individual membership is categories into;
(i). Salaried Members
- Share capital is Kshs 20,000.
- Minimum monthly contribution- Kshs 2,000.
- Loan eligibility is after 6 months.
(ii). Biashara Members
- Share capital is Kshs 20,000.
- Minimum monthly contribution- Kshs 2,000.
- Loan eligibility is after 6 months.
Magadi Sacco Membership Requirements
- Complete membership application form which can be downloaded from the Sacco’s website or obtained from the office.
- Copy of National ID/ passport.
- One recent passport size photograph.
- KRA PIN (copy or just the number).
- Registration fees of Kshs 2,000 (both salaried and biashara).
Membership Withdrawal
Should a member wish to withdraw from the Sacco, the exit procedure is as below;
- Write an exit notice and submit it to the sacco.
- If you are a member withdrawing from the Sacco and you have guaranteed any loan, the member should find an alternative guarantor replacement.
- BOSA deposits are refunded within 60 days.
- Members may opt to retain share capital or sell/ transfer to an existing member.
- Registration fee is non-refundable.
- In case one wishes to rejoin the sacco after exit, they will be required to pay the registration fee of Kshs 2,000.
Magadi Sacco Contacts
Location: Magadi Town, PAM View Building.
Contact: 0111 001 700.
