Magereza Sacco Membership Eligibility & Requirements

This article focuses on Magereza Sacco membership eligibility and requirements. Magereza Sacco was started in 1971 by a section of prisons officers then stationed at Shimo La Tewa Prison. In the same year, it was registered and licensed as a limited Savings and Credit Co-operative Society.

The Sacco is licensed by the Sacco Society Regulatory Authority (SASRA) as a deposit-taking Sacco. It is one of the largest deposit-taking Saccos in Kenya with an asset base of more than 7.05 billion.

Membership Eligibility

Membership is drawn from;

Ministry of Interior & Coordination of National Government- Correctional Services.
Other government ministries.
Parastatals with salary check off system.
Spouses and offsprings of serving members.
Retired members.
Staff of Magereza Sacco Society.

Membership Requirements

Filling in a membership application form and attaching a copy of National ID. The membership form can be downloaded from the Sacco’s website or obtained from delegates, branch offices as well as the head office.
Payment of a membership fee of Kshs 500.
Filling in a next of kin/ beneficiary form.
Familiarisation with the sacco by-laws.
Minimum savings contribution is Kshs 2,000.
An applicant shall be admitted to membership on approval by the Board of Directors.

Membership Benefits

Low interest rates on loans.
High interest rates on deposits.
Build a cash reserve.
Fast financing.
Attractive dividends on shares.
Insurance products and services.
Withdrawable savings.

Membership Rights

Receive, periodically and regularly or upon request and at least once a year, a statement of accounts containing the individualised record of her/his credit and debit.
Attend and participate at a general meeting. Each member shall have one vote irrespective of the member total shares.
Elect or be elected as a member of the society unless otherwise prohibited by any other law.
Use the society services according to the policies and procedure approved by the management.
Submit project or initiatives to the management committee, for improvement of the society.