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.
Magereza Sacco Contacts
Head Office: Mageso Chambers, Moi Avenue, Nairobi.
Contacts: 0718 224 956/ 020 224 4138.
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