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.

Magereza Sacco Contacts

Head Office: Mageso Chambers, Moi Avenue, Nairobi.

Contacts: 0718 224 956/ 020 224 4138.

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