This article focuses on Metropolitan National Sacco membership eligibility and requirements. Metropolitan National Sacco is a deposit taking Sacco licensed and regulated by the Sacco Societies Regulatory Authority (SASRA).
It is one of the largest deposit-taking Saccos in Kenya with an asset base of more than 10.02 billion.
Metropolitan National Sacco Membership Eligibility
The Sacco’s membership is open to all. It mainly draws its membership from;
- Teachers Service Commission (TSC).
- Kenya Defense Forces (KDF).
- Government ministries.
- Parastatals.
- National Police Service.
- Business entities.
- Academic institutions.
Metropolitan National Sacco Membership Requirements
- A passport photo.
- A copy of your National ID.
- Kshs 1000 membership registration fee.
- Recent payslip for the employed.
Metropolitan National Sacco Products
(a). Banking (Front Office)
(i). M-metro Cash
- It assists the sacco members whose salaries are channelled through FOSA section.
- Interest rate is 10% per month.
- Maximum repayment period is one month.
(ii). Salary Account
- Assists employed persons who want to enjoy benefits of passing their salary through the Sacco.
(iii). FOSA Personal Loan
- Assists existing members who have some projects going on and have their salaries passing through FOSA.
- Interest rate is 1.5% per month.
(iv). FOSA School Fees Loan
- Assists existing members who require to pay school fees and have their salaries passing through FOSA.
- Interest rate is 1.5% per month.
- Maximum repayment period is 12 months.
(v). Salary/ Pension Advance Loan
- Assists existing members who require an immediate need for cash and have their salaries or pension passing through FOSA.
- Interest rate is 10% per month.
- Maximum repayment period is 6 months.
(b). Savings & Loans (Back Office)
(i). Fixed Deposit Account
- Assists members who want to invest in short term savings.
- Negotiable interest rates on fixed deposits.
(ii). Group Chama Account
- Is meant for groups that want to grow their savings through the sacco.
(iii). FOSA Junior Account
- It is an account for the children of members.
- No charges are levied.
(iv). Dhahabu Investment Plan
- It is a hybrid fixed deposit account.
- Interest rate is negotiable depending on the amount deposited.
(v). Normal Loan
- Assists members who have development projects to undertake.
- Effective interest rate of 6.5%.
- Maximum repayment period is 36 months.
(vi). Emergency Loan
- Assists existing members who have emergency need for funds.
- Effective interest rate is 6.5%.
- Maximum repayment period is 12 months.
(vii). Biashara Account
- It is meant for entrepreneurs and members of the sacco who have active businesses.
Metropolitan National Sacco Contacts
Head Office: Ground Floor, Chai House, Koinange Street, Nairobi.
Contacts: 0709 641 000/ 0736 086 295.
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