Magadi Sacco Society is a licensed deposit-taking Sacco regulated by the Sacco Societies Regulatory Authority (SASRA). Established in 1977, it was initially formed to serve employees of Magadi Soda. The Sacco has since grown significantly, now catering to over 7,000 members and offering financial services to all Kenyans, including those in the diaspora.
Membership Eligibility
Membership is open to all Kenyans, categorized into:
1. Salaried Members
- Share Capital: Kshs 20,000.
- Minimum Monthly Contribution: Kshs 2,000.
- Loan Eligibility: After six months of membership.
2. Biashara Members
- Share Capital: Kshs 20,000.
- Minimum Monthly Contribution: Kshs 2,000.
- Loan Eligibility: After six months of membership.
Membership Requirements
- Complete a membership application form (available on the Sacco’s website or office).
- Copy of National ID/ Passport.
- One recent passport-size photograph.
- KRA PIN (copy or just the number).
- Registration Fee: Kshs 2,000 (non-refundable).
Membership Withdrawal
Members wishing to withdraw from the Sacco must follow these steps:
- Submit a written exit notice to the Sacco.
- If you have guaranteed any loan, ensure a replacement guarantor is provided.
- BOSA deposits are refunded within 60 days.
- Share capital can be retained, sold, or transferred to an existing member.
- If rejoining after withdrawal, a registration fee of Kshs 2,000 will apply.
Magadi Sacco Contacts
- Location: Magadi Town, PAM View Building.
- Contact: 0111 001 700.
