Magereza Sacco, established in 1971 by prison officers stationed at Shimo La Tewa Prison, is a licensed deposit-taking Sacco regulated by SASRA. It has grown to become one of the largest deposit-taking Saccos in Kenya, boasting an asset base exceeding 7.05 billion.
Membership Eligibility
Magereza Sacco draws its membership from the following groups:
- Ministry of Interior & Coordination of National Government – Correctional Services.
- Employees of other government ministries.
- Employees of parastatals with a salary check-off system.
- Spouses and offsprings of serving members.
- Retired members.
- Staff of Magereza Sacco Society.
Membership Requirements
To join Magereza Sacco, prospective members must:
- Fill out a membership application form, available for download on the Sacco’s website or from delegates, branch offices, or the head office.
- Attach a copy of their National ID.
- Pay a membership fee of Kshs 500.
- Fill out a next of kin/beneficiary form.
- Familiarize themselves with the Sacco’s by-laws.
- Make a minimum savings contribution of Kshs 2,000.
- Await approval by the Board of Directors for admission.
Membership Benefits
- Low-interest rates on loans.
- High-interest rates on deposits.
- Opportunity to build a cash reserve.
- Fast financing options.
- Attractive dividends on shares.
- Access to insurance products and services.
- Option for withdrawable savings.
Membership Rights
- Receive periodic statements of account, detailing individualised records of credit and debit.
- Attend and participate in general meetings, with each member having one vote irrespective of total shares.
- Elect or be elected to society positions unless legally prohibited.
- Utilize Sacco services as per approved policies and procedures.
- Submit project proposals or initiatives for consideration by the management committee.
Magereza Sacco Contacts
- Head Office: Mageso Chambers, Moi Avenue, Nairobi.
- Contacts: 0718 224 956 / 020 224 4138.
