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Magereza Sacco Membership Eligibility & Requirements

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:

  1. Ministry of Interior & Coordination of National Government – Correctional Services.
  2. Employees of other government ministries.
  3. Employees of parastatals with a salary check-off system.
  4. Spouses and offsprings of serving members.
  5. Retired members.
  6. Staff of Magereza Sacco Society.

Membership Requirements

To join Magereza Sacco, prospective members must:

  1. Fill out a membership application form, available for download on the Sacco’s website or from delegates, branch offices, or the head office.
  2. Attach a copy of their National ID.
  3. Pay a membership fee of Kshs 500.
  4. Fill out a next of kin/beneficiary form.
  5. Familiarize themselves with the Sacco’s by-laws.
  6. Make a minimum savings contribution of Kshs 2,000.
  7. Await approval by the Board of Directors for admission.

Membership Benefits

  1. Low-interest rates on loans.
  2. High-interest rates on deposits.
  3. Opportunity to build a cash reserve.
  4. Fast financing options.
  5. Attractive dividends on shares.
  6. Access to insurance products and services.
  7. Option for withdrawable savings.

Membership Rights

  1. Receive periodic statements of account, detailing individualised records of credit and debit.
  2. Attend and participate in general meetings, with each member having one vote irrespective of total shares.
  3. Elect or be elected to society positions unless legally prohibited.
  4. Utilize Sacco services as per approved policies and procedures.
  5. 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.

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