Overview
Founded in 1971 by prison officers stationed at Shimo La Tewa Prison, Magereza Sacco has grown into one of Kenya’s leading deposit-taking Savings and Credit Co-operative Societies. Registered and licensed in the same year, it operates under the oversight of the Sacco Societies Regulatory Authority (SASRA). With an asset base exceeding KES 7.05 billion, Magereza Sacco stands as a pillar of financial empowerment for its members.
Who Can Join?
Magereza Sacco welcomes a diverse range of individuals, including:
- Employees of the Ministry of Interior and Coordination of National Government (Correctional Services)
- Staff from other government ministries
- Employees of parastatals with a salary check-off system
- Spouses and children of active members
- Retired members
- Employees of Magereza Sacco Society
How to Become a Member
To join Magereza Sacco, applicants must complete the following steps:
- Complete the Application Form: Download the form from the Sacco’s website or collect it from delegates, branch offices, or the head office. Attach a copy of your National ID.
- Pay the Membership Fee: A one-time fee of KES 500 is required.
- Submit a Next of Kin Form: Designate your beneficiary by filling out the appropriate form.
- Understand the By-Laws: Familiarize yourself with the Sacco’s governing rules.
- Commit to Savings: Maintain a minimum monthly savings contribution of KES 2,000.
- Board Approval: Membership is finalized upon approval by the Board of Directors.
Benefits of Membership
Joining Magereza Sacco offers a range of financial advantages, including:
- Competitive loan interest rates
- Attractive returns on deposits
- Access to quick financing options
- Generous dividends on shares
- Insurance products tailored to members’ needs
- Flexible, withdrawable savings accounts
- Opportunity to build a substantial cash reserve
Member Rights
As a member, you are entitled to:
- Receive regular or requested statements detailing your account’s credits and debits
- Attend and vote at general meetings, with each member holding one vote regardless of shareholding
- Run for or vote in elections for society leadership, subject to applicable laws
- Access Sacco services in line with approved policies
- Propose projects or initiatives to enhance the society’s operations
Contact Information
For inquiries or to start your membership journey, reach out to Magereza Sacco:
Head Office: Mageso Chambers, Moi Avenue, Nairobi
Phone: 0718 224 956 / 020 224 4138
READ MORE: Magereza Sacco: Services and Branch Locations in Kenya
