Magadi Sacco: Membership Eligibility and Financial Services

About Magadi Sacco

Magadi Sacco Society is a deposit-taking Sacco registered and regulated by the Sacco Societies Regulatory Authority (SASRA). Established in 1977 under the Co-operative Societies Act, it was initially created to provide affordable savings and credit solutions for employees of Magadi Soda Company.

Growth and Performance

• Membership: Grew from 50 members (1977) to over 7,000 members (2022).
• Deposits: Increased from less than Kshs 50,000 to over Kshs 570 million.
• Asset Base: Expanded to over Kshs 830 million, reflecting strong financial stability.

Membership Eligibility

Magadi Sacco welcomes all Kenyans, including:

• Salaried employees
• Business owners (Biashara members)
• Diaspora Kenyans

Membership Categories

1. Salaried Members

• Share Capital: Kshs 20,000
• Minimum Monthly Contribution: Kshs 2,000
• Loan Eligibility: After 6 months of consistent savings

2. Biashara Members (Self-Employed)

• Share Capital: Kshs 20,000
• Minimum Monthly Contribution: Kshs 2,000
• Loan Eligibility: After 6 months of consistent savings

Membership Requirements

To join, applicants must provide:

1. Completed membership application form (available on the Sacco’s website or at the office).
2. Copy of National ID/Passport.
3. One recent passport-sized photograph.
4. KRA PIN (copy or number).
5. Registration fee of Kshs 2,000 (for both salaried and business members).

Membership Withdrawal Process

If a member wishes to exit, the following steps apply:

1. Submit a written exit notice to the Sacco.
2. Replace any loan guarantees (if applicable).
3. BOSA deposits refunded within 60 days.
4. Option to retain or transfer share capital.
5. Registration fee is non-refundable.
6. Rejoining requires a new registration fee (Kshs 2,000).

Contact Information

Location: Magadi Town, PAM View Building.
Phone: 0111 001 700

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