Magereza Sacco, a prominent deposit-taking Sacco licensed by the Sacco Societies Regulatory Authority, has been serving its members since its establishment in 1971. The organization primarily draws its membership from correctional institutions, including prisons and juvenile homes, as well as their staff’s immediate families, parastatals with salary check-off systems, and various government ministries. With over 22,000 active members, an annual turnover of 596 million shillings, and an asset base exceeding 7.05 billion shillings, Magereza Sacco stands as one of Kenya’s leading deposit-taking Saccos.
Membership Eligibility and Benefits
To join Magereza Sacco, applicants must receive approval from the Board of Directors and pay a one-time membership fee of Kshs 500. Members gain access to a wide range of exclusive financial products and services tailored to their needs, fostering financial growth and stability.
Savings and Credit Products
Magereza Sacco offers a diverse portfolio of savings and loan products through its Back Office Savings Activity (BOSA) and Front Office Savings Activity (FOSA) services.
BOSA Products
BOSA focuses on core savings and credit facilities, enabling members to build wealth and access loans. Available products include:
- Normal Loan
- Supersaver Loan
- Express Loan
- Branch Loans
- Benevolent Fund
- Super Loan
- Dividend Advance
- Msingi Loan
- Golden Loan
FOSA Products
FOSA operates like a banking service, offering members savings accounts and specialized credit options. Key products include:
- Ordinary Savings Account
- Fixed Deposit Account
- Bosa Loan Advance
- Jijenge Loan
- Salary Advance
- School Fees Loan
- Bankers Cheque
- Karibu Loan
- Re-financing Loan
- Mobile Banking
- Mpesa Services
- Monthly Salary and Pension Processing
- Standing Orders
- Share Boosting
- External Loan Offsetting
Magereza Sacco Branch Locations
Magereza Sacco operates several branches across Kenya to serve its members effectively. Below is a list of branch locations and contact details:
- Head Office
Location: Mageso Chambers, Moi Avenue, Nairobi
Contact: 0716 315 155, 0718 224 956
Email: [email protected] - Eldoret Branch
Location: Post Bank House, Uganda Road, Eldoret Town
Contact: 0797 671 887
Email: [email protected] - Mombasa Branch
Location: Shimo La Tewa
Contact: 0716 853 257
Email: [email protected] - Ruiru Branch
Location: Prison Staff Training College, Ruiru Town
Contact: 0775 463 716
Email: [email protected] - Kisumu Branch
Location: Pioneer Building, Oginga Odinga Street, 2nd Floor, Room 205
Contact: 0775 613 113
Email: [email protected]
READ MORE: Joining Port Sacco: Eligibility and Requirements Guide
