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Finance & Investment

Magadi Sacco Membership Eligibility & Complete List of Requirements

  • BY waceke
  • September 29, 2024
Magadi Sacco

Magadi Sacco Society is a deposit-taking Sacco that has been a vital financial institution for its members since its inception in 1977. Initially formed to serve the employees of Magadi Soda, the Sacco was created to offer a platform for saving and borrowing at affordable rates. Over the years, Magadi Sacco has expanded its services beyond its original scope, welcoming members from various sectors and growing its membership to over 7,000 by 2022.

With its roots firmly planted in empowering members to achieve their socio-economic goals, the Sacco operates under the regulation of the Sacco Societies Regulatory Authority (SASRA), ensuring that it adheres to strict financial standards while providing quality services to its members.

Magadi Sacco Growth and Achievements

Since its humble beginnings with just 50 members, Magadi Sacco has experienced tremendous growth. Members’ deposits have increased from less than Ksh 50,000 to over Ksh 570 million, while the Sacco’s asset base has grown to Ksh 830 million. This steady expansion reflects the trust members have placed in the Sacco and its commitment to delivering value through savings, loans, and other financial products.

Magadi Sacco Membership Eligibility

Magadi Sacco welcomes all Kenyans, including those residing in the diaspora, to become members. Membership is divided into two primary categories: Salaried Members and Biashara Members.

  1. Salaried Members
    • Share capital requirement: Ksh 20,000.
    • Minimum monthly contribution: Ksh 2,000.
    • Loan eligibility: Members become eligible for loans after six months of contributing.
  2. Biashara Members
    • Share capital requirement: Ksh 20,000.
    • Minimum monthly contribution: Ksh 2,000.
    • Loan eligibility: Similar to salaried members, biashara members qualify for loans after six months.

Magadi Sacco Membership Requirements

To join Magadi Sacco, prospective members must meet the following requirements:

  • Complete a membership application form, available for download from the Sacco’s website or at their office.
  • Provide a copy of their National ID or passport.
  • Submit one recent passport-size photograph.
  • Include a copy of their KRA PIN (or just the number).
  • Pay a non-refundable registration fee of Ksh 2,000 (for both salaried and biashara members).

Membership Withdrawal

If a member wishes to exit the Sacco, they need to follow the outlined exit procedure:

  1. Write and submit an exit notice to the Sacco.
  2. If the member has guaranteed any loan, they must find a replacement guarantor before their withdrawal can be processed.
  3. BOSA deposits are refunded within 60 days of withdrawal.
  4. Members may retain their share capital, sell, or transfer it to an existing member.
  5. The registration fee is non-refundable.
  6. If a former member wishes to rejoin the Sacco after withdrawal, they will be required to pay the registration fee of Ksh 2,000 again.

Magadi Sacco Contacts

For inquiries or more information about becoming a member of Magadi Sacco, you can contact them using the details below:

  • Location: Magadi Town, PAM View Building
  • Contact: 0111 001 700

Magadi Sacco continues to be a reliable financial partner for its members, offering them opportunities to save, invest, and borrow in a secure and regulated environment. Whether you’re a salaried employee or a business owner, Magadi Sacco provides the financial tools needed to help you achieve your goals.