Metropolitan National Sacco is one of Kenya’s largest and most reliable deposit-taking Sacco societies, with an asset base exceeding Ksh 10.02 billion. Licensed and regulated by the Sacco Societies Regulatory Authority (SASRA), it offers members a range of financial services and products tailored to their needs. In this article, we focus on the eligibility and requirements for becoming a member of the Metropolitan National Sacco and explore some of the Sacco’s products.
Metropolitan National Sacco Membership Eligibility
Metropolitan National Sacco has a membership policy that is open and inclusive, making it accessible to various groups across Kenya. Here are the key categories of individuals eligible to join the Sacco:
- Teachers Service Commission (TSC) Employees: Teachers and educators employed under the TSC are a significant segment of the Sacco’s membership.
- Kenya Defense Forces (KDF): Military personnel serving in the Kenyan armed forces can become members.
- Government Ministries Employees: Civil servants working in different government ministries can join the Sacco.
- Parastatal Employees: Those working for state corporations and parastatals are eligible for membership.
- National Police Service Officers: Members of the National Police Service are welcome to join the Sacco.
- Business Entities and Entrepreneurs: Businesspeople seeking to grow their businesses through savings and loans can also become members.
- Academic Institutions: Employees and staff of educational institutions are encouraged to join.
The Sacco draws from a diverse pool of members, offering its services to individuals from different walks of life and sectors, with a particular focus on public sector employees.
Metropolitan National Sacco Membership Requirements
To become a member of the Metropolitan National Sacco, there are several basic requirements that must be met:
- A Passport Photo: A recent photo for identification purposes.
- Copy of National ID: Proof of Kenyan citizenship and identity.
- Ksh 1000 Membership Registration Fee: A non-refundable membership fee to officially join the Sacco.
- Recent Payslip: This is required for employed individuals who are enrolling, especially those whose salaries will be managed through the Sacco.
Once these documents and requirements are fulfilled, you can become an active member and start enjoying the wide array of financial products and services offered by the Sacco.
Metropolitan National Sacco Products
The Metropolitan National Sacco provides a variety of financial products aimed at supporting members in managing their finances and achieving their personal or business goals. These products are divided into two categories: Front Office Services (FOSA) and Back Office Services (BOSA).
(a) Front Office Services (FOSA)
- M-Metro Cash: This product is designed for Sacco members whose salaries are processed through FOSA. It offers short-term loans at an interest rate of 10% per month, with a maximum repayment period of one month.
- Salary Account: A specialized account for employed individuals who wish to benefit from having their salary managed through the Sacco.
- FOSA Personal Loan: This loan product helps existing members finance ongoing personal projects, offering an interest rate of 1.5% per month.
- FOSA School Fees Loan: Targeted at members needing school fees assistance, this loan has a 1.5% interest rate and a repayment period of up to 12 months.
- Salary/Pension Advance Loan: Ideal for members facing urgent financial needs, this product offers loans at a 10% interest rate, repayable within six months.
(b) Back Office Services (BOSA)
- Fixed Deposit Account: A product for members interested in short-term savings with negotiable interest rates depending on the amount deposited.
- Group Chama Account: Specifically designed for groups looking to grow their collective savings through the Sacco.
- FOSA Junior Account: This account is tailored for children of Sacco members, with the added benefit of no transaction charges.
- Dhahabu Investment Plan: A hybrid fixed deposit account offering negotiable interest rates based on the amount deposited.
- Normal Loan: This product supports members undertaking development projects. It has a favorable interest rate of 6.5% and a maximum repayment period of 36 months.
- Emergency Loan: Members facing unexpected financial difficulties can access emergency loans at a 6.5% interest rate, with a repayment period of up to 12 months.
- Biashara Account: This is designed for members who are entrepreneurs or business owners, offering tailored solutions to support business growth.
Metropolitan National Sacco Contacts
The Sacco’s head office is located at Chai House, Ground Floor, Koinange Street, Nairobi. For inquiries, you can reach them via the following contacts:
- Phone: 0709 641 000 / 0736 086 295
Conclusion
Metropolitan National Sacco offers a range of financial services, from savings accounts to personal loans, all aimed at helping members achieve their financial goals. Whether you are a public sector employee, business owner, or just someone looking for a safe place to save, the Sacco provides a secure and efficient platform. By meeting the simple membership requirements, you can access these products and start your journey toward financial independence with Metropolitan National Sacco.
