Magereza Sacco, established in 1971, is a licensed deposit-taking Sacco regulated by the Sacco Societies Regulatory Authority (SASRA). Initially formed by prisons officers stationed at Shimo La Tewa Prison, Magereza Sacco has grown exponentially, now serving over 22,000 active members across the country. It derives its membership primarily from correctional institutions such as prisons and juvenile homes, as well as parastatals, government ministries, and family members of staff from these institutions.
With an asset base of more than Ksh 7.05 billion and a turnover of 596 million shillings, Magereza Sacco ranks among Kenya’s leading deposit-taking Saccos, providing both savings and credit services to its members.
Magereza Sacco Membership Eligibility
Membership at Magereza Sacco is open to individuals who meet specific criteria, with the final approval made by the Board of Directors. Upon admission, a one-time membership fee of Ksh 500 is required. Members enjoy various exclusive benefits, such as low-interest loans, high dividend rates, and access to diverse financial products and services.
Magereza Sacco Loans & Savings Products
Magereza Sacco offers a wide range of financial products to cater to its members’ savings and borrowing needs. These include:
- BOSA Products (Back Office Services Activities):
- Normal Loan
- Supersaver Loan
- Express Loan
- Branch Loans
- Benevolent Fund
- Super Loan
- Dividend Advance
- Msingi Loan
- Golden Loan
- MagFOSA Products (Front Office Services Activities):
- Ordinary Savings Account
- Fixed Deposit Account
- Bosa Loan Advance
- Jijenge Loan
- Salary Advance
- School Fees Loan
- Bankers Cheque
- Karibu Loan
- Re-financing Loan
- M-Banking
- Other Services: M-Pesa services, monthly salary/pension processing, standing orders, share boosting, and external loan offsetting.
List of Magereza Sacco Branches in Kenya
Magereza Sacco serves its members through various branches spread across the country. Below is a list of its branches along with their contact information:
- Head Office
- Location: Mageso Chambers, Moi Avenue, Nairobi
- Contacts: 0716 315 155, 0718 224 956
- Email: magereza@magerezasacco.co.ke
- Eldoret Branch
- Location: Post Bank House, Uganda Road, Eldoret Town
- Contacts: 0797 671 887
- Email: eldoret@magerezasacco.co.ke
- Mombasa Branch
- Location: Shimo La Tewa
- Contacts: 0716 853 257
- Email: mombasa@magerezasacco.co.ke
- Ruiru Branch
- Location: Prison Staff Training College, Ruiru Town
- Contacts: 0775 463 716
- Email: ruiru@magerezasacco.co.ke
- Kisumu Branch
- Location: Pioneer Building, Oginga Odinga Street, 2nd Floor, Room 205, Kisumu Town
- Contacts: 0775 613 113
- Email: kisumu@magerezasacco.co.ke
Magereza Sacco continues to offer its members a robust platform for savings and access to credit facilities across these branches. With its strong asset base and wide range of financial services, it remains committed to enhancing the financial well-being of its members nationwide.
