Magereza Sacco, founded in 1971 by a group of dedicated prisons officers stationed at Shimo La Tewa Prison, has grown to become one of Kenya’s largest deposit-taking Sacco. Registered and licensed as a limited Savings and Credit Cooperative Society in the same year, it is now licensed by the Sacco Societies Regulatory Authority (SASRA) with an impressive asset base exceeding Ksh 7.05 billion.
This article outlines the eligibility criteria and requirements for membership in Magereza Sacco, which is committed to empowering its members through robust financial services.
Membership Eligibility
Magereza Sacco draws its membership from several key groups, including:
- Ministry of Interior & Coordination of National Government: Specifically, those in Correctional Services.
- Other Government Ministries: Employees seeking financial services.
- Parastatals: Organizations with a salary check-off system.
- Family Members: Spouses and offspring of serving members.
- Retired Members: Those who have previously served within the system.
- Staff of Magereza Sacco Society: Employees working directly for the Sacco.
Membership Requirements
To become a member of Magereza Sacco, applicants must fulfill the following requirements:
- Membership Application Form: Complete a membership application form and attach a copy of your National ID. This form can be downloaded from the Sacco’s website or obtained from delegates, branch offices, and the head office.
- Membership Fee: Payment of a membership fee amounting to Ksh 500.
- Next of Kin/Beneficiary Form: Fill in a form indicating your next of kin or beneficiary.
- Familiarization with By-Laws: Members should familiarize themselves with the Sacco’s by-laws.
- Minimum Savings Contribution: A minimum savings contribution of Ksh 2,000 is required.
- Board Approval: Membership is granted upon approval by the Board of Directors.
Membership Benefits
Joining Magereza Sacco comes with a range of benefits designed to enhance financial well-being:
- Low Interest Rates on Loans: Members can access loans at competitive interest rates.
- High Interest Rates on Deposits: Enjoy attractive returns on savings.
- Build a Cash Reserve: Create a financial cushion for emergencies.
- Fast Financing: Quick access to funds when needed.
- Attractive Dividends on Shares: Members receive dividends based on their investments.
- Insurance Products and Services: Comprehensive coverage options for members.
- Withdrawable Savings: Flexibility to access savings as needed.
Membership Rights
Members of Magereza Sacco enjoy specific rights that empower them within the organization:
- Account Statements: Receive a personalized statement of accounts regularly or upon request, at least once a year.
- General Meetings: Attend and participate in general meetings, with each member having one vote, regardless of the number of shares held.
- Elections: Elect or be elected as a member of the society unless prohibited by other laws.
- Access to Society Services: Utilize Sacco services as per management-approved policies and procedures.
- Project Submissions: Present projects or initiatives to the management committee aimed at improving the society.
Magereza Sacco Contacts
For further information or assistance, you can contact Magereza Sacco:
- Head Office: Mageso Chambers, Moi Avenue, Nairobi.
- Contacts: 0718 224 956 / 020 224 4138.
Magereza Sacco continues to play a vital role in the financial empowerment of its members, providing a solid platform for savings, loans, and investment opportunities. With its robust structure and commitment to member service, it remains a beacon of support for individuals within the correctional services and beyond.
