Magereza Sacco is among the best Saccos to join in Kenya. It draws members from the police and related security organs. Below are the important details about the Sacco:
Membership Eligibility
The membership is drawn from:
- Ministry of Interior and Coordination of National Government – Correctional Services
- Other government ministries
- Parastatals with salaries check off system
- Spouses and offsprings of serving members
- Retired members
- Staff of Magereza Sacco Society Ltd.
An applicant shall be admitted to membership on approval by the Board of Directors. A membership fee of Kshs.500/ is paid on admission.
Download our Membership registration form or you can obtain it through the delegates, in our branch offices as well as at the Sacco’s Head office.
Membership rights
Subject to these by-laws, policies, stardards, values and procedures, all members shall have the rights to use the society services and exercise the rights established by the acts, the rules and the by-laws. The members are entitled but not limited to:
- Receive, periodically and regularly, or upon request, and at least once a year, a statement of accounts containing the individualized record of her/his credit and debit
- Attend and participate at a general meeting. Each member shall have one vote irrespectively of the member total share
- Elect or be elected as a member of the society unless otherwise prohibited by any other law
- Use the society services according to the policies and procedures approved by the management
- Submit project or initiatives to the management committee, for improvement of the society
- All other rights are prescribed by the Act.
Members obligations
In compliance with the Act, members of the society are obliged to:
- Attend meeting and take part in decision making
- Show good co-operation
- Inform non-members and encourage them to join the Sacco
- Bring out problems affecting the society
- Participate in society projects both financially and attend education meetings and seminars organized by the society and other organizations approved by the management
- Make use of the services of the society as stated in the object of the society.
- Comply with these by-laws, the co-operative society act, the rules and the general meeting
Super Loan
- Minimum loan amount is Ksh.300,000
- Maximum repayment period is 60 months
- Interest rate is 1.17% pm on amortization
Supersaver Loan
- Granted at four times the member’s deposit
- Applies to members with deposits 200,000/- and above
- Maximum repayment period is 48 months
- Interest rate is 1% p.m on reducing balance
Normal loan
- Granted at three times the member’s deposit
- Maximum repayment period is 36 months
- Interest rate is 1% p.m on reducing balance
Msingi Loan
- Granted for newly recruited members
- Maximum repayment period is 48 months
- Payable interest of 1% p.m on reducing balance
- Processing fee of Ksh.500 is applicable
- Loan is granted once in membership life
Branch Loans
- It caters for emergency needs
- Maximum repayment period is 18 months
- Interest rate is 1% p.m on reducing balance
Express Loan
- Tailored for members with urgent financial needs
- Maximum processing period is 2 days
- Interest rate is 1% p.m on reducing balance
Golden Loan
- Minimum loan amount is Ksh.400,000
- Maximum repayment period is 72 months (6 years)
- Minimum deposit is Ksh. 250,000
- Interest rate is 1.25% p.m (15% p.a) on amortization
- Monthly deposit will be 10% of basic salary granted at 4 times member’s deposits
Benevolent Fund
- The Society operates a sinking fund account which was formed with the view to assist the Sacco to write off unpaid loans as a result of member’s death and assisting the next of kin with immediate support after the loss. The monthly contribution is 200/=
Dividend Advance
- To qualify the advance should not exceed 4% of total deposit as at 31st Dec 2021.
- The interest of 10% of the advance plus the full advance will be recovered upon the payment of the final dividend for 2021.
RDINARY SAVINGS A/C
- Minimum balance is Ksh.500/-
- Interest rate is earned on minimum balance of Ksh.3,000/-
- Members can access their accounts through ATM VISA cards countrywide and and Msacco
fixed deposit A/C
- Minimum amount is Ksh.10,000/- at a very competitive interest rate
SALARY ADVANCE
- Available to members whose salaries are processed through FOSA A/C
- Maximum repayment period is 3 months
- Member’s salary acts as the security
- Interest rate is 10%
Bankers cheques
- Processed reasonable fast for Ksh.150/- as you wait
- Charges are reduced when there are special offers from Co-operative Bank
Jijenge LOAN
- Salary must pass through FOSA A/C
- Deduction is through check-off system
- Maximum loan amount is Ksh.500,000
- Maximum repayment period is 36 months
- Interest rate is 1.15%
School Fees Loan
- Maximum loan amount is Ksh.200,000
- Maximum repayment period is 24 months
- Processed through FOSA A/C
- Loan is recovered over the counter – once salary checks-in
- Interest rate is 1.15% on reducing balance
Karibu Loan
- Maximum Loan is Ksh. 500,0000/=
- Repayment Period 48 Months
- Interest Rate 1.25% p.m
- Salary must be processed through Fosa
- Loan granted for newly recruited members within 6 months of joining the sacco
RE-FINANCING LOAN
- Processed at Magfosa
- Available to members who wish to clear existing loans to apply for fresh loans
BOSA Loan Advance
- An advance taken on a loan that is in process
- Commission and recovery is made once loan is approved
M-BANKING
- The M-Banking platform enables our members to transact through their mobile phones at their convenience
- Members can make deposits or boost their shares
- By dialing *850# members get the various M-Banking services
Other services
- M-PESA services
- Monthly salary / Pension processing
- Standing orders
- Boosting of shares
- Off-setting external loans
Phone : (20) 2244138
Mobile : 0718 224 956
Email : magereza@magerezasacco.co.ke
customercare@magerezasacco.co.ke
Address : Mageso Chambers, Moi Avenue, P.O Box 53131 – 00200, Nairobi, Kenya.
Eldoret Branch
Post Bank House, Uganda Rd, Eldoret
Email: eldoret@magerezasacco.co.ke
Mombasa Branch
Shimo la Tewa, Mombasa
Tel: 0716853257
Email: mombasa@magerezasacco.co.ke
Ruiru Branch
Prison Staff Training College – Ruiru Town
Tel. 0775463716
Email: ruiru@magerezasacco.co.ke
Kisumu Branch
Pioneer Building – Oginga Odinga Street
2nd floor Room 205
Tel. 0775613113
Email: kisumu@magerezasacco.co.ke
Minimum savings contribution is Kes 2,000
Filling in a membership application form and attaching copy of ID,
Payment of a membership fees of Kes 500,
Filling in a Next of kin/beneficiary form,
Familiarisation with the Sacco by-laws,
