Magadi Sacco Society is a deposit-taking Sacco, registered and regulated by the Sacco Societies Regulatory Authority (SASRA). It began operations in 1977, primarily to serve the employees of Magadi Soda. Over the years, the Sacco has expanded its membership base to over 7,000 members as of 2022, with substantial growth in member deposits and assets.
Membership Eligibility
Magadi Sacco’s membership is open to all Kenyans, including those in the diaspora. Membership categories include:
Individual Membership Categories
- Salaried Members
- Share Capital: Kshs 20,000
- Minimum Monthly Contribution: Kshs 2,000
- Loan Eligibility: After 6 months
- Biashara Members
- Share Capital: Kshs 20,000
- Minimum Monthly Contribution: Kshs 2,000
- Loan Eligibility: After 6 months
Membership Requirements
- Application Form: Complete the membership application form, available for download from the Sacco’s website or obtainable from their office.
- Identification: Provide a copy of your National ID or passport.
- Photograph: Submit one recent passport size photograph.
- KRA PIN: Provide a copy or just the number.
- Registration Fee: Pay Kshs 2,000 (applicable for both salaried and biashara members).
Membership Withdrawal
Members wishing to withdraw from the Sacco must follow this procedure:
- Exit Notice: Write and submit an exit notice to the Sacco.
- Loan Guarantees: If the withdrawing member has guaranteed any loans, they must find a replacement guarantor.
- Refunds: BOSA deposits are refunded within 60 days.
- Share Capital: Members can either retain their share capital or sell/transfer it to an existing member.
- Non-refundable Fees: The registration fee is non-refundable.
- Rejoining: To rejoin the Sacco after exiting, the member must pay the registration fee of Kshs 2,000 again.
Contact Information
- Location: Magadi Town, PAM View Building
- Contact: 0111 001 700
Magadi Sacco offers an inclusive membership policy, making it accessible to a broad spectrum of Kenyans. It provides an opportunity for members to save and borrow at low costs, catering to their socio-economic needs effectively.
