FAQs
We've gathered some of the most frequently asked questions for you to peruse. Hopefully the answers provided will clarify any questions you may have.
- The membership is drawn from the Ministry of Interior and Coordination of National Government - Prison department, other government minstries, parastatls with salries check off system, spouses and offsprings of serving members and retired members.
- All members of Magereza Sacco Society ltd.
- Guarantors only
- Any active member in good standing is allowed to be a guarantor provided that one has not over guaranteed.
- A guarantor must be willing and able to repay the loan guaranteed incase the loan is defaulted.
- Shares: This represents members portion of equity of the society. it is not withdrawable but it can be tranferred when one ceases to be a member.
- Deposit: This are the regular monthly deposit. they are used to determine eligibility for a loan and can only be withdrawn when one ceases to be a member.
- Savings: This is the withdrawable amount held at the FOSA accounts.
- A nominee is the person designated by a member to receive the proceeds of any payable funds upon the death of the member.
- All members are required to provide details of nominee(s) upon registering as members. one can change and/or update his/her nominee information as when and need arises
- We open at first and last Saturday of the month from 8:00am to 12:00pm.
- Dividends are declared during the Annual Delegates Meeting and and are calculated based on the shares of the member as the end of the previous year i.e. 31st December. The rates at which dividends are pegged depend on the profit made by the society as per the registered accounts.
- FOSA is an acronym for Front Office Services Activity. It’s a department within the Sacco that offers basic banking services similar to those offered by commercial banks.
- All Sacco members are encouraged to open an account with MagFosa because most member transactions like loan and dividend payments are done through the FOSA accounts.
- 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,
- Minimum savings contribution is Kes 2,000
- Yes. Your deposit is treated as the first charge/security plus a minimum of 3 guarantor’s depending on the size of the loan. The guarantors will be jointly and severally liable in the event the borrower defaults.
- Yes. A member is entitled to all other loans so long they prove capacity to pay.
- This is the payment of member’s net pay/salary through the FOSA account. Your employer will remit your net pay into our account which you will access directly from your FOSA account.
- We are a deposit taking Sacco that is regulated by the Sacco Societies Regulatory Authority (SASRA) which closely monitors the financial operations of Sacco’s. It ensures the member’s funds are safe.