This is compulsory to all Sacco members. Active membership is maintained by consistent monthly contribution of not less than the minimum deposits, in conformation with by-laws and Cooperative principles

  1. Savings should be made regularly, usually monthly by 5th of each succeeding month.
  2. Magister Sacco minimum monthly saving is KES 2,000/=, or any other amount revised from time to time. However, there are loan products that dictates higher minimum savings (Deposits).
  3. Additional savings can be provided at any given time of the month per members discretion.
  4. A member can transfer membership from another sacco without penalty.
  5. Deposits cannot be withdrawn, either partially or in full, unless the member resigns from the Society.
  6. Deposits forms the basis of member’s loan entitlement. A multiplier effect on a member deposits is dependent on the loan product and used to determines the amount of loan that a member can be advanced for each product.
  7. Currently, the entitlement is three-times deposits subject to review from time to time or as specified by TORS of the loan product.
  8. Deposits of active members can be used as loan guarantee for self or others.
  9. Deposits committed for loan guarantee cannot be claimed by the member, until freed from guarantor obligations.
  10. Guaranteed deposits are considered held in trust by the SACCO while the loans are running.
  11. Active deposits are eligible for any annual interest that shall be declared by the SACCO as surpluses for each financial year. The SACCO holds the discretion to deny annual interest on dormant members.
  12. After the AGM resolution on distribution of surpluses is passed, interest on deposits earned can either be paid out directly to the member, used to reduce members loan or ploughed back as savings per members discretion