Since it began operations in 1977, Metropolitan National Sacco has grown tremendously.
First fashioned as a teachers-only Sacco, the Sacco expanded to take in members from other sectors about 12 years ago.
It has since to become one of the biggest Saccos in Kenya, with strong membership in excess of 100,000.
It wasn’t always smooth running, the Sacco suffered major setbacks in 2017; a Sh100 million Non-performing loans problem, most members of the Sacco had complained that they couldn’t access their salaries and loans and many applied to terminate their memberships.
However, timely help from their Banker, the Cooperative Bank of Kenya (Co-op Bank) and changes in running of the Sacco has helped it heal.
Co-op Bank through its Co-op Consultancy build capacity for the Sacco’s long term sustainability and also restructure the Sacco’s funding requirements to better manage the members’ monthly loan demands as well as the overall liquidity flows.
The new strategies attracted back members who had left, those who had applied to leave, also cancelled their letters, and the Sacco is on its way up with a new strategy that embraces technology.
How to join Metropolitan Sacco
Who is eligible to become a member?
As stated earlier, in 2008, the Sacco, accepted members from outside its original pool. Now the members are not only drawn from Teachers Service Commission (TSC), but also, Government Ministries, Parastatals, Kenya Defence Forces (KDF), National Police Service, Public and Private Universities, Colleges, Academies and the private sector among others.
Therefore, the following can join the Sacco
– Salaried People
– Non Salaried People
– Business Entities
The membership requirements are as follows: One needs a passport photo, a copy of your National Identification Card, pay Sh 1000 membership fee, produce a recent payslip for the employed.
One is also required to fill out a membership form which can be downloaded from the Sacco’s website or taken from the Sacco’s offices in town.
“The Sacco has seen a reversal in members who wished to withdraw their membership while the few who had submitted withdrawal notices are still offered full membership benefits including dividends,” said Sacco Chief Executive Benson Mwangi.
Metropolitan is regulated by the Sacco Societies Regulatory Authority (Sasra), with which it discussed with, its growth strategy anchored on diversification, customer service excellence and developed products.