Mwalimu National
Mwalimu Towers,
Upper Hill, Hill Lane, Off Mara Road
P.O. Box 62641 City Square,
Nairobi, Kenya
Tel: +254 (0) 020 295 6000
Cell: +254 (0) 709 898 000
Website: www.mwalimunational.coop
Our Ref: MW/2265/AD/47A (187)
To All Members
MWALIMU NATIONAL
I.
Dear Members,
REF: LOAN POLICY CHANGES
Pursuant to the Society’s Corporate strategy on Business growth, the Board of Directors in its
meeting held on 27th August 2022 approved the following policy interventions on the BOSA loan
policy:
II.
III.
IV.
V.
mwalimu
national
Shaping tomorrow. Together.
27th August 2022
Ufanisi Loan
a) Deposit Multiplier adjusted from four (4) times to five (5) times
b) Loan tenor adjusted from seventy-two (72) months to one hundred and
twenty (120) months with other requirements remaining the same.
Normal Loan
Loan Tenor adjusted from thirty-six (36) to forty-eight (48) months
Development Loan
Loan Tenor adjusted from forty-eight (48) to sixty (60) months.
Waiver of Commercial Bank Loans Buy-Off Commission.
The waiver of 5% commission charged on commercial Bank loan buy-off has been
extended to 31st December 2022.
Suspension of Pro-rata Factor
Pro-rata Factor has been suspended up to 31st December 2022 for ONLY new loan
applications with a minimum monthly deposit contribution pegged at Ksh. 2,000
in the interim basis.
KENNETH ODHIAMBO
CHIEF EXECUTIVE OFFICER.
These changes take effect from 1st September 2022, with an aim to push more credit to our members
in view of squeeze on loan ability stemming from the current freeze of salaries review by the
government. You are, therefore, requested to encourage them patronize the loan products by
leveraging these initiatives through restructuring, consolidating or new loans towards investments
and development needs. Our focus is to offer opportunities for accessing credit to the general SACCO
membership as we seek to re-engineer the Sacco brand.
Yours faithfully,
“Ha
All correspondence addressed to CEO.