Mwalimu National Annual ADM Report; Full details

Annual Report for the Year Ended 31 December Presented During the ADM held at Mwalimu Towers 8th Floor on 18 March 2023

Present

Simon Chelugui – CS Cooperatives
Kenneth Odhiambo – CEO
Joel Gachari – National Chairman

Key Observations

✅ MNS has changed its name from Mwalimu National Savings and Credit Cooperative Society Limited to “Mwalimu National Deposit Taking Savings and Credit Co-operative Society Limited” and the brand name shall be “Mwalimu National DT Sacco.”
✅ As at 31 December 2022 the membership of MNS stands at 117, 337.
✅ The nominal value of each share shall be Ksh. 20.00 and every member shall hold at least 1,500 shares (a total of Ksh. 30,000 as capital shares).

Why Change Pay Point to Mwalimu National?

🤷‍♂️ Affordable salary processing fee of Ksh. 100
🤷‍♂️ No ledger fee or account maintenance charges
🤷‍♂️ Timely processing of salaries
🤷‍♂️ Interest on deposits at 4.0% p.a
🤷‍♂️ No maximum account withdrawal limit
🤷‍♂️ Instant credit loan facilities
🙇‍♂️ Those whose salary paypoint is yet to be changed to MNS can still enjoy a non-salaried loan of Ksh. 5,000 at 4.0% interest through M-Hela.

Golden Product

❇️ Meant for retired members or those approaching retirement.
❇️ 50% of savings transferred to FOSA to earn 5% interest p.a. on monthly balances.
❇️ Members can access Fosa advance against this deposit.

Supporting Documents Required During a Claim

➡️Certified copy of death certificate or burial permit
➡️Birth certificate for claims on own child
➡️ Letter from assistant chief/HOI
➡️ Members to update their nominees with the Sacco to avoid legal tussles.

Mortgage Products

🏤 Minimum loan amount of Ksh. 500,000
🏤 Maximum loan amount of Ksh. 8 million
🏤 Repayment period is upto 25 years
🏤 Interest rate is 9% on reducing balance

Mwalimu Paybill Numbers

🤳 BOSA (Savings) 572645
🤳 FOSA 541900
🤳 Business Loans 823256
🤳 Use your ID as Account Number

Report By the National Chairman

✅ Turnover increased from Ksh. 7.5 Billion in 2021 to 7.7 Billion
✅ Deposits grew from 44.3 Billion in 2021 to 47.3 Billion in 2022.
✅ Sacco’s asset base stands at Ksh. 64 Billion from 60.6 Billion in 2021. A growth of 4.3%
✅ Equity Bank acquired Spire Bank limited at a cost of Ksh. 680 millions together with other sureties.
✅ Juja land is available for purchase. An eighth an acre goes for 1.7 million for members and 1.9 million for non-members. For more information visit www.mwalimunational.coop

By-Laws

🚩 Several by-laws were ammended. Chief among them is that a member vying for a delegate seat must have atleast Ksh. 500,000 shares, must have been in MNS for atleast five years and have atleast Ksh. 50,000.

For more information about the by-laws visit the Sacco’s website www.mwalimunational.coop

Posted in TSC Latest News.

Media Team @Educationnewshub.co.ke

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