Mwalimu Sacco: Loans and Available Services

Mwalimu Sacco: Loans and Services Available

Mwalimu National is the largest Sacco in Africa, with members comprising teachers from across Kenya.

The organization was founded on the belief that we owe our achievements to the teachers who believed in us.

Continue reading this article to learn more about Mwalimu National Sacco.

What is Mwalimu National Sacco?

Mwalimu National aims to provide affordable financial services to the educators who have shaped our lives, as they truly deserve it.

As a leading institution, Mwalimu Sacco offers a variety of services, particularly focusing on credit and savings.

Since its inception in 1974, Mwalimu Sacco has expanded its operations significantly, reaching various regions throughout the country.

Initially established as a Sacco society under the Cooperatives Societies Act, its primary goal was to mobilize savings and provide credit services.

In 1984, Mwalimu National relocated from Development House to Tom Mboya, and in 2016, it acquired land in Upperhill to build its current headquarters, Mwalimu Towers.

Mwalimu Sacco is dedicated to becoming a leading institution in global cooperative finance.

To achieve this goal, Mwalimu Sacco offers credit services, financial services, and fund mobilization on fair terms.

Membership at Mwalimu National Sacco

Class A Membership:

– TSC Secretariat
– TSC teachers in secondary schools and tertiary institutions
– Teachers with at least a diploma employed in education-related institutions
– Staff of Mwalimu National Sacco and its subsidiaries
– Teachers registered with TSC and employed by school Boards of Management
– Spouses of members who are formally employed
– Children of members over 18 who are formally employed
– Former members currently employed in government ministries or other institutions
– TSC employees in primary schools with qualifications below diploma level, bursars in public and private educational institutions, who may be admitted based on merit.

Class B Membership:

– Students pursuing education-related diplomas and degrees in recognized technical colleges and universities.

Mwalimu National Sacco Products

Mwalimu Sacco offers a range of products and services, including Bosa Loan Products, FOSA Products, and Business Loans.

The loan application process has been thoroughly revised to ensure equitable access to loans and services for all members.

Types of Loans Offered by Mwalimu Sacco

1. Emergency Loans:

– Unlimited loans available for any purpose.
– Repayment period of up to 12 months.
– Only one emergency loan can be granted at a time.
– Available to registered members only.
– Monthly interest of 1% on the reducing balance.
– Interest repayment is separate from the loan repayment.
– Loan amount is capped at six times the member’s entitlement based on the 1/3 rule.

2. Fees Loan:

– Specifically for school fees.
– Maximum repayment period of 12 months.
– Only one loan granted at a time.
– Interest rate of 1% per month on a reducing balance.
– Interest repayment is separate from the principal repayment.

3. Normal Loan:

– Intended for investment purposes.
– Short-term loans repayable within 36 months.
– Only one loan can be granted at a time.
– Interest rate of 1% per month on a reducing balance.

4. Development Loan:

– For investment purposes.
– Repayable over 48 months.
– Only one development loan can be granted at a time.
– Monthly interest rate of 1.1% on a reducing balance.

5. Super Loan:

– Long-term loans for investment purposes.
– Repayment period of up to 60 months.
– Only one super loan can be granted at a time.
– Interest rate of 1.2% on a reducing balance.

6. Vision Loan:

– Vision 72: Repayment period of up to 72 months, primarily for investment. Interest rate of 1.4% per month on a reducing balance.

– Vision 60: Repayment period of 60 months, specifically for investment. Interest rate of 1.3% per month on a reducing balance.

Mwalimu National Sacco is a dynamic organization with a widespread membership of teachers across the country.

It has experienced rapid growth, becoming one of the largest Saccos in Africa and beyond.

As a savings and credit cooperative, Mwalimu Sacco regularly offers dividends to its members.

The recently launched mobile banking service has made it easier for members to access essential services conveniently, including a loan cost calculator in the Mwalimu GoMobile app.

Mwalimu SACCO Membership, How To Join