Tag Archives: MWALIMU SACCO

TSC News Portal

How to exit Mwalimu National Sacco

Leave a comment

Did you know that you can easily leave Mwalimu National Sacco? Well. In the last article we took you through the process of joining Mwalimu National Sacco. Today, you will get a complete guide on all that you are supposed to do in order to quit the Sacco.

Various reasons can make you quit the Sacco. These include but not limited to if you are not satisfied with their services or the dividends paid at the end of the financial year are too low.

WHEN CAN ONE CEASE TO BE A MWALIMU NATIONAL SACCO MEMBER?

Remember, Mwalimu National Sacco Membership shall cease with effect from the date of a member:

  • Attaining the age of 70 years.
  • Dying.
  • Being expelled from membership.
  • Withdrawing all his Deposits.
  • Becoming certified insane.
  • Transferring his shares.
  • Ceasing being an employee of Mwalimu National Sacco or Mwalimu National SACCO subsidiaries under disciplinary circumstances.
  • Being declared bankrupt by a court of law.

A member who withdraws or is expelled shall be paid the following dues after deduction of any debts, owed by him to the Society as borrower, endorser, guarantor, or otherwise:

  1. Any dividends or interest due to him on the date membership ceases.
  2. Any deposits or other sums held by the society on his behalf.

No shares shall be paid upon withdrawal and any member having deposits in excess of liabilities may offset such liabilities from the deposits.

THE PROCESS OF QUITTING MWALIMU NATIONAL SACCO

At some point you may willingly want to quit Mwalimu National Sacco. At such a time you must have to follow the procedure below;

  • Notify the Mwalimu National Sacco Board of your intention to leave. The board should receive a 60 days’ written notice to withdraw from the society.
  • You will then have to provide substitute guarantors if applicable. This is in case you have signed loan forms for any other member (s).
  • You will have to provide a clearance certificate from the employer (TSC).
  • Submit the documents to the Sacco and your withdrawal will be processed.

If you were driven by emotions to quit the Sacco, you can always make your way back. This is because the Sacco laws allow a member who has withdrawn from the Society to be considered for re-admission.

See also;
Banks and Money

Best Saccos in Kenya 2023

Leave a comment

Are you looking for a list of the best Saccos in Kenya? According to the latest payment rates data,Stima Sacco Society is ranked as the best Sacco in the Country.

Police Sacco and Mwalimu Sacco rank in the second and third places, respectively.

This ranking is per the Saccos interest rates paid on Customer Deposits and Payout of Dividends on Share Capital.

STIMA SACCO SOCIETY LTD

Stima Sacco Deposit Taking (DT) is a licensed Deposit Taking Sacco. It was established in 1974 with the main objective of uplifting the members’ social economic well-being. Stima Sacco has nine branches in Nairobi(Parklands), Mombasa, Kisumu, Nakuru, Olkaria,Eldoret, Nairobi CBD, Embu and Kawi Centre (South C).

Membership is open and any Kenyan citizen is eligible to join Stima Sacco regardless of his or her area of residence.

Stima  Sacco is currently ranked as the best performing Sacco in the country.

THE KENYA POLICE SACCO SOCIETY 

The Kenya Police Sacco Society was registered on 20th November 1972, under the Cooperative Societies Act Cap 490 of the laws of Kenya. It had to wait till June 1973 for it to roll out its operations. It draws membership largely from the disciplined forces.

The Kenya Police Sacco Society is the ranked as the second best Sacco in the country.

MWALIMU SACCO

Mwalimu Sacco is perhaps the largest African Sacco with a membership drawn from teachers all over Kenya. It is currently ranked as the third best Sacco in the country.

See also;

LIST OF TEN TOP SACCOs IN KENYA

Here is the full list of the top 10 SAccos in the country;

S/NO SACCO NAME CATEGORY INTEREST ON DEPOSIT DIVIDEND ON SHARE CAPITAL
1 Stima Sacco DT 10.70% 17%
2 Police Sacco DT 10.50% 17%
3 Mwalimu Sacco DT 10% 17%
4 Sheria Sacco Educationnewshub DT 8.50% 16%
5 Mhasibu Sacco Non DT 8.15.% 15%
6 kimistu Sacco DT 8% 15%
7 Nation Sacco Educationnewshub DT 8 15%
8 SafaricomSacco DT 7.50% 12%
9 FinnlemmSacco Non DT 6.20% 12%
10 Kenya Bankers Sacco DT 6% 10%
11 Harambee Sacco DT 6% 6%

 

TSC News Portal

Mwalimu National Sacco dividends for 2020 shares

Leave a comment

Mwalimu National Sacco has released the amount of dividends that members will receive for the year 2020. The Sacco has at the same time declared the expected rebates and advances that members can withdraw with effect from November 1, 2020.

Here are the full details as released by the Sacco Chief Executive Officer, Alphonse M. Kato;

RE: ADVANCE AGAINST EXPECTED REBATE DIVIDEND FOR YEAR 2020

This is to inform you that all FOSA branches will be giving the above product to qualifying members with effect from 1 November 2020.

The terms and conditions for the product will be as follows:

  • The advance will be accessed via the Go-mobile platform and USSD code *633#.
  • Between 1 November 2020 to 31 December 2020 advance facility will be 40% of expected Rebate at an interest rate of 7%.
  • From 19 January 2021, members can get 75% of expected Rebate at an interest rate of 5%.
  • The computation of the Advance qualified will be based on members deposits balance as at 30 September 2020 and on month on month basis. The multiplying factor will be 7%. It is important to note that 7% is not the dividend and rebate rate for this year. The rates for the year 2020 will be determined after December 31, 2020.
  • Loan/Advance defaulters and members with loan/advance arrears will not qualify for the advance.
  • Recovery for both interest and principal will be done immediately dividend is declared and credited to the members’ accounts after ADM of 2021

By Friday December 30, 2020 the Sacco was working on Logistics of data capturing form members; in readiness for the payments.

Related news;

In 2019, the giant Sacco declared dividends on shares at 11.2% whereby Shares were 20,000 for each and every member. In the same period, rebates on deposits (your total amount at the Sacco minus the 20K shares) were paid at a rate of 10.2%.