Also called Mwalimu National. The society was established in 1974, with the objective of mobilizing savings from its members and providing loans to members, using those resources. Mwalimu National Sacco Paybill number 541 900
Its core membership was from teachers in Kenya. Its common bond has been expanded and opened up to include: TSC Secretariat staff members, TSC teachers in Secondary schools & Tertiary institutions, TSC teachers in Primary schools (Diploma OR Degree holders), Mwalimu National Sacco Society Staff, and Members’ Spouses in formal employment.
Currently Mwalimu Sacco has over 69,000 active members with assets worth over Ksh 24 billion and a loan portfolio in excess of Ksh 20 billion, making it the largest Sacco in East Africa.
In fact Mwalimu Sacco is larger than half of all banks in Kenya, its assets are Ksh 5 billion more than the second biggest Sacco in Kenya, Harambee Sacco and twice as much as 3rd placed Stima Sacco’s 12 billion.
Mwalimu National made history in Kenya by becoming the first Sacco to acquire a bank when it acquired the controlling majority at Equatorial Commercial Bank.
Mwalimu Sacco has several branches in the country. Its note worth that most of this branch FOSAs, record higher turnover compared to bank branches in the same locality.
Here are the Mwalimu National Sacco branches.
1. Head office at Mwalimu Cooperative House, Tom Mboya Street, Nairobi
2. TSC Branch – Teacher Service Commission Centre, Upper Hill, Nairobi
3. Kisumu Branch – Kenya Reinsurance Plaza, Oginga Odinga Street, Kisumu
4. Nyeri Branch – Kanisa Road, Nyeri
5. Kisii Branch – Ouru Complex, Kisii
6. Webuye Branch – Afro Fancy House, Webuye
7. Mombasa Branch – Arrow Plaza, Mombasa
8. Kitui Branch – Winlo Complex, Kilungya Street, Kitui
9. Meru Branch – Stemuki Plaza, Kirukiri Street, Meru
10. Eldoret Branch – Zion Mall, Uganda Road, Eldoret
11. Nakuru Branch – Vickers House, Kenyatta Avenue, Nakuru
Mwalimu Sacco Loan Products.
(1) Wezesha Loan
Wezesha (to enable) loan is a product where members with the ability to pay/service a loan but have not saved enough shares to qualify for one, can access the facility from Mwalimu in form of an advance while we retain part of it as savings. One is able to access a loan of up to Ksh.600, 000 and 1/3 of it is retained as their shares.
Features of the loan include:
· The minimum period for a member to qualify shall apply as per the Sacco by-laws.
· Due to some extra resources that shall be needed for processing the loan, 2% wezesha processing fee shall be charged on the amount to be advanced.
· The Wezesha loan should run for a maximum of 36months.
· The shares boosted shall earn dividends on pro-rata basis.
· The maximum loan amount to be issued shall not exceed Ksh.600, 000.
· The loan should be fully guaranteed.
· This product is for new members only.
· Rate is 13% p.a on reducing balance.
(2) Emergency Loans
Features of the loan include:
· Granted for unseen circumstances.
· Repayable in 12months.
· Only one emergency loan can be granted at a time.
· Given within a member’s entitlement.
· Maximum limit is a member’s deposits x5 (subject to 1/3 salary rule).
· Applicable interest rate is 1%p.m on reducing balance.
(3) School Fees Loans
Features of the loan include:
· Granted for educational purposes.
· Repayable in 12months.
· Only one school fees loan to be granted at a time.
· Given within a member’s entitlement.
· 1% p.m interest rate on reducing balance.
· Maximum limit is a member’s deposit x5(subject to 1/3 salary rule).
(4) Normal Loans
Features include:
· Granted as short-term loans for investment purposes.
· Repayable in 36months.
· One normal loan to be granted at a time.
· Limit is a member’s deposits x3(subject to 1/3 salary rule).
· 1%p.m on reducing balance.
(5) Development Loans
Features of the loan include:
· Granted as medium-term loans for investment purposes.
· Repayable in 48months.
· One development loan granted at a time.
· Maximum limit is a member’s deposits x4(subject to 1/3 salary rule)
· Applicable interest rate is 1.17%p.m on reducing balance.
(6) Super Loans
Features include the following:
· Granted as long-term loans for investment purposes.
· Repayable in 60months.
· Only one super loan granted at a time.
· Maximum limit is a member’s deposits x4(subject to 1/3 salary rule)
· Interest is at 1.33%p.m
(7) Vision 84
Features include:
· Long term loans for investment purposes.
· Repayable in 84 months
· Limit is a member’s deposits x5(subject to 1/3 salary rule).
· Interest rate is 1.417p.m on reducing balance.
(8) Group Business Loans
Business Loans are disbursed to individual members within a group for expansion of existing income generating ventures. Such businesses must have been in operation for at least 6 months.
Group loans are done based on tiers.
· Tier one KES 30,000- KES 150,000 (1.5% pm) payable in maximum 12months.
· Tier two KES 151,000-KES 250,000 (1.5%pm) payable in maximum 24months.
· Tier three KES 251,000 –KES 500,000 (1.5%pm) payable in maximum 36months.
One has to start from tier one and graduate through the tiers within the program based on business ability. If successful, at tier three one can move to borrow as an individual client without the need of group.
(9) Individual Business loan.
Clients with well established businesses, can access business loans directly without group requirement. The minimum loan for individual client is KES 501,000 and a maximum of KES 5,000,000.
Kindly Note: For all business loans
· Interest rates of 1.42-1.5% per month are applicable.
· Repayment period is between 3-36 months depending on amount borrowed.
Members of the Sacco are able to make deposits and loan repayments from the comfort of their homes using the Mwalimu National Sacco Paybill Number 541 900.
Here is how to use Mwalimu National Sacco Paybill Number
- Go to your Mpesa
- Select lipa na Mpesa.
- Select Paybill
- Enter Mwalimu National Sacco Business number 541 900
- Enter Account Number (Your Sacco Member Number)
- Enter Amount to be transacted
- Enter your Mpesa PIN Number
- Confirm details
- Click OK.
- You will get a confirmation message from Safaricom.
Mwalimu Sacco Contacts
You can contact Mwalimu Sacco for enquiries and comments onMwalimu National Towers
Upperhill- Hill Lane, off Mara Road
P.O. Box 62641 00200,
Nairobi, Kenya
Tel: 020 295 6000/0709 898 000
Email: [email protected]
