Q1. Who is eligible to join Mwalimu National Sacco Ltd as a member?
Anyone from the following categories can join the Society: TSC Secretariat TSC Secondary School teachers TSC Lecturers TSC Primary School teachers (Diploma or Degree graduates) Members Spouses in formal employment. Ministry of Education Staff Mwalimu National Sacco Staff.
Q2. What do I need to join Mwalimu National SACCO Society Ltd?
The following documents are required: A fully filled application form and Specimen Card An original current payslip A copy of the National Identity Card (Both sides) Three recent colour passport size photographs A certified copy of the applicant’s bank statement or a clear copy of his/her bank plate / ATM card.
Q3. After acquiring all the necessary documents, what are the steps I need to take to join Mwalimu National SACCO Society?
After downloading or acquiring and filling the membership form, attach the documents mentioned in the requirements section and drop / send the form at/to our offices at Mwalimu Co-op House, Tom Mboya Street or any of the eleven (11) FOSA Branches nearest to you.
Q4. What is a Risk Fund?
This is a compulsory insurance scheme for all SACCO members. Each member contributes Kshs.300.00 monthly. The fund is used to pay off the outstanding loans for a deceased member and to double the shares payable to the beneficiary (nominee). For efficiency in payment, members are advised to: Confirm and Update their nominees with the SACCO to avoid legal tussles. In case of more than one nominee, indicate percentage allocation for each nominee.
Q5 .What is a Burial Benevolent Fund (BBF) and how do I benefit from it?
It is a social Welfare fund, established in July 1993 to accord members and their immediate families decent burials upon demise. The member contributes Kshs.150.00 monthly. A member is required to specify his/her next of kin (i.e. the beneficiaries) prior.
Entitlements are as below:
Self – Kshs.60,000
Spouse – Kshs.55,000
Own Children – Kshs.35,000 (up to a max of 6)
Own Parents – Kshs.20,000
Parent in law – Kshs.15,000
What attachments are required when filling a BBF Claim? Certified copy of Death Certificate/Permit for Burial No Birth Notification form or Birth Certificate (for all claims on own child) Radio announcement or Newspaper caption or letter from Asst. Chief or Head of Institution Any other document has to be specified and the copies thereof enclosed.
Q1. What do I need when applying for a Loan?
Here below are the requirements: A fully completed loan application form. Guarantors should be active members and have contri buted for at least three months. Guarantors and applicants shares MUST be equal to or more than the loan applied for. The member has to attach an original most recent (i f possible certified) pay slip which is not more than two month old. Outstanding loan by the applicant MUST be cleared b efore a loan of the same kind is approved unless one is refinancing (bridging). A copy of an acceptable form of identification (Nat ional ID/Valid Passport) MUST be attached to the application. One must have been an active member for at least three consecutive months.
Q2. Must I have guarantors when applying for a Loan ?
All loans granted by the society must be guaranteed by members of the society. Guarantors and applicants shares MUST be equal to or more than the loan applied for. In special cases when loan is less/equal to shares one could guarantee him/herself.
Q3. What security do I need to acquire a loan?
Guarantors who should be members of the Sacco. Another form of security includes regular remittance such as the monthly savings.
Q4. If I clear a loan before its completion date will I be required to pay interest for future periods?
No interest or penalty is charged for clearing a lo an earlier than the contracted period if clearance is done through.
Q5. How much can I Borrow?
You can borrow three times (for Normal & Development loans); four times (for Super loan) or six times (for all Vision loans) the amounts held in de posits subject to a third take home rule.
Q6. How long does it take for a member to get a Cheque after Loan application?
Loan processing takes a maximum of four working days which is dependent on availability of all necessary documentations as lodged by a member upon application and the type of loan applied. Emergency/medical/school fees loans take upto a maxi mum of two days.
Q7. How do I qualify for a Loan?
To qualify for a loan, you have to: Be a registered Mwalimu National SACCO Society member Contribute regularly for at least 3 months Have at least three guarantors who are Mwalimu National SACCO members; have been contributing regularly for at least 3 months and to tal shares for the applicant plus guarantors should be equivalent or more than the loan amount applied.
Q8. Can I offset my deposits against my Loan?
A member is only allowed to offset his/her deposits against his/her loans if he/she is ceasing to be a member. He / She must then pay off the bala nce immediately if any. Offsets are only done when a member has asked those he/she has guara nteed to seek for guarantor replacements.
Q9. Can I apply for more than one Loan?
A member is allowed to take any loan products from different categories on offer so long as all lending conditions are met.
Q10. What is prorata?
Prorata is the monthly minimum share contribution a member would be required to save each month based on the amount of loan given to a member.
Q11. What do I need to do when withdrawing from the society?
The following are the steps to follow: A member needs to inform the society in writing of his intention to withdraw. This is done by filling a withdrawal form available at our offices. A member needs to inform all Loanees he/she has gua ranteed so that they seek alternative guarantor (s). Refunds will only be paid to the member after all Loanees have replaced the withdrawing member as guarantor. If the member has guaranteed any other outstanding loan, he/she will fill a substitute guarantors form available at our offices. The same form is signed by all the other two parties (outgoing and incoming guarantor(s)).
Q11. What do I need to do when withdrawing from the society?
The following are the steps to follow: A member needs to inform the society in writing of his intention to withdraw. This is done by filling a withdrawal form available at our offices. A member needs to inform all Loanees he/she has guaranteed so that they seek alternative guarantor (s). Refunds will only be paid to the member after all Loanees have replaced the withdrawing member as guarantor. If the member has guaranteed any other outstanding loan, he/she will fill a substitute guarantors form available at our offices. The same form is signed by all the other two parties (outgoing and incoming guarantor(s)).
Q12.How can I know my accounts balance and my loan application status?
You can get in touch with the office and talk to our Customer Care Representatives, Finance Officers or Accounts Assistants on your personal Account matters or Loan Officer for status of loan application. You will always receive communica tion on regular basis and if not received, contact the Manager. Accounts balances on loans can also be viewed from the MPA on the website : www.mwalimusacco.coop
Q13. What current products or services does Mwalimu National SACCCO offer?
These can be viewed from our Brochures that can be downloaded from Mwalimu National SACCO site: Website: www.mwalimusacco.coop. You may equally visit our offices at any Branch for more information.
Q14. Can i withdraw part of my shares deposits or offset outstanding loan with my shares deposits and continue to be a member?
No member will be allowed to withdraw part of his/h er shares deposit or offset part the shares deposits against an outstanding loan unless he/she ceases to be a member. It’s only allowed for the retired members.
Q1. What do I require to open a Savings Account at Mwalimu National Sacco Society Ltd?
Copy of National identity card. 2 coloured passport size photographs A copy of your current payslip.
Q2. How many kinds of ATM cards are on offer?
Pesa Point Sacco Link Atm/VISA card.
Q3.How can I acquire a Saccolink ATM/VISA Card?
Saccolink ATM Card is available to all members on a pplication of a FOSA Account at an affordable charge. You can withdraw 24 hours through Co-operative Bank Auto Branch ATM Network countywide or any VISA branded ATM
Q4. As a member can I have both ATM Cards (Pesa Point and Saccolink) at the same time?
Yes, a member can have both Pesa Point card and Sacco link/VISA card at the same time.
Q3.Who can qualify for an ATM card?
A member operating FOSA Account qualifies for an AT M card.
Q4.What is Mwalimu-Pesa?
It is a Mobile Phone Money Transfer Service facility. As a way of improving the financial services to our members, Mwalimu National Sacco Ltd partnered w ith SAFARICOM Ltd and CoreTEC Systems & Solutions to offer Mobile Banking services.
Q5. What are the services offered under Mwalimu-PESA?
Balance inquiry Withdrawal from WSF Account to M-Pesa Account Loan repayment from WSF. Account to Specific Loan Account. Statement request.
Q6. What are the requirements to subscribe to Mwalimu Pesa?
An active M-Pesa account WSF Account number A copy of National Identity card. Mwalimu -Pesa Safaricom Mobile Number.
Q1. What is Mwalimu National Holdings Limited?
Mwalimu National Holdings Limited (“the Company”) is the Holding Company for Mwalimu National Savings and Credit Cooperative Society’s (“the Society”) investments.
Q2. What are the activities of the company?
The Company derives its main activities from those of the investment companies as listed below:
- Mwalimu Asset Management Limited: Asset Management and holding of the society’s investment including real estate investments
- Equatorial Commercial Holding Limited
- Equatorial Commercial Bank Limited -Commercial Banking
- ECB Insurance Brokers Limited – Insurance Brokerage
Q3. What is the value of the shares?
The value of the share is basically the value of Equatorial Commercial Bank Limited, ECB Insurance Brokers Limited and Mwalimu Asset Management Limited, which are the active trading companies.
Q4. What is the timeline and process of selling the shares?
- Opening date of Share sale: 30 November 2015 at 9.00 a.m.
- Closing date of Share Sale: 11th December 2015 at 4.00 p.m.
- Announcement of Results of the Share Offer: 22nd December 2015 by 5.00 p.m.
- Processing of Share Certificates and processing of refunds if applicable: By 12th January 2016
Q5. What are the key features of the Mwalimu National Holdings Limited share sale?
8,000,000 new Ordinary Shares with a par value of Kshs. 100 each will be sold. Our target is to increase the capital in Equatorial Commercial Bank via Equatorial Commercial Holding Limited as well as to increase capital in Mwalimu Asset Management Limited. We also intend to pay back part of the amount owing by Mwalimu National Holdings Limited to the Society.
Q6. What are the main features of the shares?
- Share price – Kshs 100.00 per share
- Minimum share purchase – 100 shares
- Maximum share purchase – 200,000 shares
Q7. Who is an eligible buyer of the shares?
Only active members of the Society, on the Society’s Register of Members as at 31st October 2015
Q8. What is the application procedure?
- Application forms will be available at all the Society’s branches as well as all branches of Equatorial Commercial Bank Limited countrywide.
- It will also be possible to download the forms from the Society’s website.
- The Information Memorandum on the share sale will also be available by the time the share sale begins.
Q9. What is the society’s size?
As at December 2014, the Society had a membership of over 60,000 and is the largest SACCO in Kenya in terms of assets, worth Kshs 24.5 billion. The assets and membership growth has been cumulative since inception.
Q10. How does the society recognize and reward members who have over time made contributions to build the Society?
The society will continuously work to fairly value the assets (both tangible and intangible) that it owns, develop a credible formula that will be acceptable to all the members and that will aim as far as possible to establish historical equity so as to ensure that each member’s contribution over time is fairly compensated for the value it has created for the Society; and as considered appropriate, issue shares to members.
It is expected that the shares will be traded in an Over the Counter (OTC) platform that will be established to provide the necessary liquidity market and unlock the value of the assets owned by the Society’s members.