Mwalimu Sacco -Loans, Members Portal, Internet Banking

Members of Mwalimu National, which is the biggest Sacco in Africa, are teachers from throughout Kenya. Mwalimu National wants to help TEACHERS get financial services at prices they can afford. People from throughout the country belong to the SACCO.

Mwalimu Sacco Members Portal

The Mwalimi National Sacco has developed the members portal to share every key detail at one place. This portal features a lot of services like Loans Application, internet banking etc. at one place.

Apart from availing the services, the interested people can gain information on relevant topics from the portal.

Mwalimu National Sacco Membership

There are two types of memberships. Class A & Class B membership.

Class A

This type of membership is for:

• Employees of the Teachers Service Commission in Post Primary TVETA institutions, TSC Secretariat & Mwalimu Sacco Society Staff and Employees of any subsidiary of Mwalimu National Sacco LTD
• Lecturers in Public & Private universities.
• Employees of the Teacher service commission in Primary schools with academic qualifications at the level of diploma & above
• Former employees of TSC and government-related Primary, Post-primary & TVETA education institutions who are in formal employment in the private and public sectors or in personal business.
• Spouses of members and members’ children above 18 years
• Employees of TSC in Primary schools with academic qualifications below diploma level may be admitted into membership by the board on their merit.
• Teachers with academic qualifications at the diploma and above, employed in education-related institutions, and teachers registered by TSC and employed by the Schools board with academic qualifications of the level of Diploma and above.
• Members working in government ministries/departments or other institutions already have checkoff facilities with the societies.
• Students previously sponsored by the society under the childhope foundation who are over 18 years old and in formal employment.

Class B

• Students take education-related classes at technical institutions and universities approved by the Ministry in charge of Education, leading to diplomas and degrees.
• Members who have taken out their deposits but haven’t yet given their shares to someone else.
• Members by share capital.

How to Join Mwalimu National Sacco Ltd as Member

First of all, ensure that you are eligible to apply. The eligibility details are explained in the membership section above.

If you are eligible to apply, you need the following documents:

• Duly filled membership application form
• Three recent coloured passport-size photographs
• A Copy of the National ID card (both sides)
• Current pay slip (original)

Attach the relevant documents and bring them in person or by courier to our offices at Mwalimu Towers, Upperhill, Nairobi, or any Mwalimu National branch near you.

After this, if your application is approved, you will be provided with a Member Number.

Mwalimu Sacco Internet Banking

To start using Internet banking, members must first go through the registration process.

• First of all, download the application form.
• Take the printout and duly fill in the details

• Now submit the form at the nearest branch.

Mwalimu National Online Banking Login

After your request to internet banking is accepted, you are shared login details. Here is how you login into Mwalimu National online banking system.

• Go to the login page.

• Enter Username.
• Enter password.
• Hit the enter button.
• You will now be successfully logged in.

Mwalimu Sacco Loans

BOSA Loan Products:

Back Office Services Activities is what BOSA stands for. It talks about the traditional Sacco, a way to save money and get credit.

Bosa Loan Products offered by Mwalimu Sacco are:

1. Wezesha Loan
2. Emergency Loan
3. School Fees Loan
4. Normal Loan
5. Development Loan
6. Super Loan
7. Vision 96
8. Ufanisi Loan

Wezesha Loan:

Wezesha Loan is the only type of loan for that the member doesn’t need to wait for 6 months.

• Access money within your means as soon as your first deduction for savings goes through.
• ONLY 1/4 of the funds applied will be saved in the new member’s account.
• This loan runs for a maximum of 72 months
• The rate is 1.125% p.m. on reducing balance.
• On the amount to be advanced, a 2% wezesha processing fee will be added.

Emergency Loan:

As the name suggests, this type of loan is granted incase of unforeseen circumstances.

• The interest rate is 1% per month on reducing the balance.
• 24 months to pay it back.
• The multiplier is 5 (with the 1/3 salary guideline in mind).
• You can only get one emergency loan at a time.

School Fees Loan :

• This type of loan is granted only for educational purposes.
• 1% per month interest rate on balance reduction.
• Due within 24 months.
• The maximum deposit is multiplied by five (subject to the 1/3 salary requirement).
• Only one loan for educational expenses may be provided at a time.

Normal Loan :

• This type of loan is granted to help members satisfy their immediate financial needs.
• 1% per month on balance reduction.
• The loan is repayable in 48 months.
• A member’s deposit multiplied by three (per the 1/3 pay rule) is the limit.
• A single standard loan will be provided at a time.

Development Loan :

• A medium-term loan for investment purposes.
• The applicable interest rate is 1.125% per month on reducing balance.
• The processing cost is 0.5%.
• Repayable over 60 months.
• The maximum limit is a member’s deposit multiplied by four (subject to the 1/3 salary restriction).
• At any one time, only one development loan is authorized.

Super Loan :

• Long-term investment loan.
• 1.17% p.m.
• 84-month repayment.
• Member’s deposit x 4 (subject to 1/3 wage regulation) is the limit.
• 0.5% processing fee.
• One super loan per period.

Vision 96:

• Loan for long-term investment goals.
• The interest rate is 1.25 p.m. on reducing the balance
• The repayment term is 96 months.
• A 1% processing fee is charged.
• The maximum is a member’s deposit multiplied by 5 (subject to the 1/3 salary restriction).

Ufanisi Loan :

This long-term loan package will boost your credit if you have salary capabilities but few shares. A portion of the applied loan is kept as deposits to enhance the balance multiplier.

Key features:

• 120-month repayment.
• 10% share-boosting fee.
• The deposit multiplier is 5x the qualifying amount.
• Guarantee loan.
• One Ufanisi loan is allowed.
• Mwalimu National Sacco FOSA will pay members.

Mwalimu Sacco Loan Repayment Schedule

Below is the repayment schedule for the above-mentioned Bosa Loan products.

Mwalimu Sacco FOSA Products

Members of Mwalimu Sacco can participate in Front Office Service Activity, often known as FOSA, which is a form of financial service that eliminates the need to carry cash. Members can move money between their accounts, deposit it, and withdraw it without needing currency.

Here are the FOSA Products offered by Mwalimu Sacco:

1. Golden Product
2. Karibu Loan
3. Salary in Advance
4. FOSA Instant Credit (36 Months)
5. FOSA Instant Credit (12 Months)

Golden Product

Requirements

• Retirement Letter
• Latest Pension payslip

Key Features:

• Only members who have retired are eligible. These members are quitting their jobs because they have to or want to retire because they are over 55 or because of health reasons.
• The account can be open for up to 24 months.
• 50% of the money was sent to FOSA, so monthly balances might earn 5% interest annually.
• Use no more than 50% of the BOSA deposits after all Sacco debts have been paid.
• Set up a monthly automatic transfer from your Golden account to your Fosa savings account.
• You can use this deposit to borrow money through Fosa advance.

How Does it Work?

As you approach your mandatory or optional retirement age, discuss with Mwalimu how much you wish to withdraw from BOSA in increments. This sum cannot exceed fifty per cent of your present deposits.

The funds will be transferred to a FOSA Golden Account, from which a recurring payment will be made. The agreed-upon amount will be transferred to your FOSA Savings Account on the first of each month through the monthly standing order.

With this standing order, you can use ALL of the FOSA goods that a typical salaried member could use.

Karibu Loan

This is mainly for newly employed Teachers and Intern Teachers.

Key Requirements

• TSC Posting letter.
• ID Copy (certified by the School principal or deputy principal).
• Duly Signed pay point form.
• TSC Casualty returns a copy.
• One Guarantor.

Features

• The monthly interest is 1.5 per cent.
• Eligible for newly hired TSC teachers and interns with a diploma or above.
• To become a member of the SACCO, one needs to submit a membership application.
• The repayment period is within 90 days (three months) of receiving the first paycheck.
• The maximum loan amount for newly hired TSC teachers is KShs. 60,000.00, disbursed in three instalments of KShs. 20,000.00 per month for three months.
• The maximum loan amount for Intern Teachers is KShs. 30,000.00, disbursed in three instalments of KShs. 10,000.00 per month for three months.
• The recovery period for each tranche will be five months.
• A grace period of ninety days from the date of loan distribution.
• Salary is the method of recovery. However, any legal source of income is accepted.

Salary in Advance

• The Interest Rate applicable is 5%.
• The maximum amount borrowed can’t be more than 80% of your net salary or S.A.Y.E
• Repayable at the end of the month

FOSA Instant Credit (36 Months)

• The interest rate applicable is 1.5% per month on reducing the balance
• The repayment period is 36 months.
• The maximum amount granted is your net pay or savings under S.A.Y.E x 20

FOSA Instant Credit (12 Months)

• The monthly interest rate is 1.25 per cent per month
• The repayment duration is one year.
• The maximum amount provided is equal to twelve times your net salary.
• The maximum amount provided equals twelve times your S.A.Y.E. savings.

Business Loans

The Mwalimu Business financing program is aimed to assist all Mwalimu entrepreneurs in expanding their ventures.

The products are:

• Mwalimu Insurance Premium Financing
• Asset Financing
• Kenya Mortgage Refinancing Loan Product
• Individual loan
• Group Loans

Detailed information on business loans is available HERE

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Senior Saver Loan

Senior Saver loan is for senior saver members who have saved up to KShs 1.5 million in the Back Office.

The 1/3 rule does not apply to this particular product. Any Mwalimu National FOSA branch is a good place for members to open a Biashara account. You can use this account to get money from your business, your salary, your pension, or any other source.

Mwalimu National Branches

Every now and then you are requested to complete the formaties at the nearest branch. That’s why it is important that you are aware of your nearest Mwalimu national branch.

Mwalimu Sacco Contacts

Application Forms

Important Links

FAQs