Mwalimu Sacco: Loans & Services Offered

  • Loans & Services Offered in Mwalimu Sacco File
  • Mwalimu National is the largest African Sacco with a membership drawn from teachers all over Kenya.

    Mwalimu National was born of the premise that we are who we are because a teacher believed in us.

    Keep reading this article to find out more about Mwalimu National Sacco.

    What is Mwalimu National Sacco?

    Mwalimu National seeks to enable the people who made all of us who we are today, the teachers, access affordable financial services simply because they deserve it.

    Mwalimu National Sacco is a prominent firm that offers an array of services to its clients particularly in providing credit and savings.

    Since its establishment in 1974, Mwalimu Sacco has widened in its scope and scale of operation gaining extensive access to various regions across the country.

    Mwalimu Sacco was first instituted as a Sacco society under cooperatives Societies Act and was mainly formed to mobilize customer savings and credit services.

    Mwalimu National moved from Development House to Tom Mboya in 1984. In 2016, Mwalimu National acquired land in Upperhill and constructed its current premises Mwalimu Towers.

    Mwalimu Towers in Upperhill

    Mwalimu Sacco is highly committed to becoming a premier institution in global co-operative finance.

    To meet this noble objective, Mwalimu Sacco gives credit services, financial services, and mobilize funds at fair terms.

    Mwalimu National Sacco Membership

    Class A Membership

    TSC Secretariat

    TSC teachers in secondary schools and tertiary institutions

    Teachers with academic qualifications at the level of Diploma and above, employed in education-related institutions.

    Mwalimu National Sacco Society and subsidiaries staff.

    Teachers registered by TSC and employed by schools’ Boards of Management.

    Members’ spouses in formal employment

    Members’ children above the age of 18 years in formal employment.

    Former members currently working in government Ministries/ Departments or other institutions.

    Employees of TSC in Primary schools with academic qualifications below Diploma level, bursars in public and private educational institutions, who may be admitted into membership by the board on their own merit.

    Class B Membership

    Students undertaking education-related studies leading to diplomas and degrees, in technical colleges and universities recognized by the Ministry in charge of Education.

    Mwalimu National Sacco products

    Mwalimu Sacco provides several products and services that are not limited to Bosa Loan Products, FOSA Products, and Business Loans.

    Mwalimu Sacco loan application process has been thoroughly revised to make sure all members access loan and other services equitably.

    Mwalimu Sacco loans

    There are a number of loans offered at Mwalimu Sacco as discussed below.

    Emergency loans

    This is an unlimited loan that can readily be granted for any application or cause.

    The loan has an aggregate repayment period of up to 12 months once awarded.

    Only one emergency loan is only granted each time

    The loan is only granted at the entitlement of a registered member.

    Members add a monthly interest at a rate of 1 per cent on reducing balance.

    Interest repayment is separately done from loan payment

    Member loan potential is strictly capped at x6 on 1/3 rule

    Fees loan

    The loan is specifically granted for school fees reasons

    The loan has the most repayment period of twelve months

    Single loan only granted each time

    Loan granted according to the member’s entitlement

    Members deposits are fairly capped at x6 on the 1/3 rule

    The loan granted at an interest rate of 1% each month on a declining/reducing balance

    Interest charge repayment is done distinctively from the principal loan repayment

    Normal loan

    These loans are particularly granted for investment purposes.

    Normal loans are short-term and are repayable after 36 months.

    Only a single normal loan can only be granted at a time

    Members deposits capped at x6 on the 1/3 rule

    Normal loans have a monthly interest rate of 1 per cent at a reducing balance Repayment of principal loan and interest charges are gradually done distinctively

    Development loan

    Mwalimu Sacco grants this type of loan for investment purposes

    The loans are repayable for up to forty-eight months

    A single development loan granted at a time

    Monthly interest rate for this loan valued at 1.1% on reducing balance

    Loan recovered at a monthly flat rate which comprises of interest charged and the principal amount

    Super loan

    These are long-term loans granted only for investment reasons

    This type of loan has the most repayment allowance of up to 60 months

    Member can reach, at most, one super loan at a time Loans are fairly granted at an interest rate of 1.2% on a reducing balance

    Recovery is regularly done at a generic flat rate consisting of interest repayment and principal amount

    Vision loan

    This type of loan has various categories discussed below Vision 72

    Vision 72 are Vision loans with a repayment period of up to 72 months

    These loans are mainly granted as investment loans

    Only one vision 72 loan can only be accessed each time

    Loans are granted at an interest rate of 1.4% every month on reducing balance

    Member can only access a loan of up to six times their deposits, in regard to 1/3 rule

    Vision 72 loans are long terms loans and mainly used as an investment Monthly recovery flat rate applies which integrates the interest and principal

    Vision 60

    Vision 60 are vision loans repayable after 60 months hence its name.

    This loan is only granted for investment reasons

    Only one Vision 60 loan can possibly be accessed each time

    On reducing balance, the interest rate of this loan is 1.3% on a monthly basis

    Member can only access up to 6 times their total deposit at Mwalimu Sacco

    Monthly recovery at a flat rate consisting of the interest and principal capital

    Mwalimu National Sacco is a vibrant group with a far-stretching teacher membership across the nation.

    The Sacco has rapidly grown in the recent past making it one the largest Saccos in Africa and beyond.

    As a savings and credit co-operative society, Mwalimu Sacco dividends are regularly offered to its subscribed members.

    Recently launched, Mwalimu National Sacco mobile banking has made it easier for the members to reach vital services with convenience.

    A case in point is a loan cost calculator in the Mwalimu GoMobile software application.

    Recently launched, Mwalimu National Sacco mobile banking has made it easier for the members to reach vital services with convenience. A case in point is a loan cost calculator in the Mwalimu GoMobile software application.

    List of Mwalimu National Sacco Branches in Kenya

    As of 2018, Mwalimu National Sacco has 16 branches nationwide which we have listed below. Here, you can access various services such as loan application, registration as a new member, and welfare services.

    Branch                        Location 

    Headquarters​​             Upperhill,​​ Mwalimu Towers, Hill Lane, Off Mara Rd

    Nairobi CBD               Mwalimu Co-Op House, Tom Mboya Street

    Kisumu                       Reinsurance Plaza, Oginga Odinga Road

    Nyeri                          Mwalimu Co-Op House, Kanisa Road

    Webuye                      Afro Fancy House, Kenyatta Street

    Mombasa                   Pandheer Court, Nkrumah Road

    Kisii                             Lengetia Building, Kisumu - Kisii Main Street

    Tsc Headquarters       Tsc Headquarters - Upper Hill Kilimanjaro Road

    Kitui                            Bonus Mall, Mukuti Street

    Meru                          Sawa Sawa Building, Kirukuri Street

    Nakuru                       Vickers House, Kenyatta Avenue

    Eldoret                        Zion Mall, Uganda Road

    Kakamega                  Cannon Awori Street

    Machakos                   Mbolu Malu Road

    Embu                          Wanjiru Mugo Shopping Centre, Kubu Kubu Road

    Homabay                    Rongo – Homabay Rd

    Mwalimu National Sacco contacts

    Head Office: Mwalimu Towers

    Hill Lane, Off - Mara Road, Upperhill

    Address: P.O. Box 62641 00200 Nairobi Kenya

    Tel: +254 020 295 6000 

    Mobile:  +254 709 898 000

    SMS Number: 0721 270 944

    Email: mwalimu@mwalimunational.coop