Mwalimu National Sacco, established in 1974, is the largest deposit-taking Sacco in Kenya, with an asset base of Ksh 64.06 billion. It is also the largest Sacco in Africa, with its membership primarily drawn from teachers across the country. Over the years, Mwalimu Sacco has provided its members with a variety of financial services, including savings opportunities and affordable loans, ensuring they have access to credit for personal and professional development.
Mwalimu Sacco Membership Eligibility
Membership at Mwalimu National Sacco is tailored to cater to individuals connected to the teaching profession. Eligible members include:
- TSC secondary school teachers
- TSC secretariat staff
- TSC lecturers
- TSC primary school teachers (those holding diplomas or degrees)
- Spouses and children of members (if they are in formal employment)
- Ministry of Education staff
- Employees of Mwalimu National Sacco and its subsidiaries
Mwalimu Sacco Membership Requirements
To become a member of Mwalimu Sacco, applicants must meet the following requirements:
- Fill out a membership application form.
- Provide a copy of their National ID (both sides).
- Submit an original current payslip.
- Provide three recent coloured passport-sized photographs.
- Attach all the required documents and either hand-deliver them or send them via courier to any Mwalimu Sacco office across the country.
Mwalimu Sacco Products
Mwalimu Sacco offers two main categories of products: BOSA (Back Office Services Activity) and FOSA (Front Office Services Activity), catering to different financial needs of its members.
BOSA Products
- Wezesha Loan
- For new members only.
- Interest rate of 1.125% per month on reducing balance.
- Repayment period of up to 72 months.
- 2% processing fee on the loan amount.
- Maximum loan amount based on the member’s ability, subject to full guarantee.
- Emergency Loan
- Granted for unforeseen circumstances.
- Interest rate of 1% per month on reducing balance.
- Repayable within 24 months.
- Loan multiplier is 5 times a member’s deposit.
- Only one emergency loan is allowed at a time.
- School Fees Loan
- Granted for educational purposes.
- 1% interest per month on reducing balance.
- Repayable in 24 months.
- Maximum limit is 5 times a member’s deposit.
- Normal Loan
- Short-term loan for immediate financial needs.
- Interest rate of 1% per month on reducing balance.
- Repayable within 48 months.
- Limit is 3 times a member’s deposit.
- Development Loan
- Medium-term loan for investment purposes.
- Interest rate of 1.125% per month on reducing balance.
- Repayable within 60 months.
- Super Loan
- Long-term loan for investment purposes.
- Interest rate of 1.17% per month on reducing balance.
- Maximum loan amount is 4 times a member’s deposit.
- Attracts a 0.5% processing fee.
- Vision 96 Loan
- Long-term investment loan.
- Interest rate of 1.25% per month on reducing balance.
- Repayment period of up to 96 months.
- Attracts a 1% processing fee.
- Ufanisi Loan
- Repayable in 120 months.
- 10% share boosting fee.
- Loan multiplier of 5 times the member’s deposit.
- Loan must be fully guaranteed.
FOSA Products
- Golden Product
- Designed to provide a financial cushion for members between retirement and the receipt of their pension.
- Only retired members are eligible.
- Karibu Loan
- Tailored for newly employed or intern teachers.
- Interest rate of 1.5% per annum.
- Repayment within 90 days upon receipt of the first salary.
- Maximum loan amount of Ksh 60,000 for newly employed TSC teachers.
- Maximum loan amount of Ksh 30,000 for intern teachers, disbursed in tranches of Ksh 10,000.
- Salary in Advance
- Interest rate of 5%.
- Members can borrow up to 80% of their net salary.
- Repayment is at the end of the month.
- FOSA Instant Credit (36 Months)
- Interest rate of 1.5% per month on reducing balance.
- Repayment period of up to 36 months.
- Maximum loan amount is 20 times a member’s savings under S.A.Y.E.
- FOSA Instant Credit (12 Months)
- Interest rate of 1.25% per month.
- Repayment period of 12 months.
- Maximum loan amount is 12 times a member’s net salary.
Welfare Services
Mwalimu Sacco also offers welfare services to cater to its members’ social needs:
- Risk Fund
- A compulsory insurance scheme for all members.
- Monthly contribution of Ksh 400.
- Used to offset outstanding loans in the event of a member’s death.
- Last Expense Benefit
- Paid in addition to the Sacco’s Burial Benevolent Fund (BBF) benefits.
- Burial Benevolent Fund (BBF)
- A mandatory fund that ensures members and their immediate families receive a decent send-off.
- Monthly contribution of Ksh 150.
Mwalimu National Sacco Contacts
For more details or inquiries, members can reach Mwalimu National Sacco through the following contacts:
- Head Office: Mwalimu Towers, Hill Lane, Off Mara Road, Upperhill, Nairobi.
- Contact Numbers: 0709 898 000 / 020 295 6000.
Mwalimu National Sacco remains a strong financial partner for teachers across Kenya, providing a reliable platform for savings, affordable credit, and welfare support. With a variety of loan products and services, it continues to play a crucial role in the financial empowerment of its members.
