Mwalimu National Sacco Makes Changes In Loan PolicyMwalimu National sacco is one of the largest Sacco in Africa with membership drawn from teachers all over Kenya.
The sacco seeks to enable teachers access affordable financial services and benefits.
Mwalimu national sacco enjoys membership from the teachers fraternity from all parts of the country.
Pursuant to the mwalimu national sacco’s corperate society on business growth, the board of directors of the Teacher’s giant have approved several changes in the loan policy that will affect its customers.
Following the meeting that was held on 27th August 2022, the board of directors of the mwalimu national sacco approved several changes in interventions on FOSA loan policy. The changes incude:
1.Ufanisi Loan
The board of management have agreed to adjust the deposit multiplier from four times to five times. On the other hand loan tenure was adjusted from seventy-two months to one hundred and twenty months. In this category other requirements remain constant after the change.
2. Normal Loan
The mwalimu national loan tenor has been adjusted to 48 months from 36 months.
3. Development Loan
According to the new adjustment, loan tenor has been adjusted from 48 months to 60 months.
4. Waiver of commercial bank loan pay-off
Members who wish to offset their commercial bank loans can do so with the offering a waiver of 5% commission charged on the commercial bank loan bay-off. The waiver deadline has been extended to 31st December 2022.
5. Suspension of Pro-rata factor.
The sacco has suspended pro-rata factor until 31st December 2022. Thus applies for ONLY new loan applications with a minimum with minimum monthly deposit contribution of sh 2000 in the interim basis.
The sacco board of directors agreed the all above changes to take effect starting 1st September 2022 aiming to push more credit.
“Our focus is to offer opportunities for accessing credit to the general SACCO membership as we seek to re-engineer the sacco brand”, Mwalimu National Sacco CEO Keneth Ondhiambo said.
