*Annual Report for the Year Ended 31 December 2022 Presented During the ADM held at Mwalimu Towers 8th Floor on 18 March 2023*
*Present*
Simon Chelugui – CS Cooperatives
Kenneth Odhiambo – CEO
Joel Gachari – National Chairman
*Key Observations*
✅ MNS has changed its name from Mwalimu National Savings and Credit Cooperative Society Limited to “Mwalimu National Deposit Taking Savings and Credit Co-operative Society Limited” and the brand name shall be “Mwalimu National DT Sacco.”
✅ As at 31 December 2022 the membership of MNS stands at 117, 337.
✅ The nominal value of each share shall be Ksh. 20.00 and every member shall hold at least 1,500 shares (a total of Ksh. 30,000 as capital shares).
*Why Change Pay Point to Mwalimu National?*
🤷♂️ Affordable salary processing fee of Ksh. 100
🤷♂️ No ledger fee or account maintenance charges
🤷♂️ Timely processing of salaries
🤷♂️ Interest on deposits at 4.0% p.a
🤷♂️ No maximum account withdrawal limit
🤷♂️ Instant credit loan facilities
🙇♂️ Those whose salary paypoint is yet to be changed to MNS can still enjoy a non-salaried loan of Ksh. 5,000 at 4.0% interest through M-Hela.
*Golden Product*
❇️ Meant for retired members or those approaching retirement.
❇️ 50% of savings transferred to FOSA to earn 5% interest p.a. on monthly balances.
❇️ Members can access Fosa advance against this deposit.
*Supporting Documents Required During a Claim*
➡️Certified copy of death certificate or burial permit
➡️Birth certificate for claims on own child
➡️ Letter from assistant chief/HOI
➡️ Members to update their nominees with the Sacco to avoid legal tussles.
*Mortgage Products*
🏤 Minimum loan amount of Ksh. 500,000
🏤 Maximum loan amount of Ksh. 8 million
🏤 Repayment period is upto 25 years
🏤 Interest rate is 9% on reducing balance
*Mwalimu Paybill Numbers*
🤳 BOSA (Savings) 572645
🤳 FOSA 541900
🤳 Business Loans 823256
🤳 Use your ID as Account Number
*Report By the National Chairman*
✅ Turnover increased from Ksh. 7.5 Billion in 2021 to 7.7 Billion
✅ Deposits grew from 44.3 Billion in 2021 to 47.3 Billion in 2022.
✅ Sacco’s asset base stands at Ksh. 64 Billion from 60.6 Billion in 2021. A growth of 4.3%
✅ Equity Bank acquired Spire Bank limited at a cost of Ksh. 680 millions together with other sureties.
✅ Juja land is available for purchase. An eighth an acre goes for 1.7 million for members and 1.9 million for non-members. For more information visit www.mwalimunational.coop
*By-Laws*
🚩 Several by-laws were ammended. Chief among them is that a member vying for a delegate seat must have atleast Ksh. 500,000 shares, must have been in MNS for atleast five years and have atleast Ksh. 50,000.
For more information about the by-laws visit the Sacco’s website www.mwalimunational.coop
