Mwalimu National Sacco Membership Eligibility & Requirements

Mwalimu National Sacco, established in 1974, is the largest deposit-taking Sacco in Kenya, with an asset base of Ksh 64.06 billion. Its membership primarily comprises teachers, making it the largest African Sacco of its kind.

Membership Eligibility

Membership is open to the following groups:

1. TSC Secondary School Teachers.
2. TSC Secretariat Staff.
3. TSC Lecturers.
4. TSC Primary School Teachers (Diploma or Degree graduates).
5. Spouses and Children of members in formal employment.
6. Ministry of Education Staff.
7. Mwalimu National Sacco and Subsidiary Employees.

Membership Requirements

1. Completed Membership Application Form.
2. Copy of National ID (both sides).
3. Original Current Payslip.
4. Three Recent Passport-Size Photos.
5. Submit all required documents either by hand delivery or via courier to any Mwalimu Sacco branch.

Mwalimu Sacco Products

BOSA Products

1. Wezesha Loan
   • For new members.
   • Interest: 1.125% per month (reducing balance).
   • Tenure: 72 months.
   • Processing fee: 2%.
   • Maximum loan based on member’s ability and guarantors.
2. Emergency Loan
   • For unforeseen circumstances.
   • Interest: 1% per month.
   • Tenure: 24 months.
   • Limit: 5 times member’s deposit.
3. School Fees Loan
   • Interest: 1% per month.
   • Tenure: 24 months.
   • Limit: Member’s deposit x5.
4. Normal Loan
   • Interest: 1% per month.
   • Tenure: 48 months.
   • Limit: Member’s deposit x3.
5. Development Loan
   • Medium-term loan for investments.
   • Interest: 1.125% per month.
   • Tenure: 60 months.
6. Super Loan
   • Long-term loan for investments.
   • Interest: 1.17% per month.
   • Tenure: Determined by loan amount.
7. Vision 96 Loan
   • Long-term loan for investments.
   • Interest: 1.25% per month.
   • Tenure: 96 months.
8. Ufanisi Loan
   • Tenure: 120 months.
   • Deposit multiplier: 5x.

FOSA Products

1. Golden Product
   • For retired members awaiting pension processing.
2. Karibu Loan
   • For newly employed or intern teachers.
   • Interest: 1.5% per annum.
   • Maximum: Ksh 60,000 for TSC teachers, Ksh 30,000 for interns.
3. Salary in Advance
   • Interest: 5%.
   • Maximum: 80% of net salary.
4. FOSA Instant Credit (36 Months)
   • Interest: 1.5% per month.
   • Tenure: 36 months.
5. FOSA Instant Credit (12 Months)
   • Interest: 1.25% per month.
   • Tenure: 12 months.

Welfare Services

1. Risk Fund
   • Compulsory insurance scheme.
   • Monthly contribution: Ksh 400.
   • Covers outstanding loans upon a member’s demise.
2. Last Expense Benefit
   • Paid in addition to BBF benefits.
3. Burial Benevolent Fund (BBF)
   • Monthly contribution: Ksh 150.
   • Provides financial support for funeral expenses.

Mwalimu National Sacco Contacts

• Head Office: Mwalimu Towers, Hill Lane, Off Mara Road, Upperhill, Nairobi.
• Contacts: 0709 898 000 / 020 295 6000