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Teachers vow to quit Mwalimu national Sacco over lowered dividends

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Hi Alai,

Teachers vow to quit Mwalimu National Sacco enmasse after the once giant sacco lowered the dividends payable on the teachers savings to 9.3%. Teachers became bitter and teamed up in social media to start the journey of quitting the sacco citing mass corruption by the sacco directors. The delegates had vowed not to approve the budget until the dividends are paid at at least 12% but they accused bribery of a section of some delegates by the sacco directors to approve the budget. Members have then treated to leave and join other young but well performing Sacco’s such as WINAS and STIMA sacco..

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Hello Co-operators,
Today 23rd march 2021 MNS held it’s 42nd Annual Deletes Meeting at Bomas of Kenya.
We wish to inform you of the following resolutions that were passed during the ADM.
1. Rebates to be paid at 9.3%

No dividends pay out to enable the sacco move towards meeting the core capital ratios as required by the regulator.

2. The share capital has been moved from previous ksh. 20 000 to ksh 30 000 in 2 years of ksh 5 000 each year . This is to meet the SASRA requirements of 10%.

3. Members who used the 5% PAYE to secure loans will not suffer, MNS has made considerable conditions on how to recover the loans without affecting the members negatively
4. MNS SUBSIDIARIES
i) Mam
– The board has embarked on the sales of Kisaju houses by reducing the cost . This has been done to ensure that this year 2021 , the SACCO offloads this properties and refocus its energy to the SACCO core business.
ii) Spire bank
The board has already received suitors interested in taking up the majority share holding of the bank , discussions are on going and hopefully the matter will be brought to a close during this year 2021.
iii) MNS risk and Insurance Brokers
It is important to note that this subsidiary doesn’t depend on SACCO support and in the year 2020 it performed well

*Members to disregard a social media message on members who would not qualify for dividends as it is not official communication from SACCO*

*Lawrence Onduu, MNS Kisumu-Nyando branch*

Comments

  1. Mwalimu sacco has become a source of enrichment to corrupt management who have employed propaganda as a tool to justify their deeds

    Reply

  2. This is a Sacco that if not checked may come down with collosal members savings. There was no dividend payable to members share capital. We bought shares towards Spire via Mwalimu no return for a couple years now. CORRUPTION!

    Reply

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