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Mwalimu National Sacco Guide on use of Members Portal pdf

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MEMBER’S PORTAL

Mwalimu National Members’ Portal:

You can view your Statement, Guarantors, Ability, Deposits, Loan balance and other details you may need to inquire online through our Mwalimu National members’ portal.

1. Go to MEMBERS PORTAL on our website www.mwalimunational.coop;
2. Key in your Society Membership Number and then Click – “Don’t have an account”;
3. A window will open that prompts you to Key in your Membership Number and CAPTCHA characters;
4. After which, You will receive a system generated password into your phone;
5. Use the system generated password to log into the portal;
6. You will then be prompted to change your password;
7. Then finally, use your NEW password to access the portal from the comfort of your home or office.

Continue Reading:

Mwalimu National SACCO members portal login, website and many more

Mwalimu National SACCO Loans, Branches, Contacts, Forms

To access the Members’ Portal:

1. Open the Mwalimu National Website www.mwalimunational.coop
2. Go to the Members’ Portal icon at the top banner and select ‘Member Portal’.

If a member does not have a Password:

1. Select “Don’t have an account”
2. A password will be sent to an official member’s phone number registered in Mwalimu National.

3. You will receive an SMS as shown below:

Hi,
Below are you Members Portal login credentials.
Username: 0*****
Password: ******

After you get a Password, proceed to login as follows:

Feed your Member Number
beginning with 0______
Feed your Password

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Mwalimu Sacco announces shares, rebates payment details 2022

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RE: ADVANCE AGAINST EXPECTED REBATE FOR YEAR 2021

Following the Mwalimu Sacco Board’s resolution on 30th August 2021, the second phase of Advance against expected.

Interest rebates for financial year 2021 will be rolled out from 14 January 2022.

The terms and conditions of the product will be as follows:

1. The advance will be accessed via the Go – mobile App platform and USSD *633#
2. From 1 January 2022 to ADM date, members will be eligible for 75% of projected at the rate of 5% on amount accessed.
3. The computation of the advance qualified for, will be based on member’s deposits balance as of 30 November 2021 on a month-on-month basis. The multiplying factor will be 7%.

It is important to note that 7% is just for purposes of administering the Advance product but NOT the rate of Interest rebate for year 2021. The rate for the year 2021 will be declared in the next ADM in 2022 based on full year’s financial performance and upon external audit.

4. Members who have defaulted on their loans’ obligations will NOT be eligible and hence do not qualify for the advance unless their accounts are regularized.

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Mwalimu Sacco Dividends, Rebates 2022

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NATIONAL DELEGATES’ MEETING

The Mwalimu National Sacco National Delegates Meeting will be held on 0/02/2022.

In this regard;

2022 Dividends looming at the rates that will be determined during ADM.

Things to note:

1.Terms used

Rebates

Benefits accrued from one’s monthly deposits or savings.

Dividends

Benefits accrued from share capital.

Sacco business period

Starts_ 1st Jan of every year
Ends _ 31st Dec of the same year

How to arrive at the total amount expected in one’s account.

For purposes of calculations, see the illustration below;

1.Total deposit as at 31st Dec ,2021 = ksh 100,000

2. Monthly deposit= ksh 5000

3.Capital share = ksh 20,000

4.Rates

Rebates=12%
Dividends =13%

Mathematics

a) 12% × 100,000 ( deposits as at 31st Dec ,2021= 12000

b) 13% × 20000(share capital) = 2600

C) Monthly deposit

Jan
12% × 5000 × 12/12= 600

Feb
12% × 5000 ×11/12= 550

March

12% × 5000× 10/12= 500

April
12% × 5000 ×9/12= 450

May

12% × 5000 ×8/12= 400

June
12% ×5000×7/12=350

July
12% × 5000× 6/12= 300

Aug

12% ×5000 ×5/12 = 250

Sept

12% × 5000 × 4/12 = 200

Oct

12% × 5000 ×3/12 =150

Nov

12% × 5000× 2/12 = 100

Dec

12% × 5000× 1/12 = 50

Total = 12000 + 3900+ 2600= 18500

Amount expected in the account

18500× 5% (withholding tax)= 17575

This 17575 is still subjected to

1.exercise duty

2.Processing fee

The formula above was arrived at in a bid to encourage members to start saving as early as January.

Members who make deposits close to the end of the year wont reap big as per their expectations.