Tag Archives: MWALIMU NATIONAL SACCO

This is why Mwalimu Sacco members will now receive reduced loan amounts

Mwalimu National Sacco has reviewed the loans’ lending rates for members. In the latest move, members’ loan borrowing ability will be limited.

Members of the Sacco have been enjoying increased borrowing ability following the Pay As You Earn, PAYE, tax relief of 5% at the onset of the Covid pandemic. The waiver was granted by President Uhuru Kenyatta to cushion citizens against the adverse effects of COVID- 19 and is to cease by 31st December 2020.

“We do, therefore, notify all our esteemed members on revision of our lending terms that the tax relief will not be used as part of borrowing ability for all our credit facilities effective 12th October, 2020. This policy change ensures that, members borrow within the two-third of the salary allowable deduction as required by the law and our organization’s By-laws.” Says Mwalimu National Sacco Chief Executive Officer, Alphonse Kaio via a circular dated October 9, 2020.

Kaio says the latest move will ‘also forestall the likelihood of Non-Performing loans that could pose a challenge to our financial performance.’

“The change on lending terms will be applicable on all loans and advance forms, received by the Society with effect from 12th October 2020.” He adds.

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Mwalimu National SACCO makes changes on its loan products; Read the details here

Mwalimu National is the largest African Sacco with a membership drawn from teachers all over Kenya. Mwalimu National seeks to enable the TEACHERS access affordable financial services. The SACCO enjoys membership from all parts of the country.

NEW CHANGES IN MWALIMU SACCO BUSINESS LOANS

Here is the latest Communique from Mwalimu National SACCO management on new changes in their Business Loans;

‘This is to inform you that Mwalimu National Sacco Board Vide MIN/BOD/109/2019 effected the following changes on our Business loan products in line with improving financial services and financial solutions to our members. The new changes take effect from 1st December 2019; –

1. INDIVIDUAL LOAN:

  • Repayment term extended from 36 to 60 Months.
  • Minimum loan amount from Kes 500,000/= to Kes 150,000/=
  • Maximum loan amount maintained at Kes 5,000,000/=
  •  Minimum saving of 20% of the loan amount Applied.
  •  Minimum monthly contribution to business loan savings will be Kes 1,000/-
  • Loan to be secured by conventional collateral and disbursement subject to security perfection in all aspects and compliance with Approval terms.
  • Member to open and maintain a Biashara FOSA account and channel their proceeds through the FOSA account
  • Flexible Loan repayment terms synchronized with respective borrower cashflow cycles i.e. (Monthly, Termly, quarterly in advance).
  • Businesses funded through this product shall be insured through Spire Insurance Brokers Ltd but the underwriter can be the choice of the member
  • There will be 30 days grace period from the date of loan disbursement.
  • Members to maintain at least one-month equivalent of loan installment in Biashara account at all times during the loan term.
  • Members shall be issued with Loan offer letters and other relevant loan contract documents i.e. Loan schedules and letters of set-off.
  •  Applicant’s credit reference bureau reports will be used in application vetting

FOR COMPLETE DETAILS ON  MWALIMU SACCO, VISIT THE LINK BELOW;

2. GROUP LOANS:

  • Group must have had a banking relationship with the Sacco for at least six months
  • Group minimum saving of 25% of the loan amount sought
  • Minimum monthly contribution to business loan savings will be Kes 1,000/=.
  • Group loans limited to groups pursuing common interest projects and have verifiable business plans
  • Groups to open and maintain FOSA account with Mwalimu National account
  • There will be 30 days grace period from the date of loan disbursement.
  • Graduation from one tier to the next shall be pegged on loan repayment track record and banking relationship through our FOSA accounts.
  • Members to maintain at least one-month equivalent of loan installment in Biashara account at all times during the loan term.
  •  Loan to be secured by conventional collateral and disbursement subject to security perfection and compliance with approval terms.
  •  Groups will be issued with loan offer letters and other relevant loan documents i.e. Loan schedules and letters of set-off.
  • Applicant’s credit reference bureau reports will be used in application vetting.

3. SENIOR SAVER LOAN: –

  • Senior saver must have attained Back office saving of Kes 1,500,000 and above.
  •  Loan limits extended from Kes 10,000,000/= to Maximum Kes 15 Million.
  •  Loan repayment term extended from 72 Months to 120 Months maximum
  •  Minimum monthly contribution to business loan savings will be Kes 2,000/-
  • Loan eligibility subject to member demonstrated ability to service the loan amount sought this to be ascertained through business appraisal and supporting documentation i.e. books of accounts and bank statements.
  • There will be 30 days grace period from the date of loan disbursement.
  •  Where member is undertaking capital projects, appraisal, financing and administration of loan proceeds shall be closely monitored and phased disbursement shall be adopted.
  • Businesses funded through this product shall be insured through Spire Insurance Brokers Ltd, but the underwriter can be the choice of the member.
  • For capital projects member must raise 20% of the project cost and Sacco financing be limited to 80% financing.
  • Senior saver to open and patronize Biashara FOSA accounts and channel their business proceeds through the FOSA account
  • Flexible Loan repayment terms synchronized with respective borrower cashflow cycles i.e. (Monthly, Termly, quarterly in advance)
  • Members shall be issued with Loan offer letters and other relevant loan contract documents i.e. Loan schedules and letters of set-off.
  • Applicant’s credit reference bureau reports will be used in application vetting,

4. MOTORCYCLE LOAN: –

  • Members can source the motorbikes from dealers of their choice and brand of their choice and submit proforma invoice for the motorbike being financed 30% of the proforma invoice price shall be raised by the member and placed as a deposit with Mwalimu National Sacco.
  • Minimum monthly contribution to business loan savings will be Kes 1,000/-
  • Motorbikes shall be jointly registered between Mwalimu National Sacco & the member before payment is done to the dealer.
  • The financed motorcycle shall always be comprehensively insured, and Mwalimu National Sacco interest noted as “financier/First loss payee Insurance shall be done through Spire Insurance Brokers Ltd.
  • Members shall be issued with Loan offer letters and other relevant loan contract
  • documents i.e. Loan schedules and letters of set-off.
  • Applicant’s credit reference bureau reports will be used in application vetting.

RESTRUCTURE OF DEFAULTED LOANS

Mwalimu National Sacco Board Vide MIN/BOD/119/2019 approved restructuring guidelines for non Perfoming loans as per the guidelines stipulated hereunder; –

  • The member must make a formal request to have the facility restructured and submit support documents.
  • Member shall be appraised to ascertain viability of repayment plan and commitment to the loan obligation.
  • Member must maintain POSA salary account and channel their employment and business incomes through Mwalimu National Sacco FOSA account.
  • The Member to be issued with a loan offer letter detailing all their obligations in the Sacco and their corresponding securities as well as covenants governing the restructure of their facilities, the letter to be executed and attested to guide future relations.
  • Member shall provide conventional collateral to secure outstanding loan exposure. Security perfection on the business loan facility to be undertaken/verified to ensure sufficiency and legitimacy of the collateral in place before disbursement of restructured amount.
  • Where a member had sought legal redress, the Member to register a memorandum in court withdrawing the court case filed against the society as pertains realization of pledged collateral for the defaulted loan and notify the court of the proposed loan work out strategy.
  • Member to offset all recovery costs associated with the court case i.e. Valuers fee, Advocates fee notes and auctioneers’ fees and any other incidental costs associated with restructure of this facility.
  • Restructured loans shall not be entitled to bridging, top-up during the lifetime.
  • The borrower should be willing to pay appraisal fee to be fixed from time to time and show proof before the restructuring can be commenced. For the time being the fee will be 2% of the outstanding facility to a maximum of Ksh.200,000 and a minimum of Ksh.10,000,
  • Member to adhere to loan schedule repayment plan and subsequent default upon restructuring will result in commencement of recovery proceedings.

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KSSSA School Games; All the rules, changes and complete guide on players’ documentation

In 2019, the Kenya Secondary Schools Sports Association (KSSSA) limited the number of foreign players to be included in a school’s team. KSSSA had allowed schools to add a maximum of 4 foreign players to their teams and all these players can be fielded at the same time. But, for other team games (basketball, hockey, Rugby, volleyball, netball, and handball) schools would be allowed to include a maximum of three foreign players; with only two featuring for the team during a match at a time. KSSSA also limited the number of players that a school can transfer from another school. Consequently, no school would be allowed to transfer more than 2 players from another (same) school. At the same time, the Ministry had also put a ceiling on the number of participants per team as shown below:
  1. Swimming- 15 participants
  2. Badminton- 6
  3. Hockey- 20
  4. Basketball- 12
  5. Cross Country- 6
  6. Volleyball- 12
  7. Netball- 14
  8. Handball- 14
  9. Rugby 7’s- 11
  10. Rugby 15’s- 20
  11. Athletics- 2 per event
  12. Soccer- 20
  13. Table Tennis- 6
  14. Lawn Tennis- 4

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OTHER RULES

Apart from the ceiling on the number of participants, the following rules shall also be in force: 1). Under 19 years rule: Schools will also be expected to field participants who are under 19 years old in all other disciplines apart from soccer under 16. For this year, 2019; a). Under 19 players must have been born on or after 1st September, 1999. b). While, Under 16 players should have been born on or after 1st December, 2003. 2). The 90 day rule: As has been the norm, only students who have stayed in their respective schools for at least 90 days prior to the official commencement of the term one games (at Zonal level) will be eligible for participation. This rule does not, though, affect form ones, but new students in other forms must have reported to school by 15th November of the preceding year for them to be eligible. For 2019 a student must have reported to the current school by 15th November, 2018. It is important to note that this rule does not affect the 2019 form ones. 3). Repeaters: Students repeating in any class will not be allowed to participate during the repeating year. Such students can nevertheless be allowed to participate in the following year. This rule bars all form four repeaters from taking on to the fields of play; during the repeating year. 4). The six year rule: According to KSSSA, a student may participate at the secondary schools’ championships for a maximum period of six continuous years. For this year a student is expected to have sat for the KCPE exams on or after 2013. 5). Fielding of Foreign Students )Foreign players are those from other countries; outside Kenya): Effective 2019, a team shall be expected to have a maximum of three foreign players. According to the new rules, schools will only be allowed to field two of the three foreign players at any given playing time. 6). Rule on players who have already qualified to the East Africa Games (FEASSSA); According to KSSSA rules, a player from a team that has already qualified to represent Kenya in East African games shall not be allowed to participate in another game/discipline for that particular sports year. This implies that players who have already qualified to FEASSSA games, from the recently concluded term one games, will not take part in the term two games. 7). Documentation: For schools presenting teams, the players/ competitors must have: ✅ MoE Declaration Form duly filled and signed by principal, coach and rubber-stamped with all participants details including UPI number. The Principal must commit him/ herself in writing if a student is missing on the NEMIS. ✅A copy of the Kenya Certificate of Primary Education, KCPE, certificate; certified by the Principal. (For form ones, they will be required to have a copy of their KCPE result slip). ✅A4 size group photo with the specified number of players for that event with only the Principal and coach posing with the players in the photo. The photo should be certified by the principal and rubberstamped at the back. A coach who is not a teacher in the school shall not sit on the bench or actively interfere with the game/team. ✅A copy of the birth certificate also certified by the principal. ✅A photo Album (Spreadsheet) certified by the Principal. ✅The school Identity Card bearing the student’s details as indicated on the team list. ✅ 6 copies of team lists on school letterhead. ✅ All the above documents MUST be in a file clearly labelled with school name and the discipline/game. Please note that; a). The school’s ID card and team list must indicate the name,admission number,date of admission,date of birth, class and KCPE year. b). In case of transfer of a student, it should be indicated in the ID, date of transfer and school transferred from. c). In case of repeaters,it should clearly be indicated in the ID, the year of repeating and class. d). The school stamp must touch both the photo and the card and must not obscure the face. All these must be presented during Zonal, Divisional, sub-county, county, regional as well as National competitions. Additionally; i). date refers to day, month and year. ii). Composite teams will not require a group photo with the head of the institution. iii). Students transferring from one school to another school’s team shall not exceed two (2), if more than two, then all will not be eligible to play for a period of one year. Why a team may be disciplined/ Banned. According to the revised Kenya Secondary Schools Sports Association (KSSSA) constitution a team may be banned due to any of the following reason (s): a). Fielding an ineligible player. The following scenarios describe who an ineligible player is: i). A student who has not met the 90days rule. ii). A student with faulty documents i.e. details not matching in the ID, team list and photoalbum (Spreadsheet). iii). Not meeting the age rule-10 years and below. iv). Not meeting the 6 year rule after KCPE. v). Not meeting the transfer rule. vi). Not adhering to the international student transfer rule. b). Indiscipline; This includes: i). Fighting during the championships, whether one or more players involved the whole team will be banned. ii). Anybody who fights in the games village shall be expelled from the games village and the championship. iii). Stealing. iv). Roughing referees and officials. v). Roughing the crowd and the opponents. c). Carrying extra players to the games village; in cases where players reside within designated villages/ schools. Guidelines on conduct of Co-curriccular activities by TSC The Teachers Service Commission, TSC, also released guidelines on protection of learners while on Co- Curricular activities. Via a circular released last year and which is still in force, TSC holds that: “ALL Principals/Headteachers SHALL ensure that for any co-curricular activity (games and sports, music, drama, scouts, girl guides, educational tours, congresses, exchange programmes, debates, symposia, contests etc) within and/or outside the school, pupils/students are accompanied by at least one registered teacher of the same sex depending on the number of students/pupils involved in the activities. Persons NOT registered as teachers (including teachers whose names have been removed from the register of teachers) should not be incorporated in the school programmes (including co-curricular activities) to teach, handle, manage, coach, supervise and/or assist in the teaching, handling, managing, coaching, supervision of pupils/learners.”

MWALIMU SACCO MEMBERSHIP- HOW TO JOIN, REQUIREMENTS

APPLICATION FOR MEMBERSHIP AND RE-ADMISSION NEW MEMBERSHIP

(a) Every applicant for membership shall complete an “Application for Membership” form. This form may be drawn so as to show all the information required for the purpose of Register of members.

(b) The completed form upon receipt and admission shall be allocated a membership number, filed in the members personal file and the number given be entered in the members register

(c) An applicant shall be admitted to membership on being accepted by the Board and upon payment of Ksh.2,000 or such other amount for entrance fee as may be determined by the board from time to time.

RE-ADMISSION

(a) A member who withdraws from the Society may rejoin after a period of not less than 3 months of the withdrawal. However, such time frame shall be reviewed by the Board from time to time

(b) A Re-Admission fee of Ksh. 2,000 or such other amount as may be determined by the board from time to time.

(c) Upon re-admission, the rejoining member shall be treated as a new member for purposes of qualification of members’ rights and obligations.

(d) Upon admission/re-admission by the Board, a member will be issued with a membership biometric identification card. The Bylaws shall be available on the website.

REFUSAL OF ADMISSION

The Board may refuse admission to a person after assigning reasons for its decision. Such a person, whose membership has been refused, if aggrieved, shall have the right to appeal to the next Annual Delegates meeting through his Branch.

Such an appeal shall be heard and determined if the necessary notice has been given in accordance with the applicable law

DIFFERENCE BETWEEN SHARES AND DEPOSITS

(a) SHARES

The nominal value of each share shall be KSh.20.00 and every member shall hold at least 1,500 shares in the Society, but no member shall hold more than one fifth of the total shares.

Shares shall form part of the core capital of the Society as stipulated by the Sacco Societies Act No. 14 of 2008.

(b) DEPOSITS:

Any amount may be accepted towards members’ shares/deposits provided that, the Board may fix a minimum amount that may be paid by a member at any one time for those without loans different from those with loans.

Education ministry releases new 2020 Co-curricular activities’ guidelines for all schools

The Ministry of Education has released new guidelines for all Co-Curricular activities. In the new guidelines, responsibilities of various officials to be in charge of the Co-curricular activities have been stipulated. Financing for Co-Curricular activities has also been outlined. The sources for funding include: Co- Curricular Activity (CCA) Vote head, Free Primary Education (FPE) funds and Free Day Secondary Education (FDSE) funds. The Ministry of education disburses Co- Curricular Activity funds to the Sub- county Directors of Education (SCDEs), County Directors of Education (CDEs) and Regional Directors of Education (RDEs). These field officers have Authority to incur expenses for the various activities.

Here are the latest guidelines from the Ministry;

‘RE: THE 2019/2020 REVISED GUIDELINES ON FINANCIAL OBLIGATIONS DURING THE CO-CURRICULAR ACTIVITIES CHAMPIONSHIPS/ FESTIVALS, AT VARIOUS LEVELS

During the co-curricular activities retreat held on 23rd to 25th September, 2019 at Machakos University, the stakeholders revised the guidelines that were earlier released on 5th November, 2018 and 28th January, 2019 on the above mentioned subject.
This revision is aimed at promoting fairness in co-curricular activities expenditure at the various levels. The guidelines are as follows;

School – zonal level

The participating schools are to meet all costs at school up to the zonal level. Such expenses include:

  •  Provision of sports/festival facilities
  • Preparation and training of teams in various sports
  •  Transport teams to zonal championship
  • Pay lunch allowances to school teams officials and referees at zonal championship
  •  Provide meals/refreshments to the school teams

The schools are expected to get funds for this purpose from the activities fund and should not charge parents.

Sub-county Level

  • The school to transport the teams to and from the sub-county competitions and also pay lunch allowances to team official e.g. coaches, driver etc
  • Schools to feed their own teams
  • The SCDE to pay for the referees, judges, sub-county committees, field preparations, certificates and other related administrative costs

County level

During the county championship, the respective SCDE and CDE will be responsible for their teams as follows;

Sub-county Director of Education

  • Transport the teams to and from the county championships/ festivals
  •  Provide lunch to the sub-counties teams
  •  Pay the coaches, chaperons, team managers, drivers and sub-county committee

County Director of Education

  • The CDE to pay the referees, county executive committee and other championship/festival administrative costs e.g. field preparations, security etc.
  • Allowances will be paid as per approved budgets

Regional level

At this level, the CDE and RDE will be expected to share the expenses as follows:

  •  CDE to transport the county teams to and from the regional competition
  • CDE to pay allowances to the coaches, chaperons, team managers and county executive committee allocated duties, as per the approved budget
  • CDE feeds the county teams/accommodation
  • RDE pays the referees allowances, as per the approved budget
  • RDE to pay administration costs, such as field preparation, security, first aid, executive committee, refreshments, etc

National level

At this level, the RDE and MOE HQs will share expenses as follows;

  •  The RDE to transports teams to and from the national venue
  • The RDE to pay allowances to team officials such as, coaches, chaperons, team managers, drivers and executive committee assigned duties
  • MOE HQs to pay for teams accommodation in the host schools
  • MOE HQs to pay the referees allowances as per the approved budget
  • MOE HQs to cater for officials and teanis refreshments
  • MOE HQs to subsidize on field preparations/hire
  • MOE HQs to pay for badges, certificates, security, ambulance and other related administrative costs.

Host RDE

If a region is hosting the national championship, the RDE will be required to;

  •  Identify the schools to accommodate teams
  • Identify and book venues/play fields
  • Form and cater for the hosting committee
  • Ensure the field/venues are prepared to the required standards
  • Provide and pay for chairs & tents used during opening and closing of the games championship’

KEY TO USED TERMS

  • MOE: Ministry of Education
  • RCE: Regional Director of Education
  • CDE: County Director of Education
  • HQs: Head Quarters
  • SCDE: Sub County Director of Education

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