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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.

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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 MEMBERSHIP- HOW TO JOIN, REQUIREMENTS

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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.

TEACHERS' NEWS PORTAL

How to log into Mwalimu National Sacco portal and calculate your dividends

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If you are a Mwalimu National member then you can log into the mwalimu sacco members portal and enjoy the following:

  1. Personal details- These includes total deposits, total loan repayments and total shares.
  2. Loans- Loan Application List and Loan Calculator
  3. Customer Relations
  4. Reports- The following statements can be viewed:
  • FOSA Statement
  •  Guarantors Statement
  •  Loans Guaranteed
  •  Shares Capital Statement
  •  Dividend 2019 Statement
  •  Dividends
  •  Member Statement

How to login to mwalimu national sacco portal membersportal.mwalimunational.coop

If you don’t know your password click on forgot account details and you’ll be prompted to enter your membership number. Thereafter a new password will be sent to the mobile phone number that you used to register your account.

How to calculate Mwalimu Sacco dividends for 2022

Just like other saccos, mwalimu national also pays dividends to members each year at the month of February. The sacco has declared dividends on total share capital (Kshs. 20,000) at 11.2%, rebates on deposits at 10.2% (your total amount at MNS minus the Kshs. 20,000 shares) and a withholding tax at 10% of dividends plus rebates.

Calculations for Mwalimu National sacco dividends:

Suppose the rebates on deposits of a member as at December 2020 is Kes. 100,000, capital shares at ksh 20,000 and he/she contributes Kes. 5,000, the total dividends will be calculated as follow:

HOW TO CALCULATE FOR DIVIDENDS AMOUNT IN KSHS
10.2% of 100,000(Shares as at December 2018) 10,200
11.2% of 20,000(Capital shares) 2,240
10.2% of 5,000(January Contribution) 510
10.2% of 5,000 x 11/12(February  contribution) 467.50
10.2% of 5,000 x 10/12(January  contribution) 425
10.2% of 5,000 x 9/12(March  contribution) 382.50
10.2% of 5,000 x 8/12(April  contribution) 340
10.2% of 5,000 x 7/12(May  contribution) 297.50
10.2% of 5,000 x 6/12(June  contribution) 255
10.2% of 5,000 x 5/12(July  contribution) 212.50
10.2% of 5,000 x 4/12(August  contribution) 170
10.2% of 5,000 x 3/12(September  contribution) 127.50
10.2% of 5,000 x 2/12(October  contribution) 85
10.2% of 5,000 x 1/12(November  contribution) 42.50
TOTAL 15,755
5% of 15, 755 ( Withdrawal Tax) 787.75
AMOUNT RECEIVED AS DIVIDENDS (15755-787.75) 14,967.25

Note that dividends is subject to the following deductions:

  1. Excise duty
  2. Processing fee

Amount  expected in your account (net) is the Actual amount (as Calculated above) minus any advance amount taken.

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