Mwalimu Cooperative Savings & Credit Society Limited

Mwalimu Cooperative Savings & Credit Society Limited, also known as Mwalimu National Sacco Limited, but often referred to as Mwalimu Sacco, is a savings and credit co-operative society (Sacco) in Kenya, the largest economy in the East African Community. It is an institutional Sacco, composed of (a) the staff of the Teachers Service Commission (TSC) (b) TSC teachers in secondary and tertiary institutions (c) TSC teachers in elementary schools (d) the staff of Mwalimu National Sacco Limited and (e) the spouses of the above members, when formally, gainfully employed.^[1] The society is licensed and regulated by the Sacco Societies Regulatory Authority (SASRA).^[2]

Overview

Mwalimu Sacco is a medium-tier financial services provider in Kenya. As of December 2013, it was the largest Savings and Cooperative Society (Sacco) in the country, with an asset base valued at about US$282.2 million (KES:24.5 billion). At that time, the society had in excess of 57,520 members and a loan book of approximately US$241.5 million (KES:20.96 billion).^[3] If Mwalimu Sacco were a commercial bank, it would rank number 23, by assets, out of the 43 licensed commercial banks in Kenya, just below Guaranty Trust Bank (East Africa).^[4] As at December 2013, Mwalimu Sacco was ranked as the number one SACCO in Kenya, as measured by assets^[5] and revenue^[6]

History

The society was established in 1974, with the objective of mobilizing savings from its members and providing loans to members, using those resources.^[7][8] In 2013, Joshua Ojall, the society CEO at the time, announced plans to build up to 100 housing units in the outskirts of Nairobi, the capital and largest city in Kenya and East Africa. The houses and apartments constructed using a US$5.2 million (KSh450 million) fund will be sold to Society members at between KSh2.8 million and KSh4.5 million (US$33,000 - US$52,000). The program is expected to roll out in other Kenyan urban centers after the Nairobi opening.^[9] In 2014, the Chairman of the Society announced plans to open a commercial bank, known as Spire Bank, between 2014 and 2018.^[10]

Ownership

The shares of stock of Mwalimu Sacco Limited are privately owned. The detailed shareholding in the Cooperative society in not widely, publicly known.

Subsidiaries

In December 2014, Mwalimu Sacco acquired 51% shareholding in Equatorial Commercial Bank (ECB), a Kenyan retail commercial bank, for a cash payment of KES:1.7 billion (approximately USD:18 million).^[11] The sales agreement provided for the Sacco to purchase another 24% shareholding in the bank before 31 December 2015, to enable ECB comply with Central Bank of Kenya shareholding directives. The Sacco will then turn around and sell some of its shareholding in the bank, to some of its members.^[12] Following the resolution of objections raised by the Cooperative Alliance of Kenya, a commission set up to investigate the deal, gave its approval in March 2015.^[13]

Branches

As of December 2013, the society maintains a network of branches at the following locations:^[14]

1. Tom Mboya Branch - Mwalimu Cooperative House, Tom Mboya Street, Nairobi (Main Branch)
2. TSC Branch - Teacher Service Commission Centre, Upper Hill, Nairobi
3. Kisumu Branch - Kenya Reinsurance Plaza, Oginga Odinga Street, Kisumu
4. Nyeri Branch - Kanisa Road, Nyeri
5. Kisii Branch - Ouru Complex, Kisii
6. Webuye Branch - Afro Fancy House, Webuye
7. Mombasa Branch - Arrow Plaza, Mombasa
8. Kitui Branch - Winlo Complex, Kilungya Street, Kitui
9. Meru Branch - Stemuki Plaza, Kirukiri Street, Meru
10. Eldoret Branch - Zion Mall, Uganda Road, Eldoret
11. Nakuru Branch - Vickers House, Kenyatta Avenue, Nakuru

See also

References

External links

• Mwalimu Sacco Summons EGM to Approve Sh500m Cash Call
• Website of Sacco Societies Regulatory Authority of Kenya
• Website of Mwalimu Sacco Limited
• Kenya Eases Pain of Loan Defaulters, Alters Credit Bureau Rules

Banks of Kenya
Central bank	Central Bank of Kenya
Commercial bank	African Banking Corporation Bank of Africa Barclays Bank Bank of Baroda Bank of India Stanbic Bank Chase Bank Citibank NA Kenya Commercial Bank of Africa Consolidated Bank of Kenya Cooperative Bank of Kenya Credit Bank Development Bank of Kenya Diamond Trust Bank East African Development Bank Ecobank Kenya Equity Bank Family Bank FidelityBank First Community Bank Giro Commercial Bank Guaranty Trust Bank (Kenya) Guardian Bank Gulf African Bank Habib Bank Habib Bank AG Zurich Housing Finance Company of Kenya I&M Bank Limited Imperial Bank Limited Jamii Bora Bank Kenya Commercial Bank Middle East Bank Kenya M-Oriental Bank National Bank of Kenya NIC Bank Paramount Universal Bank Post Bank Prime bank Sidian Bank Spire Bank Standard Chartered Kenya Trans National Bank Kenya United Bank for Africa Victoria Commercial Bank
Financial services organization	Diamond Trust Bank Group Equity Group Holdings Limited Commercial Bank of Africa Group Guaranty Trust Bank (East Africa) I&M Bank Group Kenya Commercial Bank Group NIC Bank Group
Foreign banks	Bank of China Bank of Kigali HDFC Bank Nedbank The Hongkong and Shanghai Banking Corporation First Rand
Defunct banks	Dubai Bank Kenya Euro Bank
Microfinance Institutions	Faulu Microfinance Bank Limited SMEP Microfinance Bank Kenya Women Microfinance Bank
Related Topics	Automated Teller Machine (ATM) ATM usage fees De-Materialisation (DEMAT) Foreign Exchange (FOREX) Financial Services Real Time Gross Settlement (RTGS) National Electronic Fund Transfer (NEFT) Structured Financial Messaging System (SFMS)