A SACCO is a member-based financial service institution where individuals pool their savings to provide loans to fellow members. This self-help organization not only encourages regular saving but also offers attractive dividends and easier access to credit compared to traditional banks.
The Benefits of Joining a SACCO
Firstly, SACCOs promote regular savings by requiring members to contribute a fixed monthly amount.
These savings often attract superior interest rates, with dividends ranging from 8-15% per annum. Moreover, borrowing a loan is more straightforward within a SACCO, allowing members to borrow up to three times their savings with minimal paperwork.
Crucially, SACCOs offer stability in interest rates, unlike banks that frequently adjust their rates based on external factors. Additionally, SACCOs aim to empower members financially by owning assets such as land, houses, and other investment opportunities.
The Sacco Societies Regulatory Authority (SASRA) on 5th April. Copies of the audited accounts are available for inspection at the Society’s head office. Dividends at the rate of 10.5% and interest on deposits at the rate of 10% were approved.
ADVANCE AGAINST EXPECTED REBATE FOR THE FINANCIAL YEAR
This is to inform you that Advance against expected Interest rebates for the financial year will officially be rolled out with effect from tomorrow 3rd August.
The product is officially accessible to members subject to the following terms and conditions:
The advance is available via the MwalimuHELA platform App and USSD *633#
The accessible amount will be 50% of the earned interest rebates for the last financial year ended 31st December 2022 based on deposit balances then, at a flat interest rate of 1.75% per month of the amount applied, subject to all other eligibility criteria. The interest rate will apply throughout the facility.
Any subsequent application of the advance will be on a top-up basis, the same way a bridging facility is handled. Any member who wishes to access additional advance must first clear the existing advance for this product line. They should, therefore, apply for a higher amount than the existing balance of advance sufficient to clear the previous one and leave them with the desired amount.
Members who may have defaulted on any lending product of the SACCO or with arrears on any Sacco obligations are NOT eligible for this product unless their accounts are regularized.
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.
How do I check my Mwalimu National Sacco balance?
- Go to MEMBERS PORTAL on our website www.mwalimunational.coop;
- Key in your Society Membership Number and then Click – “Don’t have an account”;
- A window will open that prompts you to Key in your Membership Number and CAPTCHA characters;
- After which, You will receive a system-generated password for your phone;
- Use the system-generated password to log into the portal;
- You will then be prompted to change your password;
- Then finally, use your NEW password to access the portal from the comfort of your home or office.
Mwalimu National Dividend Capitalization Form
Final Thoughts on Sacco Dividends Investing
In times of economic uncertainty, having a passive income stream to manage bills is invaluable. SACCO dividend investing presents an accessible and effective way to build such income.
By leveraging the benefits of SACCOs, individuals can take charge of their financial well-being and gradually free themselves from the cycle of debt.
Embrace the power of SACCO dividend income and pave the way for a more financially secure future.