Mwalimu National Sacco has been on the spot in recent days due to corruption allegations and reduction of dividends paid to its members. If you are a member of the giant Mwalimu National Sacco, and you would wish to withdraw your membership, here is the simple procedure.
It is documented in their constitution that one ceases to be a member of Mwalimu National Sacco if he/she;
- Is declared bankrupt by a court of law.
- Has attained the age of 70 years.
- Withdraws all his Deposits.
- Is expelled from membership.
- Is becoming certified insane.
- Cease being an employee of Mwalimu National Sacco or Mwalimu National SACCO subsidiaries under disciplinary circumstances.
- Transfers his shares.
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How To Withdraw Membership From Mwalimu National SACCO (NMS).
If a member withdraws or is expelled from NMS he or she is paid the following dues following deduction of any debts, owed by him to the Society as a borrower, endorser, guarantor, or otherwise:
- Any dividends or interest due to him on the date membership ceases.
- Any deposits or other sums held by the society on his behalf.
Shares will not be paid upon withdrawal and any member having deposits in excess of liabilities may offset before-mentioned liabilities from the deposits.
Steps To Withdraw Membership:
- Notify the Mwalimu National Sacco Board of your intention to leave. The board should receive 60 days’ written notice to withdraw from the society.
- You will later provide substitute guarantors if applicable. This is in case you have signed loan forms for any other member (s).
- You must provide a clearance certificate from the employer (TSC).
- Finally, Submit the documents to Sacco. Your withdrawal will be processed.
PLEASE NOTE: If you withdraw your membership and you wish to rejoin MNS, you can comfortably make your way back. The Sacco laws allow members who have withdrawn from the Society to be considered for re-admission.
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