MWALIMU SACCO
ADVANCE AGAINST EXPECTED REBATE FOR THE YEAR 2021
Mwalimu National Sacco during its board meeting held on 30th August 2021 resolved to roll out Advance Against expected Interest rebates for the financial year 2021 effective 01st of October 2021.
The product will be offered at all FOSA branches to qualifying members.
The terms and conditions for the product will be as follows:
1. The advance will be accessed via the Go-mobile platform and USSD code *633#
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2. Between 015t October 2021 to 31st December 2021 with the advance limited to 50% of the projected rebate with interest due on amount accessed at the rate of 7.5%.
3. From 1st January 2022, members will be eligible for 75% of the projected rebate with interest due on the amount accessed at the rate of 5.0%.
4. The computation of the Advance qualified for, will be based on members’ deposits balance as of 31st August 2021 and on a month-on-month basis.
The multiplying factor will be 7%. It is important to note that 7% is just for purposes of administering the Advance product but NOT the rate of Interest rebate for the year 2021.
The rate for the year 2021 will be considered in the next ADM in2022 based on the full year’s financial performance and upon Audit
5. Loan defaulters and members with arrears are NOT eligible hence do not qualify for the advance unless their accounts are regularized.
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A member is normally very down financially when he has defaulted loans and arrears. Dividends should not be denied. Why not share between the member and the sacco arrears just to boost the member’s welfare?
A member should not be denied his or her shares , this is not fair even if he or she has defaulted , you have the members shares which can recover the arrears.