In Summary
  • The proposed Mwalimu Bank to be run by Mwalimu National Sacco Society Limited is also expected to offer a wide range of services to the public, generating more business and leading to high profitability for Sacco members.

Teachers in the country are set to own their own bank following an impressive growth of their savings society.

The proposed Mwalimu Bank to be run by Mwalimu National Sacco Society Limited is also expected to offer a wide range of services to the public, generating more business and leading to high profitability for Sacco members.

While addressing delegates during the Annual Delegates Conference, Mwalimu Sacco Chairman Mr Shem Motuka said the Sacco deposit grew to Sh18.6 billion this year compared to Sh16.6 billion in 2012 reflecting an increase of 11.4 per cent.

“Cumulative loan portfolio grew from Sh18.9 billion in 2012 to Sh20.9 billion as at the end of December 2013, a growth of 10.4 per cent,” announced Mr Motuka on Saturday during the event at the Nairobi National Museum Auditorium.

He also announced that the turnover of the society grew from Sh3 billion to Sh3.5 billion representing a 15.2 per cent increase.

Mwalimu’s total assets grew from Sh22 billion to Sh24.5 billion in the year under review while the society’s total membership grew to 57,277 from 54,664 representing a 5 per cent increase.

As a result, the society has proposed a rebate payment of 11.5 per cent and dividends of 12.5 per cent based on monthly deposit and shares balance respectively.

Page 1 of 2