Mwalimu National Sacco begins issuing advance rebates for fiscal year 2023


Mwalimu National Sacco has announced the issuance of advance rebates against expected interest rebates for the fiscal year 2023.

Through  a memo dated August 02,2023 and signed by Sacco CEO Kenneth Odhiambo, the exercise will kick off today and the advance will be available via MwalimuHELA platform App and USSD*633#.

Members will have access of up to 50 per cent of the earned interest rebates for last financial year ended December31, 2022 based on deposit balances then, at flat interest rate of 1.75 per cent per month of the amount applied, subject to all other eligibility criteria

Members are also encouraged to clear the existing advance for this product line to enable access to additional advances by applying for a higher amount than the existing balance of advance sufficient to clear the previous one and leave them with desired amount.

Members who may have defaulted on any lending product of the Sacco or with arrears on any Society obligations will not be able to access the advances unless their accounts are regularized.

By Vostine Ratemo

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