Mwalimu National Sacco: Africa’s Largest Sacco with Ksh 64B Assets
With an asset base of over Ksh.64 billion, Mwalimu National Sacco is the seventh-largest Sacco in the world and the largest in Africa.
The Sacco, founded in 1974, has slightly more than 123,000 members as of June 2023. The initial membership of Mwalimu Sacco consisted of only nine Teachers Service Commission (TSC) employees.
Over time, the Sacco has transformed into a group of teachers, beginning with primary school teachers, then secondary school teachers, college and university tutors, and finally private school employees.
The sacco recently opened its common bond to accommodate salaried workers, contract workers with more than three years of experience, and individuals with quasi-banking status.
According to the chief executive officer of Mwalimu Sacco, Kenneth Odhiambo, the company’s success is largely attributable to its commitment to serving its members.
“The governance structure of the Sacco is based on inclusivity. Odhiambo stated this while appearing on Citizen TV’s Power Talk with Yvonne Okwara.
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Mwalimu Sacco has over 40 branches across the country, with a representative from each branch communicating member concerns to Sacco management.
Mr. Odhiambo adds that the Sacco has, over time, targeted the youth who make up the majority of Kenya’s population to drive the youth financial agenda.
Mr. Odhiambo stated, “Some of us don’t have a lot of time here, but we want to leave behind an institution that will be standing 20, 30 years after we’re gone.”
To effectively serve its members, Sacco is now eager to transition from brick-and-mortar to the digital realm.
In this regard, at least 18 physical branches are operating in the country to serve the older members who still prefer to visit physical branches. The remaining operations have been relocated to the digital realm where the majority of Sacco members reside.
According to Odhiambo, Sacco is now focusing on sustainability for its future.
To accomplish this, Mwalimu Sacco has undertaken several initiatives. Among them is how to stay in touch with their members after they leave the teaching profession.
“We’ve included post-retirement medical coverage for our members, which means that once they’re no longer employed, they can continue to be covered through our Sacco,” he explained.
He added that Sacco’s future is secure because it has the necessary structures in place to be sustainable and to serve more members.
Mwalimu National Sacco: Africa’s Largest Sacco with Ksh 64B Assets
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