HomeJambo InfoBanking and FinanceHow To Withdraw Membership From Mwalimu National SACCO

How To Withdraw Membership From Mwalimu National SACCO

In this write up, I will take you through how you can withdraw membership from the giant Mwalimu National SACCO.

Mwalimu Sacco is undoubtedly one of the giant cooperative societies in Kenya. However in the recent times, the SACCO has proved to be walking a tight rope as far service delivery to its members is concerned.

For instance, its esteemed members have registered their sincere dissatisfactions owing to the interest rates the SACCO paid dividends for the year 2020.

Following the 42nd Annual Deletes Meeting that was held at Bomas of Kenya on 23rd march 2021, the SACCO resolved that rebates to be paid at 9.3%.

It is important to remember that one ceases to be a member of Mwalimu National Sacco under the following circumstances:

  1. Attaining the age of 70 years.
  2. Dying.
  3. Being expelled from membership.
  4. Withdrawing all his Deposits.
  5. Becoming certified insane.
  6. Transferring his shares.
  7. Ceasing being an employee of Mwalimu National Sacco or Mwalimu National SACCO subsidiaries under disciplinary circumstances.
  8. Being declared bankrupt by a court of law.

How To Withdraw Membership From Mwalimu National SACCO

A member who withdraws or is expelled shall be paid the following dues after deduction of any debts, owed by him to the Society as borrower, endorser, guarantor, or otherwise:

  1. Any dividends or interest due to him on the date membership ceases.
  2. Any deposits or other sums held by the society on his behalf.

No shares shall be paid upon withdrawal and any member having deposits in excess of liabilities may offset such liabilities from the deposits.

To withdraw membership from the MNS follow these steps:

  • Notify the Mwalimu National Sacco Board of your intention to leave. The board should receive a 60 days’ written notice to withdraw from the society.
  • You will then have to provide substitute guarantors if applicable. This is in case you have signed loan forms for any other member (s).
  • You will have to provide a clearance certificate from the employer (TSC).
  • Submit the documents to the Sacco and your withdrawal will be processed.

Always take note that if you withdraws your membership and you wish to rejoin MNS, you can easily make your way back. This is because the Sacco laws allow a member who has withdrawn from the Society to be considered for re-admission.

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