Spire Bank, buying this bank from crooked businessman Naushad Merali was a mistake.
Mwalimu National Sacco (MNS) is having cash flow problems.
The shell of a bank they purchased in the name of Spire isn’t helping things. MNS withdrew its money from the cooperative bank of Kenya and took it into Spire bank.
Since then, it has been down a slippery slope, deteriorating.
Currently, members can’t withdraw their money, that is dividends and salaries. Imagine working had as teacher in tough conditions yet your salary is stuck with the bank.
Dividend balance seen on Tuesday night in member’s accounts was slashed come Wednesday morning.
All withdrawal functions on ATM, Gomobile and USSD 633# were deliberately disabled.
Teachers who earn through MNS had their salaries delayed since Friday.
The salaries appeared in teachers accounts today (Tuesday) at 8.30am.
All things point to a collapsing Savings and Credit Cooperative Organisation.
Embezzlement of funds and bad investment decisions have created cash flow problems.
Some members of the Sacco shared their frustrations as below:
1/ If you earn interest on share capital, how comes the share capital figure has never increased beyond 20,000 yet this is to be raised to 30,000. 2/ Am a teacher and am also a member of Mwalimu Sacco. We have been turned to paupers especially once you have borrowed a loan from them you can't access any major loan. You have to be guaranteed by almost 8 teachers and incase one defaults your salary is attached. In the event that you want to move out of the Sacco its next to impossible. Mwalimu hana haki poor teacher 3/ Nyakundi this thing is not only with Mwalimu sacco I think it's high time Kenyan we boycott this saving schemes .This is Liaison they have zero dividends now. We better put the savings in stomach...even NSSF is a scam; you claim your benefits until you die claiming.