Mwalimu Sacco: The journey from 9 to 123,000 members

Established in 1974, the sacco has a membership count of slightly over 123,000 as of June 2023. Mwalimu Sacco started with just nine members, all Teachers Service Commission (TSC) employees. 

Mwalimu Sacco started with just nine members, all Teachers Service Commission (TSC) secretariat employees. 

Over time, the Sacco mutated to incorporate teachers, starting with Post-primary school teachers and later, college and university tutors, primary school teachers and private schools employees.

The Sacco recently opened its common bond to accommodate all salaried employees from other sectors, employees working on contract of more than 3 years and individuals on a quasi banking stature.

According to Mwalimu Sacco CEO Kenneth Odhiambo, the company’s success is largely attributed to the belief in service to its members.

“The governance structure of the sacco has been premised on inclusiveness. The stakeholders who are the clients have been given opportunities to be at the leadership of the Sacco,” Odhiambo said while appearing on Citizen TV’s Power Talk show with Yvonne Okwara.

Mwalimu Sacco has over 40 branches across the country, with each branch having a representative who articulates members’ issues to the sacco management.

Mr Odhiambo adds that the sacco has over time been targeting the youth who form part of the bigger population in Kenya, with the aim of driving the youth agenda in matters of finance.

“Some of us don’t have a lot of time here, but we want to leave an institution that will be standing 20, 30 years even after we are gone,” said Mr Odhiambo.

The sacco is now keen on moving from brick and mortar to the digital space to be able to serve its members effectively.

In this regard, at least 18 physical branches are operating in the country, and this is to serve the older members who still believe in visiting physical branches for services. The rest of the operations have been moved to the digital space where most of the sacco members are.

Odhiambo says the sacco is now focusing on sustainability as part of its future.

Mwalimu Sacco has embarked on a number of initiatives to achieve this. Among them is how to be in contact with their members even after they have left the teaching profession.

“We’ve incorporated a post-retirement medical cover for our members, which means once their employer is done with them they are able to continue being covered through our sacco,” he said.

He added that the sacco’s future is secured with proper structures in place to make sure it’s sustainable and serves more members.