RE: ADVANCE AGAINST EXPECTED REBATE FOR YEAR 2021
Following the Mwalimu Sacco Board’s resolution on 30th August 2021, the second phase of Advance against expected.
Interest rebates for financial year 2021 will be rolled out from 14 January 2022.
The terms and conditions of the product will be as follows:
1. The advance will be accessed via the Go – mobile App platform and USSD *633#
2. From 1 January 2022 to ADM date, members will be eligible for 75% of projected at the rate of 5% on amount accessed.
3. The computation of the advance qualified for, will be based on member’s deposits balance as of 30 November 2021 on a month-on-month basis. The multiplying factor will be 7%.
It is important to note that 7% is just for purposes of administering the Advance product but NOT the rate of Interest rebate for year 2021. The rate for the year 2021 will be declared in the next ADM in 2022 based on full year’s financial performance and upon external audit.
4. Members who have defaulted on their loans’ obligations will NOT be eligible and hence do not qualify for the advance unless their accounts are regularized.