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Mwalimu sacco signs Sh20m deal for secondary school heads’ conference

by: Category: Banking & Finance, In Focus A+ / A-

By Maurice Momanyi

Mwalimu National Sacco through its subsidiary Equatorial Commercial Bank (ECB) has signed a sponsorship deal worth Sh20 million towards this year’s annual secondary school head teachers’ conference slated for next month in Mombasa.

ECB is majority owned by Mwalimu National Sacco following a buyout deal last year.

Mwalimu National is the largest sacco in the country with a membership of 60,961 and savings of Sh18.3 billion as at Mach last year. It sold 40 per cent of Mwalimu National Holdings, the vehicle used to invest in ECB, to members.

The deal had first received approval from the Competition Authority on December 26, 2014 and Central Bank of Kenya on December 31, allowing its conclusion before the turn of the year when the capital gains tax was coming to effect. It was also approved by the Sacco Societies Regulatory Authority (Sasra)

A dummy cheque was presented to the top leadership of the Kenya Secondary Schools Heads Association (KESSHA) with the lender expected to take part in the KESSHA calendar activities including the conference in the coastal region.

Speaking Thursday while handing over the dummy cheque, Mwalimu National Chief executive Robert Shibutse said the deal will go a long way in supporting the development of the education sector.

“Education is an important part of Mwalimu National since the need exists in all geographic areas that we operate in. Mwalimu National and ECB are committed to supporting the education sector play its rightful role in supporting the country’s development agenda,” said Shibutse, adding that the organization has been focused on supporting learning and exchange of good practice in the administration of public secondary schools

The conference which attracts over 7,000 delegates annually is set to take place at the wild Waters Resort in Mombasa from 20th June to 24th June 2016..

“Issues discussed during the annual head teachers’ conference have a huge impact on the development of the education sector. ECB and Mwalimu National Sacco appreciate the KESSHA’s commitment to bringing about excellent educational outcomes for our young people,” said ECB managing director Tim Gitonga.

Mwalimu National Sacco has a foundation called Childhope Foundation through which it pays school fees for needy children in secondary school, mostly orphans, as part of their Corporate Social Responsibility program – as well sponsoring several activities such as secondary school sports, drama and music.

KESSHA National Chairman John Awiti promised to lobby all head teachers to the bank as a way of cementing the good working relationship between the two institutions. He further said that he would ask parents to channel their children’s school fees payments through the lender’s accounts.

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Business Journalist since 2009, has worked for Financial Post, Standard Media Group, Business Journal and People Daily Chief Editor at The African Business Fortune Magazine Hobbies: Singing, Interacting and Reading Comics
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