The application process for the unsecured instant sacco loans for teachers has always required the applicants to look for a minimum of four guarantors, who should also be the members of the same sacco, and their salaries pass through the FOSA(Front Office Service Activity) account.
Consequently, getting only four signatures to cover up the requirements for the loans has never been a hard task for teachers who are in need of applying for such instant monies.
As per the details that usually emerge from the successful beneficiaries, especially from the Mwalimu National Sacco(a sacco that holds a lion’s shares of the teachers), a 21 Century teacher who belongs to Mwalimu could not be broke whatsoever.
The applications for a pocket friendly advance is just at their proximity. However, it has come to emerge that some teachers after qualifying for the loan, they end up changing their paypoints, leaving their guarantors with no option but to repay for the remaining amount to the sacco.
The above alleged details were uniquely discovered by the commission, and after doing some close investigations, it discovered that no wonder applications for the change of paypoints among teachers has drastically increased in the past five years.
According to the employer’s recent remarks on the change of paypoints for teachers, it stated that the forms for change should be accompanied by a newly introduced form; a clearance form that is a certified by the previous paypoint managers, just to ascertain that the teacher under review has no unsecured loan whatsoever, but has just decided to move away by good Will.
The allegations were reinforced by the CEO, Dr Nancy Macharia, who strongly condemned the situations where teachers are paying loans that they didn’t own in the first place, and they have no otherwise just because the owner of the loan has defaulted.
While responding to the complains from variety of teachers who have been raising their concerns at several conferences, Dr Macharia suggested that if the teachers want to change their salaries between paypoints, then they should do it sparingly, with evidence of not having any hanging loan that could affect their guarantors.