Connect with us

Hi, what are you looking for?

Cyprian Is Nyakundi


Spire Bank in panic after regulator cracks whip on Mwalimu National Sacco

Spire Bank branch

The management of the struggling Spire Bank, a teachers’ owned financial institution is in panic after the SaccoSocieties Regulatory Authority (SASRA) cracked the whip on its sister firm.

SASRA suspended the CEO and Board Chairperson of Mwalimu National Sacco, arguably one of Kenya’s largest Sacco, over fraud.

In December 2020, Mwalimu National Sacco (MNS) fully acquired Spire Bank from businessman Naushad Merali at a tune of Sh2.4 billion, taking up a 75 stake in the lender.

Sasra suspends CEO and Board Chairperson of Mwalimu Sacco


Spire Bank (formerly Equaorial Commercial Bank) has struggled since acquisition by Mwalimu National Sacco. Teachers were lied to into buying a collapsing entity from the rogue Merali of Sameer Group.

Merali, a known shady businessman in Nairobi, later withdrew about Sh1.7 billion from the bank further denting its ability to stay afloat.

In the financial year ending in December 2020, Spire Bank returned a Ksh.1.3 billion loss, a loss three times wider than Ksh.472 million negative earnings in 2019.

The questionable wealth & dangerous maneuvers of a TSC auditor

Interest expenses by the bank now topple earnings from lending activities while loan defaults at the financial institution are now equal to the bank’s entire loan book.

Moreover, the bank stares at the wrath of the Central Bank of Kenya (CBK) with its capital and liquidity ratio falling further in breach of regulatory provisions.

The bank has ‘eaten’ into Teachers’ savings.

With acquisition of Spire Bank, the destruction of teachers’ in Kenya is almost complete.

KNUT has been diluted by other Unions such as KUPPET and a woman led union Kenya Women Teacher’s Association (KEWOTA), which steals (takes forcefully) deductions from female teachers who have not signed up to it.

In the end then, is this the next bank to go into receivership?

Get out before it is too late

Be wary of attempts to Sabotage KNUT

Would you like to get published on this Popular Blog? You can now email Cyprian Nyakundi any breaking news, Exposes, story ideas, human interest articles or interesting videos on: [email protected] Videos and pictures can be sent to +254 710 280 973 on WhatsApp, Signal and Telegram.



Click to comment


You May Also Like


A disgruntled customer is in search of answers after she mysteriously lost cash during a botched transaction facilitated by one of the top banks...


A group of businessmen, mostly from the Somali community have decided to undermine the war against tax evasion. The tax evaders, who don’t want...


Guest Writer, Isn’t it strange that our normal rain patterns within Nairobi and a radius of about 80KM, rains which used to be predictable,...


The ethics and anti-corruption commission has caught a KETRACCO manager pants down, in a legal war that has shed light on corruption at  KETRACO,...

Copyright © 2021 Cyprian Is Nyakundi.

%d bloggers like this: