Mwalimu Sacco writes off Sh960mn tied to failed Spire Bank investment
According to the Sacco’s latest audited financial statements, the institution booked Sh960.3 million as a net impairment charge on financial assets, largely associated with the failed banking venture. Kenya breaking news | Kenya news today |..
✨ Key Highlights
Mwalimu National Deposit-Taking Sacco has written off Sh960 million tied to its failed investment in Spire Bank, despite reporting a significant profit increase for the year ended December 2025.
- The Sacco booked a Sh960.3 million net impairment charge primarily due to the Spire Bank venture.
- The main organization involved is Mwalimu National Deposit-Taking Sacco, with the investment in Spire Bank (formerly Equatorial Commercial Bank) being the cause.
- Despite the write-off, the Sacco's surplus nearly doubled to Sh1.27 billion in 2025, driven by growth in lending and member interest income.
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