Mwalimu National SACCO has already paid dividends for 2021. Members have found it hard to understand how the amount that was paid as dividends was reached at. Jambo News has dug deep to unearth the formula used by the sacco.
Read also: List of Mwalimu national Sacco branches 2021
First its important, to note that dividends are paid at two levels of percentages; 11.2% of capital shares that is usually 20,000 for each member and 10.2% of the amount of shares.
Contrary to previous years, the Sacco decided to calculate dividends of members at montly level. The contribution made at the month of January accrued more dividends compared to other months.
Total share as the month of December, 2018 also contribute immensely to the dividends a member got.
To check your 2019 dividends, you can use three ways;
- Visit the nearest Mwalimu national branch.
- Use mwalimu national Sacco mwmber sacco using this link https://membersportal.mwalimunational.coop
- Use Mwalimu National GoMobile App
Read also: How to log in to Mwalimu National Sacco Members Portal for Loans,dividends(2020) and Statements
How Mwalimu National Sacco calculated 2019 dividends
Suppose the rebates on deposits of a member as at December 2018 is Kes. 100,000, capital shares at ksh 20,000 and he/she contributes Kes. 5,000 monthly, the total dividends will be calculated as follow:
| MEMBER DIVIDEND SLIP 2021 | ||||
| Name: | ******* | |||
| Staff No. | ****** | |||
| Employer | ****** | |||
| No. | ****** | |||
| Period | Deposits | Formul a | Interest | |
| Balance BF | 0.00 | |||
| Qualifying Shares | 20,000.00 | |||
| Dividend on Share Capital(10.5%) | 2,100.00 | |||
| January | (10/100)* | 305,705.00 | *(1/12)= | 2,547.54 |
| February | (10/100)* | 312,166.00 | *(1/12)= | 2,601.38 |
| March | (10/100)* | 315,972.00 | *(1/12)= | 2,633.10 |
| April | (10/100)* | 319,778.00 | *(1/12)= | 2,664.82 |
| May | (10/100)* | 323,584.00 | *(1/12)= | 2,696.53 |
| June | (10/100)* | 327,390.00 | *(1/12)= | 2,728.25 |
| July | (10/100)* | 331,196.00 | *(1/12)= | 2,759.97 |
| August | (10/100)* | 335,002.00 | *(1/12)= | 2,791.68 |
| September | (10/100)* | 338,808.00 | *(1/12)= | 2,823.40 |
| October | (10/100)* | 342,614.00 | *(1/12)= | 2,855.12 |
| November | (10/100)* | 346,420.00 | *(1/12)= | 2,886.83 |
| December | (10/100)* | 350,226.00 | *(1/12)= | 2,918.55 |
| Total Rebates | 35,007.18 | |||
| W/Tax (5%) | 1,750.36 | |||
| Net of Tax | 33,256.82 | |||
| Processing Fee | 300.00 | |||
| Excise Duty | 60.00 | |||
| Net Dividends | 32,896.82 |
Note that dividends is subject to the following deductions:
- Excise duty
- Processing fee
Amount expected in your account (net) is the Actual amount (as Calculated above) minus any advance amount taken.
According to one of Mwalimu National Sacco delegate who sought anonymity, the method above was reached in a bid to encourage members to start saving as early as January.
Members who make huge deposits close to the end of the year won’t reap big as per their expectations.