How to Calculate Mwalimu National SACCO Dividends 2020

Mwalimu National SACCO has already paid dividends for 2019. 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 2020

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;

  1. Visit the nearest Mwalimu national branch.
  2. Use mwalimu national Sacco mwmber sacco using this link
  3. 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:

10.2% of 100,000(Shares as at December 2018) 10,200
11.2% of 20,000(Capital shares) 2,240
10.2% of 5,000(January Contribution) 510
10.2% of 5,000 x 11/12(February  contribution) 467.50
10.2% of 5,000 x 10/12(January  contribution) 425
10.2% of 5,000 x 9/12(March  contribution) 382.50
10.2% of 5,000 x 8/12(April  contribution) 340
10.2% of 5,000 x 7/12(May  contribution) 297.50
10.2% of 5,000 x 6/12(June  contribution) 255
10.2% of 5,000 x 5/12(July  contribution) 212.50
10.2% of 5,000 x 4/12(August  contribution) 170
10.2% of 5,000 x 3/12(September  contribution) 127.50
10.2% of 5,000 x 2/12(October  contribution) 85
10.2% of 5,000 x 1/12(November  contribution) 42.50
TOTAL 15,755
5% of 15, 755 ( Withdrawal Tax) 787.75
AMOUNT RECEIVED AS DIVIDENDS (15755-787.75) 14,967.25

Note that dividends is subject to the following deductions:

  1. Excise duty
  2. 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.