Mwalimu National SACCO is defensibly, one of the largest sacco in Kenya that majorly draws its membership from Teacher Service Commission-TSC employees and lectures. One of the notable milestone Mwalimu National SACCO has achieved is mwalimu sacco members portal where bonafide members can conveniently access services offered at the sacco online without physically visiting branch office.
Once a member log into the mwalimu sacco members portal, the following services can be enjoyed:
- Personal details- These includes total deposits, total loan repayments and total shares.
- Loans- Loan Application List and Loan Calculator
- Customer Relations
- Reports- The following statements can be viewed:
- FOSA Statement
- Guarantors Statement
- Loans Guaranteed
- Shares Capital Statement
- Dividend 2019 Statement
- Member Statement
How to login to mwalimu national sacco portal membersportal.mwalimunational.coop
- To log in to members portal click https://membersportal.mwalimunational.coop
- Enter your membership number and login password
If you don’t know your password click on forgot account details and you’ll be prompted to enter your membership number. Thereafter a new password will be sent to the mobile phone number that you used to register your account.
How to calculate dividends for 2022
Just like other saccos, mwalimu national also pays dividends to members each year at the month of February. The sacco has declared dividends on total share capital (Kshs. 20,000) at 11.2%, rebates on deposits at 10.2% (your total amount at MNS minus the Kshs. 20,000 shares) and a withholding tax at 10% of dividends plus rebates.
Calculations for Mwalimu National sacco dividends:
Suppose the rebates on deposits of a member as at December 2020 is Kes. 100,000, capital shares at ksh 20,000 and he/she contributes Kes. 5,000, the total dividends will be calculated as follow:
|HOW TO CALCULATE FOR DIVIDENDS||AMOUNT IN KSHS|
|10.5% of 100,000(Shares as at December 2020)||10,200|
|10% of 20,000(Capital shares)||2,240|
|10% of 5,000(January Contribution)||510|
|10% of 5,000 x 11/12(February contribution)||467.50|
|10% of 5,000 x 10/12(January contribution)||425|
|10% of 5,000 x 9/12(March contribution)||382.50|
|10% of 5,000 x 8/12(April contribution)||340|
|10% of 5,000 x 7/12(May contribution)||297.50|
|10% of 5,000 x 6/12(June contribution)||255|
|10% of 5,000 x 5/12(July contribution)||212.50|
|10% of 5,000 x 4/12(August contribution)||170|
|10% of 5,000 x 3/12(September contribution)||127.50|
|10% of 5,000 x 2/12(October contribution)||85|
|10% of 5,000 x 1/12(November contribution)||42.50|
|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:
- Excise duty
- Processing fee
Amount expected in your account (net) is the Actual amount (as Calculated above) minus any advance amount taken.