Mwalimu National SACCO Dividends 2021; How to Calculate your dividends at Mwalimu National SACCO 2021-2022
Mwalimu National SACCO Dividends 2021
Teachers, shareholders at the Mwalimu National SACCO are yet to absorb the rude shock they were treated to following the mere pittance that was credited to their FOSA account as dividends for the fiscal year 2020.
Mwalimu National SACCO dividend rates 2021
On March 23, 2021, Mwalimu National management team declared a rate of 9.3% on teachers’ deposits made from January 2020 to December 2020 on a prorata basis.
The management also exempted capital shares of 20,000 during the calculation of dividends.
Instead the management team raised capital shares from 20,000 to 30,000 claiming the sacco has been struggling to stand on its feet recently.
Why Mwalimu National SACCO offered teachers low dividends in 2021
This is the the third time the management has declared dividends’ calculation rate that is below par given that teachers have invested heavily in the sacco.
The management on many occasions has shifted blame and pointed fingers at spire bank that has been counting huge losses since 2015 and Kisaju park houses that are yet to be sold.
However from the conversation that was going on on WhatsApp between a delegate and a member supervisory team whom the name is withheld to avoid victimization, there is a likelihood that teachers money is being swindled by the Sacco management team.
“My brother,delegates didn’t want anything less than what was declared for the financial year 2019, but the directors ganged with the supervisory board and senior MNS staff and hid behind Sasra to con teachers,” Onyambu revealed.
Mwalimu Sacco, How to calculate dividends 2021
Mwalimu National SACCO pays its esteemed members dividends based on their deposits annually.
However, in the year 2021, members were at sea, finding it difficult to understand how the amount that was paid as dividends was arrived at.
Newspro has dug deep to unearth the formula used by the sacco.
Here is an excerpt showing how Gusii Mwalimu SACCO calculates dividends
Mwalimu Sacco decided to calculate dividends of members at monthly level. This means that contribution made at the month of January accrued more dividends compared to subsequent months.
How Gusii Mwalimu Sacco Calculated 2021 Dividends
It is important to note that dividends are paid at two levels of percentages; 13% of capital shares that is usually 20,000 for each member and 12% of the amount of shares.
Suppose the rebates on deposits of a member as at December 2019 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:
HOW TO CALCULATE DIVIDENDS AMOUNT IN KSHS
12% of 100,000(Shares as at December 2018) 12,000
13% of 20,000(Capital shares) 2,600
12% of 5,000(January Contribution) 600
12% of 5,000 x 11/12(February contribution) 550
12% of 5,000 x 10/12(January contribution) 500
12% of 5,000 x 9/12(March contribution) 450
12% of 5,000 x 8/12(April contribution) 400
12% of 5,000 x 7/12(May contribution) 350
12% of 5,000 x 6/12(June contribution) 300
12% of 5,000 x 5/12(July contribution) 300
12% of 5,000 x 4/12(August contribution) 250
12% of 5,000 x 3/12(September contribution) 200
12% of 5,000 x 2/12(October contribution) 150
12% of 5,000 x 1/12(November contribution) 100
TOTAL 18,750
5% of 18, 750 ( Withdrawal Tax) 937.5
AMOUNT RECEIVED AS DIVIDENDS (18,750-937.5) 17,812.50
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 Gusii Mwalimu Sacco delegates 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.
