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Mwalimu National SACCO Dividends 2022-2023; How to Calculate your dividends at Mwalimu National SACCO 2022-2023 FY

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Mwalimu National SACCO Dividends 2023; How to Calculate your dividends at Mwalimu National SACCO 2022-2023 

How Mwalimu Sacco  Pays 2022 Dividends, Rebates; Check out its products and services below

 

Mwalimu National SACCO  Dividends 2022/2023

Teachers and shareholders at the Mwalimu National SACCO are a happy lot after their financial partner Mwalimu National SACCO announced the remittance of dividends for the 2022-2023 fiscal year.

Mwalimu National SACCO dividend rates 2022/2023

In March 2022, the Mwalimu National management team declared a rate of 9.3% on teachers’ deposits made from January 2021 to December 2022 on a pro-rata 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 that SACCO has been struggling to stand on its feet recently.

Why Mwalimu National SACCO offered teachers low dividends in 2021

This is 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 which 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 the dividends of members at the monthly level. This means that contributions made in 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 which is usually 20,000 for each member and 12% of the number of shares.

Suppose the rebates on deposits of a member as of 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 of 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 are subject to the following deductions:

Excise duty
Processing fee

The 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’s 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.

 

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