Tag Archives: mwalimu sacco dividends 2022

TEACHERS' NEWS PORTAL

MWALIMU FORM FOR ADVANCE AGAINST EXPECTED 2021 INTEREST REBATE

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ADVANCE AGAINST EXPECTED 2021 INTEREST REBATE

NAME:___________________________________________________________
TSC/PF NO.______________________ MOBILE NO ________________________
ADDRESS:______________________________________________________________
FOSA A/C NO:______________________________
I wish to apply for KShs._____________________ (In words)_________________________________________________________________
_______________________________________ to be recovered from my 2021 Interest Rebate in full.

I hereby give an irrevocable authority to FOSA to recover the above amount in full; plus, interest from the final Dividends declared by ADM 2022.

NOTE:
1. Between 1st October, 2021 to 31st December, 2021 advance facility will be 50% of expected rebate at an interest rate of 7.5%
2. From 1st January, 2022, members can access 75% of the expected rebate at an interest of 5%.

The qualifying amount will be based on 50% of the deposits balance as at 31st August, 2021 for Interest Rebate payable between October, 2021 to December, 2021.

Interest Rebate from January, 2022 to ADM date will be 75% using deposits balance as at 30th November, 2021 on a month-on-month basis.

MEMBER’S NAME:________________________________________________ SIGN:__________________________ DATE:_____________________

CLICK HERE TO DOWNLOAD TGHE FORM IN PDF.

FOR OFFICIAL USE ONLY

Amount Approved / Posted: KShs.__________________________________________________________________

Not approved:

Defaulter: FOSA Advance; Sacco Loan; Business Loan.
Name:___________________________________________________Sign:__________Date:_____________________

Approved By: Name:______________________________________________ Sign:____________________________ Date:_____________________

I hereby on execution of this form as an applicant explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of my personal data as described in this document by the Sacco for the purposes of assessing and processing of this loan application and analysis whether in electronic or other form.

CLICK HERE TO DOWNLOAD TGHE FORM IN PDF.

TEACHERS' NEWS PORTAL

MWALIMU SACCO MEMBERSHIP- HOW TO JOIN, REQUIREMENTS

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APPLICATION FOR MEMBERSHIP AND RE-ADMISSION NEW MEMBERSHIP

(a) Every applicant for membership shall complete an “Application for Membership” form. This form may be drawn so as to show all the information required for the purpose of Register of members.

(b) The completed form upon receipt and admission shall be allocated a membership number, filed in the members personal file and the number given be entered in the members register

(c) An applicant shall be admitted to membership on being accepted by the Board and upon payment of Ksh.2,000 or such other amount for entrance fee as may be determined by the board from time to time.

RE-ADMISSION

(a) A member who withdraws from the Society may rejoin after a period of not less than 3 months of the withdrawal. However, such time frame shall be reviewed by the Board from time to time

(b) A Re-Admission fee of Ksh. 2,000 or such other amount as may be determined by the board from time to time.

(c) Upon re-admission, the rejoining member shall be treated as a new member for purposes of qualification of members’ rights and obligations.

(d) Upon admission/re-admission by the Board, a member will be issued with a membership biometric identification card. The Bylaws shall be available on the website.

REFUSAL OF ADMISSION

The Board may refuse admission to a person after assigning reasons for its decision. Such a person, whose membership has been refused, if aggrieved, shall have the right to appeal to the next Annual Delegates meeting through his Branch.

Such an appeal shall be heard and determined if the necessary notice has been given in accordance with the applicable law

DIFFERENCE BETWEEN SHARES AND DEPOSITS

(a) SHARES

The nominal value of each share shall be KSh.20.00 and every member shall hold at least 1,500 shares in the Society, but no member shall hold more than one fifth of the total shares.

Shares shall form part of the core capital of the Society as stipulated by the Sacco Societies Act No. 14 of 2008.

(b) DEPOSITS:

Any amount may be accepted towards members’ shares/deposits provided that, the Board may fix a minimum amount that may be paid by a member at any one time for those without loans different from those with loans.

TEACHERS' NEWS PORTAL

How to log into Mwalimu National Sacco portal and calculate your dividends

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If you are a Mwalimu National member then you can log into the mwalimu sacco members portal and enjoy the following:

  1. Personal details- These includes total deposits, total loan repayments and total shares.
  2. Loans- Loan Application List and Loan Calculator
  3. Customer Relations
  4. Reports- The following statements can be viewed:
  • FOSA Statement
  •  Guarantors Statement
  •  Loans Guaranteed
  •  Shares Capital Statement
  •  Dividend 2019 Statement
  •  Dividends
  •  Member Statement

How to login to mwalimu national sacco portal membersportal.mwalimunational.coop

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 Mwalimu Sacco 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
10.2% 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.

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