Mwalimu National Sacco Dividends 2023
Mwalimu National Sacco Dividends 2023. The Dividend Slip from Mwalimu National Sacco (MNS), which shows the anticipated dividends that members would receive, has been made available. The slip includes information on how to compute the amount as well.
When making an email dividend request, this document is essential. The Go-Mobile platform and the USSD code are currently unavailable while they are being configured for transaction security. Members can still obtain their dividends, though, by stopping by local banks or using an ATM.
The MNS has expressed regret for the inconvenience that the upkeep of these platforms has caused. Members can now use ATM services to access their payouts. Go-Mobile services are being restored by the MNS and will be available after the security setups are finished.
The Mwalimu National Sacco portal requires members to complete a few easy procedures in order to download the MNS Slip. Before users can access the login page, they must first click on a link. They will be required to enter their membership number and password once they have reached the portal. They should click “Don’t have an account / Forgot Account Details?” and follow the instructions to create an account or retrieve their account data if they don’t already have one.
Members should check the top left corner and select “DIVIDEND” after checking in. They should finally select “Dividend Slip” to download the file. The slip breaks down the anticipated dividend income for the member along with the methodology used to calculate it.
The formula used by Mwalimu National Sacco (MNS) to determine dividends is based on the member’s shares and deposits. The shares that the member has owned for at least six months are considered in the formula as qualifying shares.
Let’s use the example of a member with 305,705 total shares and 20,000 in share capital to show how MNS determines dividends. The dividend slip provides a breakdown of the steps taken to determine the dividend amount.
Finding the eligible shares—in this case, 20,000—is the first step in calculating the dividends. The dividend on share capital, which equals 10.5% of the qualifying shares, will then be determined. Hence, this member’s dividend on share capital is 2,100.
MNS uses a system that takes into account the monthly deposits made by the member to determine the refunds or interest gained on deposits. It goes like this:
Interest is calculated as (10/100 x Monthly Deposits x (1/12)).
In this case, from January through December, the member made monthly deposits of various amounts.
The formula is applied to the deposits made each month, and the interest earned is added up to determine the total rebates for the year, which come to 35,007.18.
To determine the net of tax amount, MNS adds together all refunds and subtracts withholding tax (W/Tax) at a rate of 5%. The W/Tax in this instance is 1,750.36, leaving a 33,256.82 net of tax figure.
Before calculating the net dividends, which in this case total 32,896.82, MNS also subtracts a processing charge of $300 and an excise duty of $60.
Finally, Mwalimu National Sacco uses a method to determine dividends depending on the member’s qualifying shares and monthly deposits. To get the total rebates for the year, we apply the formula to the deposits from each month.
We next deduct withholding tax and other expenses from the total refunds to arrive at the net dividends.