Mwalimu National Sacco Dividends; How to calculate Dividends and Access Slip
Mwalimu National Sacco (MNS) has released its Dividend Slip, which displays the expected dividends that members will earn. The slip also provides details on how to calculate the amount.
This document is crucial when requesting dividends through email. Currently, the USSD code and Go-Mobile platforms are undergoing configuration for transaction safety, and are not accessible. However, members can still access their dividends by visiting nearby branches or using ATM services.
The MNS has apologized for the inconvenience caused by the maintenance of these platforms. Members can now access their dividends through ATM services. The MNS is working on reinstating Go-Mobile services, which will be accessible once the safety configurations are complete.
To download the MNS Slip through the Mwalimu National Sacco portal, members need to follow a few simple steps. First, they need to click on a link to access the login portal. Once they have arrived at the portal, they will be prompted to enter their membership number and password. If they do not have an account, they should click on “Don’t have an account / Forgot Account Details?” and follow the instructions to create an account or retrieve their account details.
After logging in, members should check the top left corner and click on “DIVIDEND”. Finally, they should click on “Dividend Slip” to download the document. The slip provides a breakdown of the amount that the member is expected to earn as dividends and the calculation process.
How to calculate Dividends
Mwalimu National Sacco (MNS) calculates dividends using a formula based on the member’s shares and deposits. The formula takes into account the qualifying shares, which are the shares that the member has held for at least six months.
To illustrate how MNS calculates dividends, let’s consider a member who had total shares of 305,705 as of January 2022 and share capital of 20,000. The dividend slip shows the breakdown of how the dividend amount is arrived at.
The first step in calculating the dividends is to determine the qualifying shares, which in this case is 20,000. The next step is to calculate the dividend on share capital, which is 10.5% of the qualifying shares. Therefore, the dividend on share capital for this member is 2,100.
To calculate the rebates or interest earned on deposits, MNS applies a formula that takes into account the monthly deposits made by the member. The formula used is:
Interest = (10/100) x Monthly Deposits x (1/12)
In this example, the member made monthly deposits of varying amounts from January to December.
We apply the formula to each month’s deposits and add up the resulting interest earned to arrive at the total rebates for the year, which amounts to 35,007.18.
After calculating the total rebates, MNS deducts withholding tax (W/Tax) at a rate of 5% to arrive at the net of tax amount. In this case, the W/Tax is 1,750.36, leaving a net of tax amount of 33,256.82.
MNS also deducts a processing fee of 300.00 and an excise duty of 60.00 before arriving at the net dividends, which in this case is 32,896.82.
conclusion
In conclusion, Mwalimu National Sacco calculates dividends based on a formula that takes into account the member’s qualifying shares and monthly deposits. We apply the formula to each month’s deposits to calculate the total rebates for the year.
Afterward, we subject the total rebates to withholding tax and other deductions before arriving at the net dividends.
Mwalimu National Sacco Dividends; How to calculate Dividends and Access Slip
