- Am I entitled to dividends?
Yes, the Sacco pays dividends and interests (Interest on deposit and dividends on share capital) every year to all the members who had balances in deposits and share capital for the financial year ended. Members earn interest on deposits and dividend on share capital. On the other hand, any balance on share capital as at close of the financial year is entitled to dividends at a rate to be recommended by the management committee.
- What do I need to do to get my dividends?
You need to ensure that the Sacco has your current bank details since all dividends payments are paid via EFTs bank transfers for amounts above KES70,000 and through USSD *346# code for any amount less than that.
- When are the dividends paid?
The Sacco pays for dividends after approval by the Annual General Meeting.
- How are dividends computed?
- Dividends are made up of two components (interest on deposits and dividends on share capital).
- Interest on deposit is computed on pro-rata and compound basis at a rate to be recommended by the management committee and approved by the Annual General Meeting (AGM). The Sacco has uploaded a template on the website to assist members who would wish to confirm/ compute their interest on deposits.
- Dividends on share capital is computed based on closing balance at the end of the financial year at a rate recommended by the management committee and approved by the Annual General Meeting.