- Am I entitled to dividend?
Yes, the Sacco pays dividend (Interest on deposit and dividend on share capital) every year to all the members who had balances in deposits or share capital for the financial year ended. Deposit earns interest on deposit on pro rata basis which means you don’t have to hold dividend for full year to earn interest. On the hand any balance on share capital as at close of financial year is entitled to dividend at rate to be recommended by the management committee.
- What do I need to do to get my dividend?
You need to ensure that the Sacco has your current bank details since all dividend payment are paid via EFTs bank transfers.
- When are the dividend paid?
The Sacco pays for dividend after approval by the Annual General Meeting which is done each year in April. The dividends are usually paid a two weeks after.
- How are dividend computed?
- Dividend is made up to two components that interest on deposits and dividend on share capital.
- Interest on deposit is computed on pro rata and compound basis at a rate to be recommended by management committee and approved by 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.
- Dividend on share capital is computed based on closing balance at the end financial year at a rate recommended by management committee and approved by the Annual General Meeting.