Mwalimu National Sacco has released the amount of dividends that members will receive for the year 2020. The Sacco has at the same time declared the expected rebates and advances that members can withdraw with effect from November 1, 2020.
Here are the full details as released by the Sacco Chief Executive Officer, Alphonse M. Kato;
RE: ADVANCE AGAINST EXPECTED REBATE DIVIDEND FOR YEAR 2020
This is to inform you that all FOSA branches will be giving the above product to qualifying members with effect from 1 November 2020.
The terms and conditions for the product will be as follows:
- The advance will be accessed via the Go-mobile platform and USSD code *633#.
- Between 1 November 2020 to 31 December 2020 advance facility will be 40% of expected Rebate at an interest rate of 7%.
- From 19 January 2021, members can get 75% of expected Rebate at an interest rate of 5%.
- The computation of the Advance qualified will be based on members deposits balance as at 30 September 2020 and on month on month basis. The multiplying factor will be 7%. It is important to note that 7% is not the dividend and rebate rate for this year. The rates for the year 2020 will be determined after December 31, 2020.
- Loan/Advance defaulters and members with loan/advance arrears will not qualify for the advance.
- Recovery for both interest and principal will be done immediately dividend is declared and credited to the members’ accounts after ADM of 2021
By Friday December 30, 2020 the Sacco was working on Logistics of data capturing form members; in readiness for the payments.
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In 2019, the giant Sacco declared dividends on shares at 11.2% whereby Shares were 20,000 for each and every member. In the same period, rebates on deposits (your total amount at the Sacco minus the 20K shares) were paid at a rate of 10.2%.