Mwalimu national Sacco increases minimum share capital for members
RE: INCREASE OF MINIMUM SHARE CAPITAL AS PER BY LAW 20
This is to advise all members that the Board vide MIN/BOD/103/2022-21 resolved to offer members options of increasing their share capital from Kshs.20,000 to Kshs.30,000.
This is in line with thes Society by law which was revised and approved on 27th May 2021 and regulatory requirements of Capital Adequacy to match the SACCO assets which has grown overtime.
Members have been given an opportunity until 27th May 2023 to be fully paid-up based on the options below:-
1. Monthly recovery of Ksh.500 from FOSA accounts towards Share Capital buildup until the minimum threshold of Ksh.30,000 compliance is achieved.
2. Deduction of the whole amount from the rebates and dividends to be issued in 2023.
3. A one-time payment to increase the minimum share capital. I wish to encourage those members to purposely continue increasing their share capital beyond the Ksh.30,000 and not be limited by the minimum requirement as one can save up to 20% of the total share capital of the Society.
In the year 2022 Budget, the Board did provide for a lucrative dividend rate of 16% on total Share Capital which is a good return on investment.
This probable rate will however as a regulatory requirement be subjected for approval by the industry regulator and the Annual Delegates Meeting (ADM) to be held in year 2023 based on the financial performance of the society.
We look forward to your co-operation as we commit to continually grow our society and to shape tomorrow together to restore the Mwalimu National brand.
All correspondence addressed to CEO.
