dividends
Dividends
As sacco member you are a co-owner of the sacco and therefore you are entitled to dividends annually. Saccos usually pay a good dividend rate on your entire savings. The dividend rate may be as high as 10-15%.. Imagine if you had Kshs 1,000,000 worth of savings and the saccoo declares a dividend rate of 10%. That’s a whooping Kshs 100,000 in your pocket. Seriously, how better can it get?
Dividend Policy
Dividend on shares and interest on deposits (rebates) shall be determined by the Management, approved and declared by the Board of director’s subject to confirmation by the Annual Delegates Meeting.
Any member who has been dormant for the past 1 year shall not qualify for rebates on deposits but earn dividends on shares only.
Dividends/interest on deposit shall be used to offset defaulted loans.
All unclaimed dividends and rebates on deposits more than one financial year shall be capitalized on the member’s shares or deposits. Any unclaimed dividends/interest on deposits for more than five years will be forwarded to the Unclaimed Assets Authority.