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Desacco Dividends

The document outlines the details of rebates and dividends for FY 2023 at the Defence Sacco, including a 7% interest on contributions and a 10% dividend on a minimum share capital of Kes.20,000. All members qualify for these benefits regardless of their status, with specific conditions for those who joined within the year and a 5% withholding tax on dividends. Members can access their rebates and dividends through mobile banking, with detailed instructions provided for activation, balance inquiries, cash withdrawals, and bank transfers.

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45 views3 pages

Desacco Dividends

The document outlines the details of rebates and dividends for FY 2023 at the Defence Sacco, including a 7% interest on contributions and a 10% dividend on a minimum share capital of Kes.20,000. All members qualify for these benefits regardless of their status, with specific conditions for those who joined within the year and a 5% withholding tax on dividends. Members can access their rebates and dividends through mobile banking, with detailed instructions provided for activation, balance inquiries, cash withdrawals, and bank transfers.

Uploaded by

mayakafaith78
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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ALL YOU NEED TO KNOW ABOUT REBATES/ DIVIDENDS FY 2023

ADM
Annual Delegate Meeting. The highest decision making body in the Sacco which was held on 8th
March 2024.

What is Rebates?
Rebates is interest earned on your monthly contributions. It is calculated on a weighted average
basis/ prorata. The Sacco is currently paying interest of 7% for FY2023 as per ADM resolutions 2024.

What is Dividends?
Dividends is paid on your minimum share capital contribution Kes.20, 000. The Sacco is currently
paying dividends on a rate of 10% straight-line for FY2023 as per ADM resolutions 2024.

QUALIFICATION FOR REBATES/DIVIDENDS

For a member to qualify for the above, you need to have met the below:
a) All members in the FY2023 register shall qualify for dividends/rebates irrespective
of status (active, dormant, Inactive).
b) Members who joined within the year e.g. (January – November 2023) shall be paid
based on prorata basis.
c) Withholding tax of 5% shall be charged on dividends earned from the member.

ORDER OF PRIORITY FOR REBATES RECOVERY


The following shall be the order of rebates recovery; if you had:
a) Any Loan arrears.
b) Any deposit arrears for FY2023 contribution.
c) Any balance after order of priority above will be credited to the member FOSA
account.

1 DEFENCE SACCO (DESACCO) 2024


NB: All members shall receive their rebates/ dividends via their FOSA account apart
from those with arrears. The following options shall be available.

a) The Funds are accessible once credited to FOSA ACCOUNT via


*515# or DESACCO App.

HOW TO ACCESS THE REBATES /DIVIDENDS THROUGH MOBILE BANKING?


Please note the below steps for members to access their mobile banking
> Activation

Upon filling the mobile activation form which is available on DESACCO website, the member
will be prompted to;

a. Dial *515# and input the initial pin sent to your phone by DESACCO.
b. Input answers to specific questions asked and confirm.
c. Input the new pin and then login.
d. After login, you can activate the mobile app, by selecting option 5, then follow the
prompts.

>Balance Enquiry
a. Enter option 1 after login for balance enquiry
b. Select the account type BOSA or FOSA accounts.
c. Select the account and submit. (you will receive a notification with your current
balance)

>Cash Withdrawal

a. Input option 2 to withdraw money via M-PESA


b. Select FOSA current account
c. Enter your pin and submit. (you will receive both M-PESA and DESACCO notifications)

>My Account - the option allows members to activate mobile app, change pin, get dividend
receipt, ATM details and account balances.

>Bank transfers

a. Select option 6.
b. Select option 1 for DESACCO accounts or option 2 for bank accounts transfers
c. If option 1 is selected, you will select the account types to deposit such as Current
account, Deposits contribution or share capital.
d. If option 2 is selected, select the bank to transfer to and the bank account (if account is
not created you will need to create one first).
e. Once the option is selected, select the current account then enter the amount and
submit. Input your pin and submit.

2 DEFENCE SACCO (DESACCO) 2024


3 DEFENCE SACCO (DESACCO) 2024

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