If the issue is WHT at 15%, then my friend should have received 38.25% not 35%. and by the way a significant portion of the dividends were paid in form of bonus shares which I don't think are subject to WHT

so what was their rate and how was it paid?

Nah my friend, assuming they actually paid 42%, only an investor who already had 1,000,000 in contributions at the beginning of the year would have received 420K otherwise if you contributed 35K a month beginning Dec of the previous year, you should have received about 102K by my calculations.. thats what prorated means

@ bird_man As highlighted by hunderwear"significant portion of the dividends were paid in form of bonus shares". From their website, they seem to be dealing more in real estate and its is normal to make such returns if you buy land in bulk and subdivide and sell. Their plots seem to go very fast as i tried to buy once and they were all gone in a short while.

...Its Not a Scam. There exists the Safaricom Sacco and Safaricom investments Coop. The SIC- started on advisory from the Coop Ministry - (saccos cannot be investment vehicles as per the ministry) paid 42%, however, i believe what went out to the shareholders was 10.5% in cash and 31.5% in bonus shares. The Safaricom Sacco paid its members 11% rebates Membership to the two Saf Sacco- Min 3k Monthly plus 5k share capital paid up in 3months. SIC Min 3k monthly plus 60k share capital paid in 3months. Membership open to employees/spouses and Other corporates with a minimum 50 members eg google kemya employees are members of the Saf Sacco