Nyeri County governor Mwalimu Mutahi Kahiga and Fortis Sacco chairman John Githinji during the AGM
The Nyeri Town Headquartered Sacco Will Give Its Members KSh106 Million More Compared To The Previous Financial Year
By Wilfred Muchire
Worth Noting:
- Githinji disclosed that in the last ten years, the Sacco’s Share Capital had increased from KSh21.3 million in 2013 to KSh157.2 million as of last year.
- Further, he noted, at the same period, non-withdrawable deposits had increased from KSh1.8 billion to KSh7 billion which gives confidence of adequate money for lending to members, thus enabling the Sacco to seamlessly address one of its core objective.
NewFortis Sacco has announced it will pay its members more than KSh900 million in dividends and interest.
The Sacco chairman John Githinji said the money will among other things, assist some of the members in catering for their families domestic and learning needs in January which is considered the toughest month of the year.
“We have timely decided to hold this annual general meeting so that our members can reap maximum benefits from their investments. The 901 million shillings that will be paid out as dividends and interests for the year 2023 is expected to boost our members economic ability,” Githinji said during the Sacco’s 48th Annual General Meeting which took place on Saturday at Nyamachaki Primary School grounds in Nyeri town.
Members will get paid interest on deposits at 13 per cent and dividends on shares at 14 per cent.
The Sacco’s membership currently stands at 20,356.
Githinji disclosed that in the last ten years, the Sacco’s Share Capital had increased from KSh21.3 million in 2013 to KSh157.2 million as of last year.
Further, he noted, at the same period, non-withdrawable deposits had increased from KSh1.8 billion to KSh7 billion which gives confidence of adequate money for lending to members, thus enabling the Sacco to seamlessly address one of its core objective.
The Sacco, headquartered in Nyeri town and with branches in several other counties offers both long-term and short-term savings options.
These include cash deposits, Banking Standing Orders, Check Off system, Salary Pay Point, RTGS and Mpesa Pay Bill.
During the AGM, Nyeri County governor Mwalimu Mutahi Kahiga who was the Chief Guest thanked the Sacco Board of Directors under the leadership of Githinji and Staff, headed by John Mathinji of carrying out exemplary work to uplift NewFortis which is one of the leading Saccos in the country.
“NewFortis Sacco continues to be a beacon in the cooperative sector which is evidenced by the phenomenal growth both in numbers and asset base. The dedication has been instrumental in the phenomenal growth of this sacco. The numbers show a positive upward trajectory of growth from a membership of 8,980 in the year 2013 to 20,356 in 2023,” the governor noted in his address to thousands of members who braved the morning chilling weather to attend the AGM.
Kahiga commended the Sacco for its creditable efforts in fostering the savings culture, the discipline of borrowing, growing wealth through shared returns, the creation of employment, and contributing to the well-being of our community in general.
“This is an impressive performance that can only be achieved under visionary leadership,” he noted, adding, “A community is as good as its leaders,”.
He disclosed that Nyeri County cooperative movement has grown rapidly with an asset base of KSh24 Billion and share capital of over KSh2.6 Billion.
“This is a whole economy that needs to be protected so that the cooperatives may serve their members optimally. The County Government of Nyeri is both a promoter and a regulator of the cooperatives in Nyeri. As a promoter, the government gives support to the cooperatives and an enabling environment to conduct their businesses as autonomous and independent institutions. On the other hand, the government is a regulator, where we ensure the cooperative societies Act, rules, and by-laws are followed to the latter,” he said.
Further, he said his administration is committed to supporting the cooperatives to comply through enforcement, education, training, information sharing, and advisory services.
He called upon the National Assembly to fast-track the review of the Co-operative Societies Act to ensure it is in line with the constitution that gives the Counties the mandate to regulate Co-operative Societies.
Several leaders, among them KUSCCO chairman George Magutu and several CECMs and Chief Officers accompanied the governor.
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