By Wilfred Muchire
NewFortis SACCO has marked its 50th anniversary with renewed confidence in Kenya’s cooperative movement, as national and county leaders used the milestone to underscore the sector’s role in financial inclusion, economic empowerment and institutional reform.
Speaking during the Sacco’s 50th Annual General Meeting held in Nyeri on Saturday, the Principal Secretary for Cooperatives Development, Mr Patrick Kilemi, said cooperatives remain a central pillar in driving inclusive growth and national development.
“SACCO membership has grown steadily, reflecting resilience and growing public confidence,” Kilemi said, adding that the government is rolling out reforms to strengthen governance, protect member deposits and ensure long-term financial stability.
He revealed that the Cooperative Bill, 2024 and related amendments are expected to go through mediation in the first quarter of the year, as part of efforts to modernise regulation and align the sector with emerging risks.
Kilemi cautioned regulated SACCOs to uphold transparency and discipline, directing that audited financial statements for 2025 must be submitted by March 15, 2026, with CEOs and CFOs personally signing alongside Boards.
He reiterated that borrowing to pay dividends or bonuses is prohibited and that statutory reserves must be safeguarded.
NewFortis SACCO, formerly Nyeri Teachers SACCO founded in 1976, has grown into a Tier 1 national institution with 25,452 members, deposits of KSh9.98 billion, a loan book of KSh10.41 billion and total assets valued at KSh13.07 billion.
Nyeri Governor Mutahi Kahiga hailed the Sacco as “a shining example of what Nyeri people can achieve when they come together with a shared vision, discipline and trust in their institutions.”
“Cooperatives are not relics of the past, but powerful engines of modern economic transformation,” Kahiga said, noting that NewFortis supports families, educates children, empowers entrepreneurs and stabilises household incomes.
He challenged national leaders to fast-track reforms in cooperative legislation to allow counties to effectively discharge their constitutional mandate in supporting and regulating the sector.
During the AGM, Board Chairman John Githinji announced that the Sacco will pay out KSh1.1 billion to members this year, translating to a 14 per cent dividend on share capital and 13 per cent interest on deposits.
The meeting was attended by senior government officials, including EAC Affairs Principal Secretary Dr Caroline Karugu, Nyeri Town MP Maina Mathenge and county executives, reflecting the growing strategic importance of cooperatives in Kenya’s development agenda.
As NewFortis enters its second half-century, leaders agreed that sound governance, strong regulation and member trust will be key to sustaining the cooperative model that continues to anchor millions of Kenyan households.
Jerameel Kevins Owuor Odhiambo