By Our Reporter
NewFortis Sacco at the weekend released over Sh795 million, being last year’s members’ dividends.
The Nyeri town headquartered Sacco Chairman John Mathinji said they were able to increase the members income after experiencing tremendous growth in terms of membership, capital base and general infrastructure.
He said the dividends were an increase of Sh55 million compared to Sh740 that the members were paid in 2021.
Addressing the members during the Sacco’s 47th Annual General Meeting at Nyamachaki Primary School grounds, the chairman disclosed that the dividends released were being paid at a rate of 13 per cent on interests and 14 per cent on Share Capital.
Githinji disclosed that the Sacco which has branches in Nyeri, Nairobi and Laikipia counties will this year open two new branches in Kitengela, Kajiado County and Thika in Kiambu County.
He further notes that the Sacco membership continued to increase each year, saying last year, slightly over 2,000 Kenyans joined the Sacco with the membership standing at 19,729.
Cabinet Secretary in charge of Cooperatives, Micro and Small Enterprises Simon Chelugui was the Chief Guest.
The CS lauded the County Governments across the country for their effort in supporting the cooperative sector adding that the government is committed to revolutionizing the sector that caters for the well-being of millions of Kenyans.
Earlier, the CS paid a courtesy call on area governor Mutahi Kahiga at his office where they deliberated on areas of partnership to improve the cooperative and Small and Medium Enterprises sectors .
At the courtesy call, he was accompanied by among others; Chief Executive Officer Saccos Regulatory Authority (SASRA) Peter Njuguna and Kenya Union of Saccos (KUSCCO) national chairman George Magutu.
The team joined the NewFortis Sacco members for the AGM which was also attended by Kenya National Union of Teachers ( KNUT) national chairman Patrick Karinga and the union’s Nyeri branch Executive Secretary Zack Mathenge Wanjau.
The two teachers Union officials lauded the Kenya Kwanza government for allowing teachers to work in their locality.
They also applauded the move by the government to employ more teachers to ease the burden of teaching amongst the existing tutors.