East Africa

NewFortis SACCO members receive dividends

NAIROBI – According to Co-op News, NewFortis SACCO members are to get increased annual earnings for the fiscal year 2022, receiving a total payout of Ksh 795 million as dividends on share capital and interest on deposits, up from Ksh740.8mln in 2021.

The Sacco’s board of directors declared payment of interest at 13 percent, up from 12.9 percent last year and 14 percent on the dividend.

The SACCO non-withdrawable deposits grew to reach Ksh6.3bln in 2022 from Ksh5.58bln in 2021. The Society also significantly contributed to its members’ economic empowerment while enriching their social benefits by offering affordable loans worth Ksh 6.92bln, up from Ksh6.2bln in 2021. The SACCO had its total assets increase to Ksh10.2bln in 2022 from Ksh9.2bln in 2021.

NewFortis SACCO celebrated its 47th Annual General Meeting with tremendous growth for the financial year that ended 31st December 2022 that was held at Nyamachaki grounds, Nyeri town, and graced by Co-operative and Micro, Small and Medium Enterprises [MSMEs] Development Simon Chelugui.

Other officials that attended were; Nyeri Governor Mutahi Kahiga, SACCO Societies Regulatory Authority [SASRA] CEO Peter Njuguna and Kenya National Union of Teachers [KNUT] National Chairman Patrick Karinga Munuhe.

Meanwhile, Sacco Review reports that Tower Sacco members have elected Patrick Thogo as their new director in a competitive election that was held at Olkalou Primary School in Nyandarua County.

Thogo got 222 votes against his close competitor former director James Mwangi get 219 votes.

The new director promised to initiate mass recruitment of new members to ensure the SACCO has more members who will increase the savings and boost the Sacco growth.

“I want to thank our former Director Mwangi for doing a tremendous job for Tower SACCO, I promise to follow your foot and achieve more for the benefit of our SACCO,” said Thogo.

The former director conceded defeat and congratulated the new director. A move that was welcomed and praised by many Tower SACCO officials who attended the events.

Mwangi who served in Tower SACCO for 26 years in various positions and thanked Nyandarua County teachers for according him the opportunity to serve them.

“I joined Tower Sacco when its capital base was Ksh.400 million, 26 years ago and currently the SACCOs Asset base is Ksh.20 billion,” said Mwangi.


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