Highlights
- Increase in membership from 8,980 in 2013 to 20,356 in 2023.
- Share capital rose from Sh21.3 million in 2013 to Sh157.2 million in 2023.
- Non-withdrawable deposits increase from Sh1.8 billion to Sh7 billion.
- Governor calls for the National Assembly to expedite the review of the Co-operative Societies Act to align with the constitution.
- New Fortis Chairman, John Githinji, announces Sh901.9 million as dividend payout.
Governor Mutahi Kahiga had nothing but praise for Newfortis Sacco, applauding its role in nurturing a savings culture, promoting responsible borrowing, and contributing to community well-being through shared returns and job creation.
Speaking at the 48th AGM at Nyamachaki Primary School grounds in Nyeri town, the governor commended the Sacco’s remarkable growth in both membership and assets.
20,356 members and counting
Kahiga highlighted the instrumental role of the Sacco’s leadership in its impressive journey, noting a substantial increase in membership from 8,980 in 2013 to 20,356 in 2023. The financial growth was evident in the rise of share capital from Sh21.3 million in 2013 to an impressive Sh157.2 million in 2023, along with non-withdrawable deposits soaring from Sh1.8 billion to Sh7 billion during the same period.
Expressing confidence in the Sacco’s ability to lend to its members, Governor Kahiga emphasized the core objective of the Sacco and its alignment with self-help values outlined in the society by-laws. He attributed this commendable performance to visionary leadership, emphasizing that a community is only as good as its leaders.
Governor Kahiga affirmed his administration’s commitment to supporting cooperatives in adhering to regulations through enforcement, education, training, information sharing, and advisory services. He also urged the National Assembly to expedite the review of the Co-operative Societies Act to align it with the constitution, granting counties the authority to regulate cooperative societies.
24 Billion asset base
Acknowledging the Boards of Directors and Supervisory Board for their leadership, Kahiga shared that the Nyeri County cooperative movement boasts an impressive asset base of Sh24 billion and a share capital exceeding Sh2.6 billion. He emphasized the need to safeguard this thriving economy, stating that the County Government of Nyeri plays a dual role as both a promoter and regulator of cooperatives.
901.9 Million Dividends
As a promoter, the government provides support and creates an enabling environment for cooperatives to operate independently, while as a regulator, it ensures strict adherence to the Cooperative Societies Act, rules, and by-laws. In a positive announcement, John Githinji, the Chairman of New Fortis, revealed that dividends and interests totaling Sh901.9 million would be distributed for the last financial year during the meeting.
About New Fortis Sacco
New Fortis Sacco was established in 1976. It was formerly known as Nyeri Teachers Sacco. The sacco has its head office in Nyeri and has branches in Karatina, Othaya, Nairobi and Nanyuki towns.