Newfortis Sacco members to receive Sh370 million

By Joseph Mukubwa
Newfortis Sacco, formerly
known as Nyeri Teachers Savings
and Credit Co-operative
Society will soon pay out to its members
Sh370 million for last financial
year as dividends and interests.
This will be an increase of over
Sh60 million compared to what
was paid out the previous year of
2014/2015, according to the Sacco
Chairman John Githinji.
Speaking during this year’s Annual
General Meeting at Nyamachaki
PCEA hall, Nyeri town recently, the
chairman said the non-withdrawable
deposits now stand at Sh2.8 billion
compared to Sh2.4 billion last year.
“The total membership of last year
has also grown to 11,930 compared to
10,314 members of year 2015. This
year, the Sacco will engage in focusing
on Agri-business which could boost
member’s alternative income and build
capacity,” said Mr Githinji.
Githinji also expressed commitment
by the Sacco to continue
streamlining processes and increasing
efficiency through deep integration of
ICT systems.
The Sacco has also started mentorship
programmes for the youth who
have constraints in accessing funding
for any level of business ventures.
Newfortis Sacco received many
awards last year including taking the
first position as the best managed Cooperative
countrywide, best managed
teachers Sacco countrywide, best in
loaning services (teachers category)
and best in training and education service
(teachers Category).
ICT Joe Mucheru, TSC Chief
Executive Officer, Nancy Macharia,
several Principal Secretaries and Nyeri
Senator Mutahi Kagwe who were
also present at the occasion lauded
the Sacco for its prudent management
style which has led to increased
membership and safety of members’
funds.

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