Fortune Sacco has expanded its operations, setting a base at Ongata Rongai town in Kajiado County as it seeks to grow its micro-credit market niche countrywide.
The Sacco’s newly launched state-of-the-art branch by Kajiado Deputy Governor Hon. Martin Moshisho heralds its commitment to diversify its business model to focus more on Small and Medium Enterprises (SMEs).
Ongata Rongai is a vibrant and one of the fastest-growing towns in Kenya owing to its proximity to Nairobi City. Mr Rufus Kamau, Fortune Sacco Board of Directors Chairman, noted that the new branch will significantly cater to the financial needs of business people, groups and institutions, among others, in the town and surrounding areas and contribute to their economic well-being and growth.
“We want to share our prosperity with residents from the young to the old. Our Product offering solutions suit all. We offer excellent financial services, an opportunity to accumulate wealth and access to affordable credit,” said Mr Kamau.
As one of the fastest growing financial institutions in the country, Fortune Sacco, with over 140,000 members, has become a choice institution for many seeking to better their economic well-being.
The Sacco offers high returns on members’ investment, year after year announcing attractive interest rates on deposits of up to 12% and dividends on shares at 13%, way above the average rates from commercial banks. The Society is committed to creating wealth for its members.
“In a landscape where interest rates on loans are skyrocketing, we commit to maintaining affordable rates for all our loans to members. We pledge to support SMEs in Ongata Rongai and surrounding areas by providing alternative financial solutions to foster growth even in challenging times,” said Mr Kamau.
Fortune Sacco provides a wide array of credit facilities such as Super Golden Loan, Individual and Group Enterprise Loan, Asset Financing and Working Capital Loan, with the highest loanee having over Ksh 70 million.
Mr. Kamau stated that the Sacco believes in strategic partnership and mutual understanding to offer support during hardships as reflected in its slogan Your Success, Our Success.
Prudent management and leveraging on technology have accelerated the Sacco’s growth, making it among three Deposit-Taking (DT) Saccos whose assets crossed the Ksh5 billion mark in 2022 to join the large-tiered (Tier 1) category.
Fortune Sacco is ranked 38th largest DT Sacco by the Sacco Societies Regulatory Authority (SASRA) with an asset base of Ksh5.8 billion, Ksh3.4 billion in total deposits and Ksh5.4 billion in gross loans. According to SASRA’s latest Sacco Supervision Annual Report, the Sacco has maintained strong financial stability indices such as core capital to total assets and deposits greatly exceeding the minimum prescribed standards. The Sacco’s liquidity ratio also remains high, ensuring members’ financial needs are promptly met at all times.
The Sacco values transparency and accountability and has made available its financial statements and reports online for members to access. In efforts to deepen financial inclusion and access, the Sacco has invested heavily in technology, making it possible for members to transact from the comfort of their phones. Members enjoy services such as robust mobile banking, ATM services, Real Time Funds Transfer (RTGS/EFTS) and chequebooks. Besides, its extensive branch network in strategic towns and Sacco agents ensures members get services closer to them.
In addition, members are empowered to save and invest through the Sacco’s financial literacy programme conducted annually in all the areas it operates.
“Our new branch is a symbol of our commitment to financial success for community prosperity. We are in Kajiado County to offer financial support and guidance to help members achieve diverse financial goals and improve living standards through our member-centric approach of providing tailored financial services and products,” said Mr Kamau.
Ongata Rongai is Fortune Sacco’s 16th branch, which will play a critical role in advancing the management’s goal of growing financial services to Macro, Small and Medium Enterprises (MSMEs) in line with the government’s Bottom-up Economic Transformation Agenda.
The Sacco’s Nairobi Branch has been a major success in its endeavours to support the business people’s growth. “We are excited because of the warm reception we have had from Ongata Rongai Community, particularly business people. We believe we will make an impact on their businesses and lives,” said Mr Amos Kimotho, the Sacco CEO.
The achievement comes when the Sacco is celebrating its Silver Jubilee, highlighting its management resolve to redefine Fortune’s way of doing business.
“The establishment of the branch is completely redesigned and different from others. It points to our strategic focus of offering quality financial solutions to business people, especially the SMEs, we want to make a difference in how they access financial services and benefit for their growth,” said Mr Kimotho.
He noted that the co-operative way is the best way to offer financial services. “Fortune Sacco is redefining the role of Co-operatives in economic empowerment.”
“We are promising our members and potential members that we will offer our services in the co-operative spirit, we will listen to them, when they have issues we will handle them with care, walk and work with them to overcome challenges. We will find ways to finance members who may not have the security to access loans. We are here to grow our members economically. Come and join us and see the difference we bring,” said the CEO.
The Sacco leadership is committed to providing the support and resources that businesses and individuals require to thrive and flourish. On the offer will be tailored financial solutions, digital innovation, and community engagement.
Since 1998, the Sacco has had a successful journey growing in leaps and bounds to become one of the best SASRA-licensed DT Saccos. The County Government of Kajiado fully authorized the opening of the Ongata Rongai branch as the Sacco has always complied with all regulatory requirements in all its undertakings.
Deputy Governor Moshisho, who was the Chief Guest, noted that Fortune Sacco will significantly supplement the county government’s efforts by supporting the town’s robust business community.
“We believe business people will benefit from your solutions and tailored products. I urge residents here to join the Sacco to save and invest,” he said.
Hon Titus Matheka, Ongata Rongai MCA, pledged to work with the Sacco in supporting various youth initiates noting that the opening of the branch is a god-send opportunity.
