NewFortis Sacco has launched ATM cards in partnership with verve as it eyes to bolster its cashless business model.
The Sacco has also shifted its business model by investing heavily in information and communication technology, and this has ensured its services are accessible 24 hours daily. Top on its services includes cashless transactions through mobile banking platforms.
“We will continue to leverage on high technological inventions to meet and exceed the members’ expectations,” said John Mathinji, the Sacco Board of Directors chairman
At the same time the Deposit-taking Sacco maintained strong financial growth in the financial ended December 31st, 2020, despite the disruption brought by the Covid-19 pandemic that ravaged the economy since March last year.
Despite many financial institutions, especially banks, projecting a decline in revenue, the Deposit Taking Sacco recorded growth in all the key parameters making it among the first in the country to declare high returns to members.
It was a sigh of relief for the Sacco members, who once again pocketed a total of Ksh 662.89 million as dividends and rebates compared to Ksh 595.5 million they received last year.
“This year’s returns to our members translate to 12.9 % interest on deposits and 14 % dividend on shares. We believe the money will enable our members to improve their lives,” said Mathinji, who was speaking during the 45th Annual General Meeting recently.
The Sacco grew its total deposits from 5.566 billion in 2019 to Ksh 5.863 billion in 2020, while members’ deposits increased from Ksh 4.48 billion in 2019 to Ksh 4.99 billion in 2020.
During the one-year period, Sacco disbursed loans worth Ksh 5.86 billion compared to Ksh 5.566 billion in 2019. The Sacco now has a membership of close to 16,000 from 14,000 in 2019.
