It was a sigh of relief for NewFortis 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 John Mathinji, the Sacco Board of Directors Chairman, 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.
NewFortis Sacco draws its membership from teachers, civil servants, institutions, and business people, among others. Through prudence management of the Board and staff, the Sacco maintained resilience to post an exponential growth.
As the Sacco continued to record tremendous growth, so were its members, with 745 joining its millionaires and multimillionaire’s clubs.
The Sacco is set to review its strategic plan for the next five years, which will be guided by three key areas of corporate governance, membership and service excellence, and institutional capacity development.
