Newfortis Sacco successfully navigated a turbulent economic environment to achieve remarkable growth and financial success, earning it’s over 20,350 members increased annual returns.
As the first Sacco to declare its financial results for the year 2023 and hold the Annual General Meeting, Newfortis rewarded members with a high return on investment, paying out a total of Ksh901.9 million as dividends on share capital and interest on deposits. This impressive payout was an increase from Ksh795 million in 2022.
“I am delighted to announce that the Sacco registered commendable financial results last year. Members will be paid interest on non-withdrawable deposits at 13% and 14% dividend on shares, a testament to our commitment to deliver the best,” said Mr. John Githinji, HSC, ICUDE, Newfortis Sacco Board of Directors Chairman.
Financial statements presented to members during the 48th AGM reflect the Sacco’s impressive statistics, recording increased annual turnover from Ksh1.38 billion in 2022 to Ksh1.45 billion in 2023. Outstanding loans with members rose from Ksh6.92 billion in 2022 to Ksh7.68 billion in 2023, while non-withdrawable deposits grew to Ksh7.05 billion in 2023 from Ksh6.3 billion in 2022.
Despite the economic slump, increased taxes, and levies that weakened members’ borrowing power, Newfortis Sacco disbursed over Ksh4.08 billion in loans and advances to members in 2023. The Sacco’s Total Assets also surged to over Ksh11 billion as of December 31st, 2023, from about Ksh10 billion in 2022.
Mr Githinji attributed the impressive statistics to members’ confidence in the Sacco’s ability to impact members economically and improve their living standards immensely.
“We are urging members to continue saving continually, borrowing wisely and paying promptly to improve their socio-economic status. Being a member of a Sacco comes loaded not only with economic advantages but also a source of financial freedom and ownership,” said Mr Githinji.
Newfortis Sacco is reviewing its strategic plan to implement a new blueprint guided by corporate governance, growth in membership, good service delivery, and technology and institutional capacity development.
The Board of Directors is focusing on a succession plan that will ensure stability, constant and sustainable growth, and development of the Sacco, according to Mr Githinji. “Good governance is the pillar that drives and shapes the growth and development of Newfortis Sacco. We have endeavored to build the capacity of members, board, and staff to implement prudent management practices while ensuring prudent use of members’ funds, thus building loyalty and trust.”
Digital Banking
Behind the Sacco’s accelerated growth is adapting the new technology to deliver convenient financial services and equipping staff with new and better skills in customer relations. The Sacco has developed dynamic and innovative approaches to mitigate cyber-attacks 24/7 and beat emerging challenges.
Newfortis Sacco has significantly leveraged high technological intervention to provide members with effective and efficient real-time services. For instance, members can borrow up to Ksh100,000 through their mobile phones Digi Loan.
The Society’s Verve ATM Card has been a game changer, offering members convenience in terms of financial transactions in tandem with modern financial services trends. The Sacco’s alternative banking solutions are geared towards a cashless society, saving members time and money as they can transact anywhere and anytime.
Supporting SMEs
The Sacco supports its members’ venture into income-generating activities by empowering them and providing finances to grow their small and medium enterprises. It has progressively improved technical support while ensuring members access to affordable finances and market access for robust and effective growth.
With branches in Nyeri town, Karatina, Othaya, Nanyuki and Nairobi, the Sacco has recorded great achievements in growth and livelihoods transformation. Last year, the Sacco enabled thousands of members to acquire land, execute personal development projects, and grow businesses.
The Sacco was also recognized and awarded in various events, such as the ASK show and International Cooperative Day, as one of the best cooperative societies in the country.
“Through God’s grace, Newfortis Sacco is committed to providing competitive, quality, and affordable products and services that suit the needs of our esteemed members. I extend my gratitude to the members, staff, and stakeholders who have supported my board in realizing the year 2023 success. We look forward to a prosperous 2024 because we are better together,” said Mr John Mathinji, Sacco CEO.
Newfortis Sacco, which was founded in 1976, is guided by the vision to be a leading financial institution providing efficient and competitive products and services and a mission to enhance customers’ confidence and sustain their economic development through prudent management.
With an excellent record in providing quality financial services, the Sacco’s main objective is to mobilize member’s savings and grant loans to our members at affordable interest rates.
Nyeri Governor Mutahi Kahiga, who graced the AGM, commended the Sacco for its outstanding and credible effort in fostering saving culture and improving communities’ livelihoods.
“The Sacco continues to record phenomenal growth with an upward trajectory in all market segments such as asset base, membership, and members savings. Newfortis Sacco is a beacon in the cooperative sector.”
The governor noted that the Sacco is a leader in the county’s thriving cooperative sector valued at Ksh24 billion.
As a member, you can trust Newfortis Sacco to deliver exceptional financial returns and support you in achieving your financial goals. Join the Sacco today and experience the difference of a Sacco that truly cares for its members.
