Formerly Nyeri Teachers Sacco Pays Out Over Sh.740M in dividends.
Nyeri-based New Fortis Sacco, previously known as Nyeri Teachers Sacco has announced dividend payouts to members totalling Sh740 million, defying the Covid-19 economic downturn.
At the 46th Annual General Meeting (AGM), Sacco Chairman Anthony Mathinji informed members that the payments were 12.9 per cent interest on deposits and savings by members.
This represents an increase over the Sh662 million paid to members in 2020.
“We are happy that our membership of 17,720 in 2021 had grown from 15,758 in 2020 and 14,890 in 2019,” Mr Mathinji said.
The Sacco executives also informed members that the society’s share capital would be increased from Sh117 million in 2020 to Sh129 million in 2021. To attract more members, the Sacco rebranded as New Fortis.
According to Mathinji, the total amount of loans granted has reached Sh37 billion, with at least Sh6 billion loaned out to members by 2021.
Despite the hardships of the pandemic, he said members maintained trust in Saccos and paid off their loans, which contributed to the overall health of the organization.
According to the SACCO, 340 members have built homes on land acquired through the affordable housing program in Mweiga, Kieni Constituency.
Mathinji stated that the SACCO had kept the interest rate unchanged due to the challenges of the Covid-19 pandemic and the fact that the country was approaching an election year.
Mutahi Kahiga, Governor of Nyeri, praised the Sacco for increasing its asset base and paying dividends despite the ravages of Covid-19.
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He stated that the county will create a favourable environment for the cooperative movement to thrive.
“Businesses can only flourish where the government plays a facilitation role and the private sector takes advantage of the opportunities provided,” Mr Kahiga said.