Nyeri-based sacco pays out over Sh740 million in dividends

New Fortis Sacco members during past elections in Nyeri. [Mose Sammy, Standard]

Nyeri based New Fortis Sacco (formerly Nyeri Teachers Sacco) has announced Sh740 million dividend payouts to members, defying the Covid-19 economic downturn. 

Sacco Chairman Anthony Mathinji told members at the 46th Annual General Meeting (AGM) that the payments were 12.9 per cent interest on deposits and savings by members.

This is an increase from 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 bosses also informed members of the increase in the society’s share capital from Sh117 million in 2020 to Sh129 million in 2021. The Sacco rebranded as New Fortis to attract more members.

Mathinji said the total loans granted hit Sh37 billion, and in 2021, at least Sh6 billion was loaned out to members.

“Despite the hardships of the pandemic, members continued having confidence in Saccos and paid-up their loans which contributed to the overall health of the organisation,” he said.

The sacco said 340 members had built homes in land acquired in Mweiga, Kieni Constituency under the affordable housing programme.

Mathinji said the sacco had maintained the interest rate in light of the challenges of the Covid-19 pandemic and the fact the country was headed into an election year.

Nyeri Governor Mutahi Kahiga commended the sacco for growing its asset base and making payout dividends despite the ravages of Covid-19.

He said the county will provide a conducive 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.