Page 8 - SACCOStar Mag Vol 46 Press_txt.pdf

COVER STORY

-RKQ0DWKLQML1HZIRUWLV6$&&2&KLHI([HFXWLYH2?FHU John Githinji, Newfortis SACCO Chairman

OQDO@QHMF@MDVRSQ@SDFHBOK@MENQSGDMDWS?UDXD@QR@MC The SACCO also amended its By-laws to accommodate other civil
was following good corporate governance principles, to servants besides teachers.
ensure SACCO growth remained steady.
3GD 2 "". BNMSDMCR VHSG BNLODSHSHNM EQNL NSGDQ ?M@MBH@K
SACCO GROWTH HMRSHSTSHNMR SGQNTFG D?BHDMS @MC D?DBSHUD RDQUHBD CDKHUDQX SN
members. Further, the Society marketed the advantages of its
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?M@MBH@KOQNCTBSRENQHMRS@MBDKNVHMSDQDRSQ@SDR
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billion in 2017 to over Kshs 6.3 billion in 2018. Likewise, the high cost of ATM installation, the SACCO is in talks with other
members’ deposits grew to Kshs 3.9 billion in 2018 ?M@MBH@KOQNUHCDQRKHJD"NNODQ@SHUDA@MJ@MC-@SHNM@KA@MJ@MC
relative to Kshs 3.4 billion in 2017. had already installed spot-cash product.

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LHKKHNM@RCHUHCDMCR@MC The Society is run by a team of nine board and three supervisory
interest on deposits at a rate of 13 and 12.8 per cent board members who represent various electoral zones. Further, the
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paid in 2017. Further, the SACCO loan book increased to VHSGRS@?CDOKNXDCHMU@QHNTRCDO@QSLDMSRM@LDKX CLHMHRSQ@SHNM
*RGR
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Finance, Credit, Registry, Information technology, FOSA section,
million. Moreover, the SACCO’s impressive growth saw Audit department and Marketing.
the members with savings above one million shillings
increase to over 400 people. The SACCO membership (M BNMENQLHSX VHSG SGD FKNA@K SQDMCR SN DMRTQD SGD 2NBHDSX N?DQR
also increased to 14,082 last year. modern services, members approved construction of the SACCO
AKNBJ
3GD N?BD AKNBJ V@R SN OQNUHCD 3, RDQUHBDR RO@BHNTR
As a result of these achievements, the SACCO won various A@MJHMFG@KKN?BDRO@BDVGHBGHR@2 21 BNLOKH@MBDQDPTHQDLDMS

awards in last year’s Ushirika Day celebrations. The The SACCO was established in 1976 and is licensed by SACCOs
SACCO was awarded for the best Credit Management- Societies Regulatory Authority (SASRA) to conduct Deposit-Taking
employer based SACCO, tier 1 category. The SACCO also business.
received an award for highest dividend paid- urban
SACCO countrywide, and third best Managed SACCO
nationally. The SACCO also went home with national
accolades in best Capitalized and Highest interest paid
on non-withdrawable deposits in the country.

3GD 2NBHDSXrR GD@C N?BD HR HM -XDQH SNVM VHSG NSGDQ
branches in Karatina and Othaya town. Plans are
underway to establish other branches in major towns
such as Nanyuki and Nairobi. The chairman supervisory
committee, Mr. Charles Wahome assured members that
SGD2 "".NODQ@SHNMR@QDTOSNSGDQDPTHQDCRS@MC@QCR

#TQHMF SGD ?M@MBH@K XD@Q GD R@HC SGD 2 "". BNMSHMTDC
developing products and services that met members’
@ROHQ@SHNMR @MC QDPTHQDLDMSR HMBKTCHMF )HHMTD KN@M

Members follow proceedings of the 2019 Annual General Meeting

6| SACCO Star Magazine