Page 36 - Ramco JO SACCOStar _Vol 50.indd
P. 36
FINANCE AND INVESTMENTS
NewFortis SACCO members get higher
DIVIDENDS
Nyeri Governor Hon Mutahi Kahiga with Mr John Githinji, NewFortis SACCO Chairman during system (T24) that is not only strong on
the Annual General Meeting prevention but also complementary to
all organizational policies.
By Faith Weru and support from members, democracy,
accountability and transparency that To improve on the revenue of the
NewFortis SACCO shareholders are the guiding principles propelling our SACCO, the Chairman said that the
will benefit from a 14 per SACCO to be one of the best in the region process of introducing Visa Cards are at
cent per share in dividends and country at large," said Mr Githinji. an advanced stage.
and interest on deposits following the
improved performance of the Society in Mr Githinji further noted that despite Nyeri Governor Mutahi Kahiga hailed
2019. teachers being the main customers, the the good relationship between his
SACCO has attracted members from all Government and NewFortis SACCO
The SACCO, on the forefront in innovating sectors of the economy through the which has made it possible for many
products and services, will issue a higher opening of the common bond. county employees to join NewFortis
payout compared to 12 per cent in the SACCO.
2018 financial year. This, he said, has seen the SACCO
membership grow from 12,832 members "We have been faithfully remitting
According to the recently released in 2017 to 14,890 members in 2019. all deductions promptly. NewFortis
statements, the growth is also attributed SACCO has faithfully adhered to legal
to the tailoring of products to meet the The growth has seen the SACCO grow requirement year in year out and on
needs of increasing membership. its share capital to Sh109 million up behalf of my Government, I wish to
from Sh92 million in 2017 while non- congratulate the Chairman and the
Speaking during the 44th Annual withdrawable deposits grew from Sh3.3 entire board for their faithfulness to strict
General meeting in Nyeri town, graced billion to Sh4.4 billion. Outstanding observance of the law," said Hon Kahiga.
by Governor Mutahi Kahiga, the SACCO loans increased to Sh5.5 billion from
Chairman Mr John Githinji said that Sh4.5 billion in 2017. Governor Kahiga further encouraged
despite the slump in economic growth young people to join the SACCO so that
in the country the SACCO registered Despite the remarkable growth, the they can be able to take up loans and
tremendous growth. SACCO has experienced challenges advance in small-medium enterprises
in cyber-crime and taxation in its which will uplift the county.
He said the Society embraced the gradual operations.
checks and balances by the industry "Our young people have the opportunity
regulator, SACCO Societies Regulatory However, tremendous efforts have to invest and with the SACCO giving
Authority (SASRA), in ensuring the co- been made by employing an innovative them a chance all they need is to be
operative values, principle and good approach to combating the challenges. focused and form groups to start up some
governance structures are adhered to, businesses that will benefit them and the
enriching the corporate image of the The Chairman said the SACCO has county," he said.
SACCO. put in place strategic interventions to
create a self-regulating and checking The Chairman added that the withdrawal
"The growth of NewFortis SACCO can be of Social Impact Member Bill that sought
attributed to the patronage, confidence to introduce an autonomous category
of members of the board, changing
the composition and governance of
SACCOs, was a relief.
He said the Bill would have plunged the
sector into troubled water and greatly
undermine the effort gained to improve
and safeguard growth, operations and
future of SACCOs in the country.
34 | SACCO Star Magazine
