Nyeri Newfortis Sacco holds its 48th Annual General Meeting

Nyeri,

Monday, January 15, 2024

KNA by Beth Ndirangu

Nyeri Governor Mutahi Kahiga has commended Newfortis Sacco for fostering the savings culture, mainstreaming borrowing discipline, and growing wealth through shared returns, creation of employment, and contribution to the well-being of the community.

Speaking over the weekend when he joined NewFortis Sacco fraternity during their 48th Annual General Meeting held at Nyamachaki Primary School grounds, Nyeri town, Kahiga lauded the Sacco for being a beacon in the cooperative sector, a fact evidenced by its phenomenal growth both in numbers and asset base.

He noted that the Sacco leadership’s dedication has been instrumental in the phenomenal growth of the Sacco adding that the numbers show a positive upward trajectory of growth from a membership of 8,980 in the year 2013 to 20,356 in 2023.

 Governor Kahiga noted that the Sacco’s financial growth is evidenced by the exponential growth in share capital from Sh21.3 million in the year 2013 to an impressive Sh157.2 million in 2023 as well as non-withdrawable deposits from Sh1.8 billion to Sh7 billion within the same period.

This, acknowledged the Governor, gives confidence of adequate money for lending to members which is the core objective of the Sacco and satisfies members through self-help value as enshrined in the society by-laws.

 “This is an impressive performance that can only be achieved under visionary leadership. “A community is as good as its leaders,” Kahiga said.

He said his administration is committed to supporting the cooperatives to comply with the regulations through enforcement, education, training, information sharing, and advisory services and called upon the National Assembly to fast-track the review of the Co-operative Societies Act to ensure it is in line with the constitution that gives the Counties the mandate to regulate Co-operative Societies.

Kahiga lauded the Board of Directors and Supervisory Board for their good leadership and for building great value and trust for the Sacco.

 The County boss disclosed that Nyeri County cooperative movement has grown rapidly with an asset base of Sh24 billion and share capital of over Sh2.6 billion. This, he noted, is a whole economy that needs to be protected so that the cooperatives may serve their members optimally.He added that the County Government of Nyeri is both a promoter and a regulator of the cooperatives in Nyeri.

He clarified that as a promoter, the government gives support to the cooperatives and an enabling environment to conduct their businesses as autonomous and independent institutions, while as a regulator, they ensure the Cooperative Societies Act, rules, and by-laws are followed to the letter.

During the meeting, New Fortis Chairman, John Githinji announced that Sh901.9 million will be paid out as dividends and interests for the last financial year.

Courtesy; KNA