Newfortis Sacco, previously known as Nyeri Teachers Sacco, is a deposit-taking savings and credit cooperative society established in 1976. Initially formed to serve teachers, the Sacco now welcomes membership from civil servants, the business community, farmers, private institutions, churches, and microfinance groups. With over 17,720 members and an asset base exceeding Ksh 10.19 billion, it is one of Kenya’s largest deposit-taking SACCOs.
How to Join Newfortis Sacco
- Fill out a membership application form.
- Pay a membership fee of Ksh 1,000.
- Raise a minimum share capital of Ksh 2,000.
- Contribute at least Ksh 1,000 monthly.
- Pay Ksh 200 monthly for the Risk Fund.
List of Newfortis Sacco Products
a) Back Office Services Activities (BOSA)
BOSA deals with non-withdrawable savings and provides loans at competitive interest rates.
1. Emergency Loan
- Maximum: Ksh 60,000
- Repayment: 12 months
- Interest Rate: 0.54% per month
- No supporting documents required; secured by 4 guarantors.
2. Preferential Loan
- Loan: 5 times the member’s shares.
- Repayment: 84 months
- Interest Rate: 6.5% per annum
- Secured by 4 guarantors; processed in 72 hours.
3. Development Loan
- Loan: 5 times the member’s deposit.
- Repayment: 84 months
- Interest Rate: 6.5% per annum
- Secured by 4 guarantors; processed in 72 hours.
4. School Fees Loan
- Repayment: 12 months
- Interest Rate: 0.54% per month
- No supporting documents required; secured by 4 guarantors.
5. Pride Loan
- Repayment: 42 months
- Interest Rate: 0.7% per month
- Processed in 30 minutes; secured by 4 guarantors.
6. Risk Management Programme
- Monthly Contribution: Ksh 200
- Benefits: Funeral expenses covered, deposits doubled, and loans written off upon death.
7. Retirement Package
- Monthly Contribution: Ksh 500
- Benefits: Lump-sum or monthly pension payouts and access to loans.
8. Lainisha Loan
- Maximum: Depends on ability to pay
- Repayment: 54 months
- Interest Rate: 0.7% per month (flat)
- Processed in 30 minutes; secured by 4 guarantors.
b) Front Office Services Activities (FOSA)
FOSA operates as a commercial banking section.
1. Jiinue Loan
- Repayment: 66 months
- Interest Rate: 0.7% per month
- Secured by 4 guarantors.
2. School Fees Cheques
- Processed in 10 minutes.
- Members pay Ksh 100; non-members pay Ksh 200.
3. Safe Custody of Documents
- Annual Charge: Ksh 300
- Retrieval upon written request.
4. Christmas Savings Account
- Minimum Contribution: Ksh 200 monthly
- Withdrawal allowed during the Christmas period.
5. Premier Loan
- Repayment: 42 months
- Interest Rate: 0.7% per month
- Secured by 4 guarantors; approved in 30 minutes.
6. Fanikisha Loan
- Repayment: 36 months
- Interest Rate: 0.6% per month
- Secured by 4 guarantors.
7. Mwalimu Special Package
- Repayment: 24 months
- Interest Rate: 0.625% per month
- Secured by 4 guarantors.
8. Special Advance
- Designed to clear outstanding loans at a reasonable commission.
9. Salary Processing
- Processing Fee: Ksh 100.
10. Salary Advance
- Repayment: 12 months
- Interest Rate: 0.83% per month
- Secured by 4 guarantors.
11. Fixed Deposit Account
- Minimum Balance: Ksh 30,000
- Minimum Duration: 3 months
- Interest: Negotiable.
12. Savings Account
- Minimum Balance: Ksh 1,000
- No ledger fees.
13. M-Loan
- Instant loan applied via mobile banking.
- Repayment: 1-3 months
- Interest Rate: Flat 10%.
List of Newfortis Sacco Branches
1. Newfortis Sacco Head Office
- Location: Newfortis Building, Off Kenyatta Road, Behind Cooperative Bank, Nyeri Town
- Contact: 0725 349343
- Email: [email protected]
2. Nairobi Branch
- Location: Junction Trade Centre, 5th Floor
- Contact: 0725 349343
3. Nanyuki Branch
- Location: Next to Standard Chartered Bank, off Lumumba Road, Nanyuki Town
- Contact: 0725 349343
4. Othaya Branch
- Location: Muoni Building, off Othaya-Kiriaini Road
- Contact: 0725 349343
5. Karatina Branch
- Location: Next to Wananchi Sacco, Karatina Town
- Contact: 0725 349343
Newfortis Sacco continues to offer comprehensive financial solutions and services to meet the diverse needs of its members across Kenya