List Of Newfortis Sacco Products And Branches

This article focuses on the products offered by Newfortis Sacco and their branches in Kenya. Newfortis Sacco, formerly Nyeri Teachers Sacco, is a deposit-taking Sacco that has been operational since 1976.

Newfortis Sacco’s initial membership was drawn from the teaching fraternity; primary schools, secondary schools and tertiary institutions. Today, membership is open to everyone i.e civil servants, the business community, farmers, private institutions , churches , microfinance groups etc. Currently, the Sacco’s has a membership of more than 17,720. With an asset base of over 8.18 billion, Newfortis Sacco is one of the largest deposit-taking SACCOs in Kenya.

How To Join Newfortis Sacco

  • One has to fill in a membership application form
  • Pay a membership fee of Ksh 1, 000
  • Raise share capital minimum of Ksh 2,000
  • Make monthly deposit contributions of not less than Ksh 1000 per month
  • Pay Ksh 200 for the Risk fund per month

List Of Newfortis Sacco Products

a)BOSA Products

Back Office Services Activities (BOSA) deals with non-withdrawable savings and allows members to borrow against their savings, at very competitive interest rates.

How To Qualify For A BOSA Loan
  • One must contribute towards member deposits consistently for at least 6 months.
1. Emergency Loan
  • The maximum loan is Ksh 60,000
  • Repayable within 1 year.
  • An interest rate of 0.54% per month. No supporting documents are required.
  • Granted on daily basis.
  • Loan secured by 4 guarantors.

2. Preferential Loan

  • A member gets 5 times the products his/her shares. Maximum repayment period of 84 months.
  • Members transfers his/her dividends to shares until the loan granted is repaid in full.
  • Loan secured by 4 guarantors.
  • Loans are granted within 72 hours.
  • Interest charged amounts to 6.5% per annum.

3. Development Loan

  • A member gets 5 times the product of his deposit.
  • Maximum repayment period of 84 months .
  • Loan secured by 4 guarantors.
  • Amount granted within 72 hours.
  • Interest charged amounts to 6.5% per annum.

4. School Fees Loan

  • Amount granted depends on the ability to pay.
  • Granted on daily basis.
  • Repayable within 12 months.
  • Secured by 4 guarantors.
  • The interest rate is 0.54% per month.
  • No supporting documents.

5. Pride Loan

  • Shares entitlement not considered.
  • Loan repayable within 42 months.
  • Interest rate 0.7% per month and capitalized. Loans approved in 30 minutes.
  • Loan secured by 4 guarantors.

6. Risk Management Programme

  • Members contribute 200/= to finance the programme.
  • In case of death, the society pays 40,000/= from the fund towards funeral expenses.
  • Society refunds twice the deposit and writes off the outstanding loan.
  • Members refunded 5000/= after retirement.

7. Retirement Package

  • This product encourages members to retain their membership after retirement.
  • Lump-sum and monthly pension paid through Fosa.
  • Monthly contribution 500/= per month.
  • Granted loans like any other member and recovered through standing orders.

8. Lainisha BOSA loan

  • Deposit entitlement not considered.
  • The maximum amount depends on one’s ability to pay
  • The loan must be secured by 4 guarantors
  • Flat rate loan: 0.7% per month
  • The repayment period is 54 Months
  • Member must be on check-off arrangement or provide collateral if the amount exceeds 80% of their member deposits
  • Loan approved in 30 minutes

b) FOSA Products

Front Office Services Activities (FOSA) is the banking section of the Sacco. It operates as a normal commercial bank.

How To Qualify For A FOSA Loan

• One’s salary must be channelled via NewFortis Sacco for at least 3 months.
• One must be a member of the Back Office.

1. Jiinue Loan

  • The maximum loan depends on one’s ability to pay within 66 months.
  • The interest rate is 0.7% per month.
  • Loan secured by 4 guarantors.
  • Applicants must be members of the society and FOSA.

2. School Fees Cheques

  • Cheque processed within 10 minutes.
  • Members pay Ksh 100 and non-members pay Ksh 200.
  • Acceptable locally and internationally.

3. Safe Custody Of Documents

  • Documents forwarded through subscribed forms.
  • Members to pay a yearly charge of Ksh 300.
  • Documents retrieved on request through written Request.

4. Christmas Savings Account

  • Members engage in standing orders on monthly basis.
  • A minimum contribution of Ksh 200 per month.
  • Amount contributed withdrawable during Christmas period.
  • Interest paid depending on the current market rates

5. Premier Loan

  • Repayable within 42 months.
  • The interest rate is 0.7% per month.
  • Maximum depends on the ability to pay
  • Approved within 30 minutes.
  • Loan secured by 4 guarantors

6. Fanikisha Loan

  • Maximum depends on one’s ability to pay within 36 months.
  • The interest rate is 0.6% per month.
  • Loan secured by 4 guarantors.
  • Applicants must be members of the society and FOSA.

7. Mwalimu Special Package

  • Repayable within 24 months.
  • The interest rate is 0.625% per month.
  • Maximum depends on the ability to pay.
  • Approved within 30 minutes.
  • Loan secured by 4 guarantors.

8. Special Advance

Granted to members to enable them clear outstanding loans at a reasonable commission.

9. Salary Processing

  • Processing commission 100/=

10. Salary Advance

  • Depends on one’s ability to pay payable within 12 months.
  • The interest rate is 0.83% per month.
  • Salary must be passing through Fosa sec on.
  • Loan secured by 4 guarantors.
  • Applicants must be members of society.

11. Fixed Deposit Account

Required:

  • National Identity card.
  • Minimum balance Ksh 30,000.
  • Minimum duration of 3 months.
  • Interest – negotiable.

12. Savings Account

Required:

  • A National Identity card is required to open an account.
  • Two coloured passport-size photographs.
  • The minimum account balance is Ksh 1,000.
  • No ledger fees charged

13. M-Loan

This is an instant loan
  • No guarantors are required.
  • No physical form is needed.
  • Applied through mobile banking (Fortis Cash)
  • It is payable within 1-3 Months
  • Flat rate Loan: 10% of the amount approved.
  • Maximum depends on the ability to pay within a month.

List Of Newfortis Sacco Branches

1. Newfortis Sacco Head Office 

Location: Newfortis Building, Off Kenyatta Road, Behind Cooperative Bank, Nyeri Town

Phone: 0725 349343

Email: info@newfortissacco.com

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 , Karitina Town

Contact: 0725 349343

Worth Checking Out : 

Victor Matara

I help you to save time and live more with the most up-to-date lists, guides, reviews, and advice.