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 10.19 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.
- One must contribute towards member deposits consistently for at least 6 months.
- 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
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
- 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 :
