Newfortis Sacco, formerly known as Nyeri Teachers Sacco, has been a key financial institution since its founding in 1976. Initially serving the teaching community, Newfortis Sacco has expanded its membership base to include 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, Newfortis Sacco is among Kenya’s largest deposit-taking Saccos.
How to Join Newfortis Sacco
- Fill in a membership application form.
- Pay a membership fee of Ksh 1,000.
- Contribute a minimum share capital of Ksh 2,000.
- Make monthly deposit contributions of at least Ksh 1,000.
- Pay Ksh 200 monthly towards the Risk Fund.
List of Newfortis Sacco Products
A) Back Office Services Activities (BOSA)
BOSA products focus on non-withdrawable savings, enabling members to borrow against their savings at competitive rates.
- Emergency Loan
- Maximum loan: Ksh 60,000.
- Repayable within 12 months.
- Interest: 0.54% per month.
- No supporting documents required.
- Loan secured by 4 guarantors.
- Preferential Loan
- Loan up to 5 times the member’s shares.
- Repayable within 84 months.
- Interest: 6.5% per annum.
- Secured by 4 guarantors.
- Development Loan
- Loan up to 5 times the member’s deposits.
- Repayable within 84 months.
- Interest: 6.5% per annum.
- Secured by 4 guarantors.
- School Fees Loan
- Repayable within 12 months.
- Interest: 0.54% per month.
- No supporting documents required.
- Pride Loan
- Repayable within 42 months.
- Interest: 0.7% per month.
- Secured by 4 guarantors.
- Approved in 30 minutes.
- Risk Management Programme
- Monthly contribution: Ksh 200.
- Funeral expense payout: Ksh 40,000.
- Twice the deposit refunded in case of death, and the outstanding loan is written off.
- Retirement Package
- Monthly contribution: Ksh 500.
- Lump-sum and monthly pensions.
- Members are eligible for loans after retirement.
- Lainisha BOSA Loan
- Deposit entitlement not considered.
- Maximum loan depends on ability to pay.
- Repayable within 54 months.
- Flat rate: 0.7% per month.
- Secured by 4 guarantors.
B) Front Office Services Activities (FOSA)
FOSA operates like a commercial bank, offering accessible financial services.
- Jiinue Loan
- Repayable within 66 months.
- Interest: 0.7% per month.
- Secured by 4 guarantors.
- School Fees Cheques
- Cheque processing fee: Ksh 100 for members, Ksh 200 for non-members.
- Cheques are processed within 10 minutes.
- Safe Custody of Documents
- Annual fee: Ksh 300 for document storage.
- Christmas Savings Account
- Minimum contribution: Ksh 200 per month.
- Funds withdrawable during the Christmas period.
- Premier Loan
- Repayable within 42 months.
- Interest: 0.7% per month.
- Secured by 4 guarantors.
- Approved in 30 minutes.
- Fanikisha Loan
- Repayable within 36 months.
- Interest: 0.6% per month.
- Secured by 4 guarantors.
- Mwalimu Special Package
- Repayable within 24 months.
- Interest: 0.625% per month.
- Secured by 4 guarantors.
- Special Advance
- Granted to clear outstanding loans at a reasonable commission.
- Salary Advance
- Repayable within 12 months.
- Interest: 0.83% per month.
- Secured by 4 guarantors.
- Fixed Deposit Account
- Minimum deposit: Ksh 30,000.
- Interest rate: Negotiable.
- Savings Account
- Minimum balance: Ksh 1,000.
- No ledger fees.
- M-Loan
- Applied through mobile banking (Fortis Cash).
- Repayable within 1-3 months.
- Interest: 10% flat rate.
- No guarantors required.
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, Karatina Town
- Contact: 0725 349343
Conclusion
Newfortis Sacco offers a wide range of financial products tailored to the needs of its diverse membership, from emergency loans to savings accounts and retirement packages. With its branches spread across Kenya, Newfortis Sacco continues to play a significant role in providing accessible and affordable financial services. Whether you are a teacher, civil servant, business owner, or farmer, Newfortis Sacco has products that cater to your financial needs.
