The Nufaika-Fortune Merger: What Happens to Your Shares When SACCOs Consolidate?

In February 2026, SASRA officially gazetted the exit of Nufaika SACCO Society Ltd following its voluntary merger with Fortune Regulated SACCO. This move is part of a broader 2026 trend where the government aims to merge SACCOs with deposits below Ksh 100 million to enhance stability and oversight.

1. Do I Lose My Shares in a Merger?

The most important thing to know is that you do not lose your wealth. In a legal merger (amalgamation), the "Successor SACCO" (in this case, Fortune SACCO) absorbs all assets and liabilities of the "Transferor SACCO" (Nufaika).

• Share Transfer: Your share capital is moved from the old register to the new one at the same face value.

• Co-ownership: You remain a co-owner, but now your stake is in a larger, more financially stable institution with a bigger asset base.

2. Impact on Dividends and Interest Rates

Consolidation is designed to create economies of scale. By merging, SACCOs reduce "double" administrative costs.

• The Benefit: Lower operational costs often lead to a higher annual surplus.

• The Result: Members of smaller merged SACCOs often see an increase in dividend rates over 2–3 years as the new entity stabilizes. For example, if Nufaika was paying 8% and the larger Fortune SACCO pays 12%, your shares suddenly become more profitable.

3. Changes to Your Borrowing Power

Your non-withdrawable deposits (savings) also transfer seamlessly.

• Loan Multipliers: Most large SACCOs in 2026 offer a 3x or 4x multiplier. If the new SACCO has better liquidity, you might find it easier to access larger emergency loans or SME financing than you did at a smaller, cash-strapped society.

• Digital Access: Larger entities typically have better AI-driven mobile apps, meaning you can manage your new account via USSD or smartphone instantly.

4. The "Locked Capital" Problem: Can I Exit During a Merger?

While a merger is usually a net positive, some members prefer to exit rather than join a new entity. However, remember that SACCO share capital is non-refundable.

• The Challenge: You cannot ask the new SACCO to "refund" your shares in cash.

• The Solution: Use Saccoshares. If you are a Nufaika member who doesn't wish to move to Fortune, you can list your shares on our marketplace. Buyers looking for an entry point into a large, stable society like Fortune will be eager to take over your stake.
  
  

  Summary Checklist for Merged Members

  Action Item	Status
  Verify License	Check the 2026 SASRA list for the new entity name.
  Update Records	Ensure your Next of Kin and contact details are captured by the new board.
  Check Statements	Download a final statement from the old SACCO for your records.
  Evaluate ROI	Compare the new SACCO's dividend history with your previous one.