By Wesley Ken
Magereza Sacco is one of the giant
savings and credit societies
in Kenya that has taken a leap
into the property market. The Sacco has
bought land in Isinya to sell to its
members and non-members. The
land is subdivided into parcels of
1 acre and 1/8 acre plots totaling 1,
003.
These plots are available to
members at the cost of Sh 290,000
while non-members can buy the
same plots at Sh 380,000.
According to Mr. Augustine
Mutisya, the Magereza Sacco
CEO, the Isinya project which has
so far benefited over 1,200 members
will be critical in uplifting the
lives of members as well as increase
the Sacco’s asset base.
“We intend to empower members
to own property at a relatively low
cost in comparison to what the market
offers,” said Mr Mutisya. Magereza
has so far invested over Sh 250 million
in the Isinya project. The Society has
also acquired Mageso Chambers and
Mageso Courts both in Nairobi.
Mr. Mutisya said the Sacco has
been able to sell quite a number of
plots to its members since it was established
in 1971. Members continue to
show interest in acquiring more land as
the Sacco steps up its effort to buy and
sell land to members.
Magereza Sacco has set out plans
to partner with other organizations,
including Co-operative Bank and the
Kenya Union of Savings and Credit
Co-operative Organization (KUSCCO)
Limited in future projects.
While selling parcels of land, Magereza
Sacco has had to deal with
significant challenges such as meeting
unique preferences from members
who wish to own property in specific
geographical areas. “For instance, we
have members who prefer to own a
piece of land in an area where they are
stationed or in areas near their homes.
We are thinking of investing in the
counties to cater for these interests, “
said Mr Mutisya
Magereza Sacco with over 1,700
members drawn from the Kenya Prisons
has been keen to develop products
that appeals to its unique membership.
The Society plans to increase its asset
base from the current Sh 3.2 billion to
Sh 5 billion over the next three years. It
also plans to establish a call centre and
automate all its records.
“With a click of a button, members
will soon be able to access information,”
said Mr Mutisya. At present,
loan disbursements are done fast
through a wide branch network. Members
can also use M-Sacco- a mobile
phone app, to transact. The Sacco
has also partnered with Co-operative
Bank of Kenya so as to access their
ATM network.
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