Boda-boda Riders Now Own Two-Bedroom Houses from Sh100 Investment
Meet a Boda Boda group that understands that long-term goals can be an excellent motivator for self-improvement and they give us a momentum to achieve the set objectives.
The group residing in Nakuru had a vision of improving their livelihood by starting an investment plan.
From only 10 members operating through Barut estate in Nakuru West, they were so much determined to achieve their goals and hence decided to start a “Boda Boda Chama” and named it Kianjahi in 2015.
Their initial agreement was a weekly deposit of Sh100, later increased to Sh200, Sh500 and finally settled at Sh1,000. The group, however, recognises the fact that the initial stages were not easy, but they remained focused.
“It was not easy to convince members to stay. Challenges were there and even keeping those ten and attracting others was so hard,” narrates Mr Peter Kariuki, the group vice chair.
Within a period, Kianjahi Housing Cooperative Society Limited was started, and this was after they came up with a platform that saw hundreds of other members join the group with a Sh15,100 as registration fee.
“Our strategies were clear. We agreed to make savings that would accumulate into enough cash to buy a piece of land that would later enable us to build each member a two-bedroom house before we decide on the next investment,” says Mr Kariuki.
To instill discipline, Kianjahi Society members are subjected to a Sh500 fine for skipping meetings.
“We heavily fine those who fail to attend a weekly meeting for no good reasons. This has helped us maintain high discipline which is essential for our growth,” says Samuel Odhiambo who is a member.
“By the end of 2016, the group had nearly 130 members. Our savings were growing fast, and we had to come up with strategies going forward,” says Mr Odhiambo adding that some members had pulled out along the way.
The group went through several challenges which made 40 members exit more after their planning to purchase their first piece of land at Ngata area failed and risked Sh600,00 to land brokers.
In 2017, they were able to attract more investors who helped them acquire their first phase of the gated community project. They decided to build 25 units, at the cost of Sh8 million all from their savings.
The group managed to accumulate Sh2 million with the help of Rafiki Micro Finance Bank and used the money to acquire a 1.6-acre piece of land at the tune of Sh2.1 million and is now making plans to start a similar housing project.
They however updated their initial registration terms to Sh15, 100, a minimum of Sh60,000 as share capital, and set Sh1,000 as weekly fixed instalments.
“Every individual contributes a minimum of Sh1000 for savings every Friday. Those already occupying the houses in phase one, make an additional payment of another Sh1,000,” explains Mr Kariuki.
Due to the much progress made, Kianjahi seized from being for the boda-boda riders as people with different professions joined along.
The group borrowed Sh15 million loan in a bid to add a piece of land and build two-bedroom houses for all the 177 members before of this year.
They say they are a testimony to the fact that “strength and determination” is the only way to conquer all odds.
The group has shown significant commitment, and hence is an excellent example to other groups around the country to follow suit.
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