A Meru based savings and credit cooperative has partnered with Jamii Bora Bank to offer inexpensive housing for its members. As per the deal, Jamii Bora will finance, design and develop the units for capital Sacco members while the organization will manage loan reypayments after completion of the project.
While signing the MOU, Jamii Bora Bank housing development programme manager Elizabeth Omolo said this was the first time the bank was engaging is such a project, with Capital sacco as the first institution.
“We bank many saccos and realized that most of them have acquired land and subdivided it for members. However members lack the capacity to develop the land,” said Ms Omolo.
She added that she was targeting 10,000 members of the sacco although a feasibility study will focus on the initial group of 2,000 beneficiaries.