In a report published by Africa Global News in 2018, the group, identified as the Murang’a County Women Sacco, pooled together to raise the cash with a view to building hostels to accommodate the soaring number of students in the region.
The group set a target of Ksh300 a month per member, or Ksh10 a day, and after a couple of years amassed a fortune of about Ksh100 million that is manifested by the block of apartments.
The 101-room apartments near the Murang’a University of Technology (MUT), were estimated to generate about Ksh1 million a month once occupancy began.
“We learned that the Murang’a University College’s intake would see the number double from the current 2500. After we realised the magnitude of the housing problem in the county, we decided to invest in student hostels,” the chairperson Rose Wathigo told Africa Global News in 2018.
The revolutionary group was also covered by The Standard in January 2019, where the women revealed that they started off at the village level before it grew into the behemoth it is as of today.
The group that has been around for close to eight years now, managed to pool resources and build the student housing unit that provides accomodation to more than 100 an average monthly rent of Ksh10,000.
Reports from Africa Growth News indicate that the group membership has risen to 25,000 and that the group has acquired more land for other projects.
Apart from the building, the Sacco owns a bus that generates thousands of shillings monthly from leasing to members and Murang’a residents for transport.
The group chair told the publication that while not all the women were benefitting directly from the building, they were planning on launching a system where they would all enjoy the profits.
