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The incredible story of Kenyan motorcycle taxi riders who built a Sh95 million estate from savings of Sh50
The project sits on a six-acre piece of land that cost Sh7 million.
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“I had never imagined owning a parcel of land, leave alone a house, before the age of 30," Mwangi, a boda boda (motorcycle taxi) rider told the Nation newspaper.
However, thanks to an initial savings of Ksh50, Mwangi and a group of other boda boda operators in Nanyuki town, Laikipia county will soon be proud owners of houses worth Sh95million.
The Chama (group) started in 2011 with an initial aim of helping members borrow money to buy spare parts or bail themselves out in case they were arrested by the traffic police.
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After a while, the chama's agenda broadened and the Nanyuki Boda Boda Sacco (Nabosa) was registered with the aim of helping members buy new motorcycles.
In 2015, the idea of the housing scheme was born and soon the riders will own houses in the gated community that sits on a six-acre piece of land that cost Sh7 million.
Starter units
The project has 50 starter units (bedsitters) and 10 one-bedroomed houses.
The 60 members who were registered for the first 60 units in the first phase will occupy the starter units and one-bedroomed houses.
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According to the chairman of the housing project, Patrick Waithaka, they intend to build 120 units for members who have raised the required Sh160,000 minimum deposit for the starter units and Sh212,000 for the one-bedroom houses.
The second phase will see the completion of one-bedroom houses worth Sh960,000 and will roll out immediately after the first group occupies the 60 units.
Mr Waithaka said the second phase of the project will be open to non-members.
Sacrifice
“We shall incorporate outsiders in the second phase since we still have enough space to build more houses."
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The operators have partnered with National Cooperative Housing Union to finance the project, where members will pay low-interest rates.
Mwangi Miano, a beneficiary of the project said he had to sacrifice and concentrate on saving so that he could own land and a house.
“There is nowhere I could buy land and build a house at that cost. I will move from my rented house that I pay Sh6,000 per month ad move to my own house,” said Miano, a proud owner of a bedsitter that costs less than Ksh800,000.
Mr Waithaka attributes the success of the project to the advice of the county government and the local co-operative office, which have been key in advising them on how to get financing.
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