Telecommunications firm, Safaricom plans to put up houses for Kenyans living abroad to be paid for through M-Pesa, writes SHEILA KIMANI

Kenyans in the Diaspora can now invest in real estate back home, thanks to efforts aimed at making the process smoother.

As part of realising Vision 2030, property investment, which used to be a rigorously procedural process, is slowly transforming into a quick and convenient click-of-the-mouse process where interested clients can wire in money, express their interests and see their dreams transformed into realities.

Ready to help

This is, especially great news for those that have always wished to be part of the real estate development sector or even fund construction projects for their relatives while miles away from home.

How exactly? One may wonder.

Safaricom Ltd, the region’s leading telecommunications firm, says they are ready to help Kenyans in the Diaspora channel their money into real estate “safely” through the now popular M-Pesa service. The firm has also launched into real estate business to partly target the Diaspora market.

A ground breaking event by the Safaricom Investment Cooperative (Sic) family marked the inauguration of the Blue Bells Garden Housing project in Mlolongo, which is in fact, the pioneer housing project by Safaricom, the region’s leading mobile service provider.

Members

Safaricom delved into the industry through the ambitious Safaricom Investment Cooperative, a society conceived in 2009 with less than 200 members, and a capital base of Sh2 million under the leadership of Macreen Abuka.

Today, the cooperative boasts 1,400 members, Sh308 million capital base and a strong sense of teamwork that has kept the society together up until this point with the Blue Bells Housing Project to show for it.

Speaking at the ground breaking ceremony last week, Bob Collymore, the Chief Executive Officer at Safaricom Limited expressed pride at seeing how what once started as an idea had grown and become a reality. He said Safaricom would continue to pursue innovation “in the delivery of our services and products”.

Born out of the need by Safaricom staff to have a reliable channel through which they could pursue investments and acquire assets, the company was registered with the Ministry of Co-operatives and Marketing Development in 2009. Four years later, they have Blue Bells Housing project to show for it. Located in Mlolongo, the project acts as a revenue stream and investment to its buyers. This has been enforced by offering the best housing options, complete with the facilities and amenities their members would need, at pocket-friendly rates.

Two phases

Situated on five hectares, the project comprises 300 units in a mix of two and three-bedroom units and is expected to come up in two phases. The first phase will have 160 units while the second one will have 140 units.

Enclosed within a gated community, the estate shall provide spacious units with adequate spaces both within and outside, a recreation area where occupants will be able to relax, a playground for the children as well as a calm, conducive environment away from the city’s hustle and bustle.

Both phases are expected to cost more than Sh1 billion, with the project being financed by a combination of equity and external financing.

During the ground breaking ceremony, Dr Nelson Githinji, the Co-operative Bank’s secretary, emphasised the importance of investments.

Currently, the units are on offer at Sh5.6 million for two-bedroom units and at Sh6 million for the three-bedrooms all of which are master en-suites. So far, the project has received positive responses with 80 units already being sold off-plan.

Asked whether more should be expected of the Safaricom Investment co-operative, Macreen Abuka was quick to say: “Sic is also looking at other areas of investment across the country in the 47 counties.

“Additionally, they would be looking at value addition in the agricultural sectors later in the year.”