Good news for teachers as sacco seeks to invest in real estate

Members of Winas Sacco follow proceedings during its 38th AGM at Urban primary school in Embu town on February 13, 2016. BY JOSEPH MUCHIRI/STANDARD

A sacco in the county plans to register a sister investment society, through which members can invest in real estate.

Winas Sacco Chairman Robert Njue said the subsidiary firm would enable members, the bulk of whom are teachers, to invest in high-value property and ventures with lucrative returns. He said they were targeting to cash in on the proliferation of learning institutions in the county that has created demand for housing and social amenities.

Njue said the investment arm will expose members to viable investment options but with a keen eye on real estate.

"Through our investment arm, members will be able to invest for a financially secure future. We have a university at Kangaru and campuses near Embu town and we want to venture into building hostels," he said.

Speaking during the sacco's 38th AGM at Urban Primary School in Embu on Saturday, Mr Njue said in spite of challenges in the sector occasioned by the teachers' strike last year leading to delayed remittances, the sacco managed to achieve its annual performance targets.

He said the asset base grew by Sh460 million in 2015 and consequently, the Sacco gave a bonus rate of 12.2 per cent.

CIC Insurance Group Chief Executive Officer Tom Gitogo advised saccos to diversify in various businesses to weather the stiff competition.