This archive report was first published on 18 November 2019.
On November 18, 2019, Harambee Sacco announced that it would receive Sh3 billion from the Kenya Mortgage Refinancing Company (KMRC) for onward lending to members to build new homes.
According to Macloud Malonza, the Sacco's board chairman, the funds will be disbursed as early as February next year, with interest rates less than 10 per cent.
Malonza stated, “The regulations are out and in February, members will start getting the money. The interest rates will be less than 10 per cent.”
The Sacco, which gives out up to Sh16 billion in loans a year, aims to assist members put up about 3,500 housing units with the additional funds.
This move is expected to provide a major boost to the State’s affordable housing project that targets to put up half a million houses by 2022.
Harambee Sacco has over 80,000 members in 174 branches across the country, primarily drawn from the Kenya Defence Forces, the National Police Service, and other government institutions.
George Ochiri, the Sacco’s chief executive officer, emphasized that the Sh3 billion will be strictly disbursed to fund construction of housing units for domestic purposes.
