Sheria Sacco Launches Saving Product To Fund Construction Of KSh 3.3 Billion Tower In Upper Hill

Sheria Sacco Chairman Justice Patrick Kiage PHOTO/COURTESY

Sheria Sacco is offering its members up-to 10 percent annual returns to lock savings over 10 years.

The move is a strategy to raise funds for the construction of a KSh 3.3 billion office complex in Upper Hill, Nairobi County.

As a result, the Sacco launched the Mavuno account for members who are willing to open lock savings accounts between five to 10 years.

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According to a report on Business Daily, the account offers a return of 8.5 percent per annum on investment redeemable in five years.

It also offers a return of 10 percent if redeemable in 10 years.

“Mavuno Account has been designed to assist members to finance the construction of Sheria Sacco Twin Tower. As the name suggests the account affords members an opportunity to earn a good return on their investment,” said Sheria Sacco chair, Justice Patrick Kiage.

The sacco bought a piece of land in Upper Hil in 2004 for KSh 20 million and it now wants to construct a twin tower complex.

The building will comprise business offices and residential apartments on the site.

“The building will comprise commercial residentials, shopping centres, and offices because we are sitting on a prime property of about one acre where our offices are located,” Kiage added.

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The Sacco’s Annual Delegates Meeting in 2020 approved the development of the Sheria Sacco Upper Hill plot into a mixed-use twin tower.

At end of 2020, the sacco had assets valued at KSh 6.7 billion and deposits of KSh 4.8 billion. It had advanced loans to members valued at KSh 5.74 billion.

Sheria Sacco is among the best paying this year in terms of dividends rewarding its members with  8.5 per cent interest on deposits.

This saw it pay KSh 363.5 million up from Sh332 million and a 16 per cent on their stake rising their payout to KSh 59.5 million up from KSh 54.7 million.

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