Urithi Buys 1000-Acre Agri-business Land In Malindi, Extends Loans Amounting Sh. 150m.

Urithi Housing Cooperative Society Limited Chairman Samuel Maina goes through his speech during the society special general meeting held at Taji Gardens in Thika. He is flanked by the Society's Treasurer Daniel Kamau.

Urithi Housing Cooperative Society Limited has acquired 1,000 acres of land in the Kenyan Coast region which is suitable for settlement and agri-business, the society Chairman Samuel Maina has said.

While addressing members during a Special General Meeting (SGM) at Taji Gardens in Thika, Maina said those who will buy the land will earn up to Ksh. 100,000 per season from green grams (dengu) per acre of land that the society intended to plant.

Dubbed ‘Qweto Gardens Miliki Malindi reloaded’, the project is perfect for agri-business and settlement. The land is 15 Km from Lamu-Malindi Road (divert from Marereni on your to Chanjalo), just 20 km from Malindi Town. 

“Those who will invest in this new venture will simply smile all the way to the bank, leaving the society to do the donkey work of planting, harvesting and selling their green grams," said Maina. 

Urithi previously acquired Mavuen Plains along the Kilifi-Mariakani bypass near Nyali Complex School, an ideal parcel for immediate settlement.

These plots have been serviced (Water and electricity available) with 1/8 acre selling at Ksh. 235,000.

The chairman also pointed out that they had also invested another 50 acres in Vipingo near the beach.

Addressing the same forum, Urithi Premier Sacco Chairman Pius Thuku announced that they had lent to their members loans amounting to Ksh. 150 million this Fiscal Year. He added that members deposited Ksh. 151 million during the same period, acquiring shares to the tune of Ksh. 18 million. 

Thuku added that the Sacco has procured 23 motor vehicles for its members even though it was just one year old.

“We have a membership of 5,200 and have employed 20 staffs within this very short duration. My only appeal is to those of you who have not fully complied with all their obligations to do so in order to enjoy Sacco facilities. 

Thika West Sub-County Coop Officer Catherine Mbuki commended Urithi Sacco for starting Credit Reference Bureau (CRB), saying this will help nab unscrupulous members fleeing with unsettled loans payments.

She asked other Saccos to emulate this move so as to disable all loan defaulters from hurting financial institutions.

During the SGM, the members approved Urithi Premier Sacco 2017 budget proposal.  On the other hand, Urithi Housing Cooperative Society Limited shareholders gave their executive committee the go-ahead to buy a 300-acre prime land in Ruiru in which an 1/8 acre will go for between Ksh. 1 million and 1.5 million.

“This is a hot land and one should start planning to buy it,” he said.