NAIROBI-Komarock Housing Cooperative Society members in Kenya have been urged to avoid selling their land unnecessarily and instead establish investments on it to secure their future, according to Kenya’s Sacco Review.
Speaking to members during one of the society’s meeting held recently the society’s chairman, Bernard Maembe expressed concern over the increased land sales.
“Most of you inherited your land from your fathers hence you should focus on investing on the land to enable you create a future for yourself and your children,” was quoted as saying.
He said that some housing cooperative members in the country had recklessly sold their land and ended up poor while others are battling land cases in courts of law.
Bernard Mungata, the society’s lawyer, told the members that the dispute with Kenya Commercial Bank [KCB] over land was coming to an end and that they would soon begin to develop the 700-acre piece of land.
He hailed former senator Johnson Muthama for helping in the fight to get back their land.
Meanwhile, according to Sacco Review, all cooperatives in Kenya could in future become federations and subscribe to an apex body, group managing director of the Kenya Union of Savings and Credit Cooperatives [KUSCCO] George Ototo has hinted.
A restructured cooperative sector would ensure sustainability and viability as it would solely depend on the subscription of the cooperative members.
Ototo revealed this days ago while addressing over 350 delegates during the fifth annual KUSCCO conference in Mombasa converged to seek solutions to SACCO matters such as; sustainability, innovation, and inclusion.
“The economic participation of our business model is critical such that whenever we establish Cooperatives, they need to be sustainable,” he said.
He added that it was the responsibility of the cooperators to understand and identify with the Cooperative model, invariably charging that the breach and misunderstanding of the model had led to many cooperatives going astray into unplanned diversification.
SOURCE: Sacco Review
https://thecooperator.news/dont-base-your-success-on-dividends-kenyan-saccos-told/
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