By Betty Luke
What started as a small group of 20 members years ago has grown into an over 1000-member admirable organisation playing crucial role in alleviating poverty among communities living in Isiolo and contributing to economic growth in the region and neighboring Meru County.
Registered as a Community Based Organization (CBO) four years ago, Mfinyanzi CBO was formed with an aim to economically empower residents and advocating for political inclusivity of locals from the minority tribes. (Mfinyanzi is Swahili name for pottery).
The members would later start a Savings plan and incorporate an investment wing to cater for the economic welfare of the members giving birth to Mfinyanzi Investment Limited involved in land sale business.
According to the group officials, investing in real estate was the most viable idea due to upcoming mega county and national government projects in the fast growing Isiolo county which have precipitated a rise in land prices.
Mfinyanzi CBO Chairperson Mr Peter Ngechu who doubles as the County Finance Chief Officer said the diversification had enabled the group grow its savings and economically empower its members.
“We started the investment wing to tap and take advantage of the ongoing mega projects such as the Isiolo abattoir, International Airport, modern market and stadium that will upon completion, attract thousands of investors in the county,” said Mr Ngechu.
While starting off, every member of the investment wing contributed Sh50, 000 towards the course that entails buying huge land in neighbouring Meru and then subdividing it before selling in eighth-an-acre parcels.
Mr Ngechu says the long term plan for the investment is to ensure all the members have land by next year when the project will come to an end.
The group sells prime plots at cheaper prices and allows buyers start developing after paying half the amount with total amount expected to have been paid in six months time.
Their offer has been cited as the best by many residents as it allows one acquire land within a short period while making regular payments based on their economic ability.
The investment team first bought a two-acre piece at Rangelands, about seven kilometres from Isiolo town along the Meru-Isiolo highway.
The land was then partitioned into eighth-acre pieces that were sold for between Sh400, 000 and Sh600, 000 and ploughed back the profit to the group.
The money was later used to buy more than 10 acres of land at Maili Saba, Mugae, Maili Tatu and Maili Nane in Meru. Only 12 eighth-acre plots at Mugae, three at Maili Nane and four at Maili Tano near where the Meru Industrial Park will be established are remaining.
Mr Silas Murithi Kimotho who recently bought 50 by 100 land from the group at Sh400, 000 said he was happy that the struggle to raise rent and cases of his house being locked over arrears especially during the Covid-19 era had ended.
“I used to struggle to pay rent especially when my business started deteriorating due to Coronavirus pandemic,” Mr Kimotho who bought land at Muage said during a recent interview with the press point at his new home.
After paying half of the amount, he was allowed to start developing the land and built two temporary houses before clearing the balance.
Mr Kimotho intends to construct rental houses to maximize his income and be able to fend for himself and the family and save.
“I have been aspiring to become a landlord and the journey has already started and very soon, the dream will come true,” he said.
Mfinyanzi Investment Chair Mr Moses Waithaka said a number of their customers are low income earners who are not in a position to buy land at once.
“In effort to uplift their living standards and ensure they do not strain, we allow them to pay in installments,” said Mr Waithaka.
The customer is furnished with a title deed upon completion of total payment.
“All our plots are near water and power source and have title deeds which we give out after one has completed paying. We however encourage our clients to pay within six months,” he told the press point.
The CBO’s Vice Chair Mr Dan Dickson Karanja says lack of title deeds in Isiolo limits the group’s scope to Meru only.
“It is unfortunate that we continue to invest in Meru because our leaders do not want to agree on and expedite land registration to pave way for titling process,” Mr Karanja said.
The official appealed to local leaders to fast-track the land registration process to ensure investors do not continue taking resources to neighboring counties for fear of losing their land to grabbers.
Every member of the group will have their own plot by 2022 before beginning the second investment phase according to Mr Ngechu.
Some of the money saved over the years will be used to purchase the land that will be divided amongst the members.
“We want to ensure that every member owns land by next year, “said Mr Ngechu.
He asked Isiolo residents to seize the opportunity to own land saying majority of their clients were from Meru and other neighbouring counties.
“We encourage locals to take advantage of the opportunity while it is available,” said Mr Ngechu while reiterating the county government’s commitment to ensuring residents have title deeds in near future to end land grabbing and allow the development of the properties.
