Ruiru Boda Boda Association inspired many when they acquired a 5-acre plot of land in Ruiru, Kiambu County on Friday, April 7, 2023.
Three years ago, the 200 members founded a Sacco and decided to pool their resources and acquire land.
Each member faithfully set aside Ksh 50 six days a week towards the project which enabled their Savings and Credit Cooperative Society (SACCO) to achieve the milestone.
According to the Kenya Property Centre, an acre of land in Ruiru is worth about Ksh 8.5 million making 5 acres to cost Ksh42.5 million.
“We started by saving Ksh 50 a day excluding Sundays, coming to Ksh 300 per week. That money has enabled us to own our land,” noted the group’s chairman, Lawrence Kariuki.
In the ceremony that was graced by Ruiru Member of Parliament Simon Ng’ang’a King’ara, the group motivated other boda boda riders to follow their lead.
The MP noted that the government was keen on enabling Savings and Credit Cooperative Societies (SACCOSs) through the Hustler Fund.
On March 2, 2023, President William Ruto launched the second product of the Hustler Fund which targets registered SACCOs. It has loans with different maturities.
"There will be loan products of three months, six months and nine months - depending on the nature of your business," Ruto affirmed.
On the same day, the President launched the Women’s Fund which aims to improve women-led enterprises.
"We are going to ensure that we bring women onboard the technology sector. We are going to eliminate intermediaries, there will be no more intermediaries.
"All women who participate in the women's fund will get paperless and will receive the loans instantly,” Ruto stated.
