Muranga-women
Murang’a women’s group risks losing multimillion investment over debt default
Murang’a Women Cooperative Sacco, which was established in 2014 with 35,000 members, is now facing bankruptcy and public auction.
Auctioneers are already eyeing the sacco’s landmark rental building, which is in a prime location near the Murang’a University of Technology (MUT) and was built as a 102-room student hostel.
The group was founded by former governor Mwangi wa Iria to pool resources to offer credit services to members and start income-generating activities.
The women were asked to contribute as little as Sh10 per day, amounting to Sh300 per month.
With the goodwill of the county government, the group won tenders through the Access to Government Procurement Opportunities (AGPO), which requires 30 per cent of all tenders to be awarded to youth and women.
By 2016, the women had raised Sh10 million and the idea of constructing a multi-million dollar building near Murang’a University of Technology was born. At the time, the university, which was previously a technical college, had just been granted a charter and the building would provide hostels.
But the building, which was to have five floors and 105 rooms, stalled on the third floor after funds ran out and they turned to Amica sacco for a Sh61 million loan that helped complete the project by 2019.
In 2020, however, the Covid-19 pandemic struck and a lockdown was imposed, crippling the economy.
Students went home as schools closed, marking the demise of the project as the women struggled to service the loan.
By then the loan had risen to Sh104 million due to interest and penalties, although the group had paid Sh27 million.
However, the two parties agreed to settle the matter out of court and Amica sacco waived Sh20 million in loan interest.
The building generates Sh300,000 a month in rent, far less than the monthly loan repayments of Sh860,000.
Sacco secretary Margaret Gicheha said the group’s salvation now lies with the government, as it will take members a long time to pay off the loan and start enjoying dividends.
The loan, she explained, continues to attract penalties as they are unable to pay the required monthly amount.
She appealed to the county government to offer them tenders to help them raise money and urged the Cabinet Secretary for Co-operatives, Simon Chelugui, to consider waiving the loan as has been done for agricultural co-operatives.
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