Who is Kewisco Housing Co-operative Society
Kewisco Housing Cooperative Society Is a Co-operative Society registered under the Ministry of Cooperative with an aim to help members to acquire
plots and build houses or buy houses for themselves. It was formed after realization that under the Kewisco Sacco’s bylaws, their activities are restricted to savings and credit and members funds are not to be tied in plots and other investments. At the moment the Housing Cooperative is
housed at Kewisco Sacco offices which are held at Nairobi West, West end place , First Floor.
When was it formed
When was it formed-The Housing cooperative was duly registered in February 2014 Reg. No CS/16148.The Idea to register it was born by the Kewisco Sacco management board and they were the initial directors/promoters. This was approved by the Kewisco Sacco Annual Delegates Meeting in 2013.
How it was formed
It was registered under the Co-operative Societies Act (CAP 490) and the due process was followed as it’s outlined in the and the ministry regulations.
What governs the co-operative?
The Co-operative is governed by its own registered bylaws and regulations of its regulator (as prescribed in the Societies Act) under The Co-operative Department in Ministry of Trade and Enterprise
How do I become a member?
A person become a member by fulfilling the following requirements
a. Be a member of Kewisco Sacco
b. Fill in a joining form
c. Pay a non-refundable joining fee of Kshs. 2,000d. Pay-up the share capital of Kshs. 25,000.00
The amount of shares and share capital and what is the deadline for contributing this amount
The share capital is Kshs. 25,000.00 which is the minimum share capital comprising of 25 shares each of Kshs. 1,000.00.One can have more share capital in batches of Kshs. 25,000.00 up to a maximum of Kshs. 250,000.00 The share capital can be built up progressively through payroll check-off or direct payments to the co-operative.
Are the projects of housing cooperative in the pipeline or already undertaken?
The management board assumed the office on 14th June 2014 when they were elected. At the moment they are concentrating inputting the structure in place that will guide their operation as well as exploring for potential residential land once the project is identified the board will inform all
members via a circular. A person becomes a member by fulfilling the following requirements
a. Be a member of Kewisco Sacco
b. Fill in a joining form
c. Pay a non-refundable joining fee of Kshs. 2,000d. Pay-up the share capital of Kshs. 25,000.00
Who are the housing co-operative bankers and how was they chosen
During the meeting held on 14th June 2014, the members approved the management board to open a bank account at Co-operative Bank.
What are the benefits of being members of the housing cooperative?
- Following benefits are set to accrue to the member.
Subsidized prices for all our products e.g. on land and houses.
Easy secure method of additional saving and borrowing of funds to develop and own houses.
Easier and affordable access compared with individual purchases.
Collective access to land acquisition transaction processes
Corporate bargaining power in buying land and borrowing funds
Limited liability in transactions.
Priority in product sales
Continuous succession – life of the co-operative as a corporate entity.
Annual dividend payment.
Creation of wealth
Will there be a monthly contributions and what is the minimum.
The housing cooperative does not have a monthly contribution mode at the moment. However, members are encouraged to save more under the Kewisco Sacco to be able to take up the projects as they come up.
How will the member acquire the plots or be a member/beneficiary of a certain project?
When the management board puts all structures in place and starting implementing the projects, they will be issuing circulars giving details of the project and allocations will be first-come-first-serve basis giving priority to members over non-members.
What is the status of the housing project under the Sacco?
The housing was an initiative of the Kewisco Sacco management board that was started in the year 2010 with a mission to get a house for the Sacco. After the Sacco was informed they cannot have a house for the Sacco owned by a section of the members, this project was put off and the idea to form the housing co-operative was hatched. Several members have contributed part or a total of Kshs. Twenty Five thousand which was the amount contributable then. This amount is still held by the Sacco and members are free to transfer it to the Housing Co-operative to form the share capital or give instruction to the Sacco indicating their wishes.
What happens to a paid-up member who leaves the housing cooperative?
A member can leave the housing cooperative at will by tendering a written notice to the housing Co-operative.
The share capital contributed since it’s not refundable He can transfer it to another live member at an agreed price between the two.
Can the membership be made public?
The Housing cooperative is a financial institution and information on the members cannot be made public without the consent of the members involved.
However, a member can enquire on this status individually.
Does the housing cooperative have delegates?
The Housing cooperative operates a membership model where it’s the members who are invited for a general meeting and make decisions.
What are the intended investment avenues?
The investments that the housing cooperative can engage in are enlisted in its bylaws which include but not limited to Investment in equity markets, real estate, money markets, buying and selling of land among others
Kewisco Housing has really helped us achieve our financial goals. The slick presentation along with fantastic readability ensures that our financial standing is stable.
