A SACCO has finally been formed for engineers. It is registered as Mhandisi Savings and Credit and Co-Operative society Limited. Its main purpose is to give Engineers an opportunity to save and get loans at very low interest rates at between 1 to 1.5 percent based on one’s own contributions. Other benefits that come with joining Sacco include;

 

·         Competent management committee members with extensive experience in cooperative management.

·         Strong secretariat with qualified staff

·         Sacco for all engineers irrespective of where you work or wherever you are

·         Cheap sources of funding between 1 to 1.5 percent per month on reducing balance

·         2 times your savings loan entitlement

·         Competitive returns on members savings

·         Refinancing of projects

·         Strong links with IEK and other engineering and co-operative related institutions

·         Easy contributions/ loan repayments through Safaricom and Airtel Paybill which will be up shortly

·         Strong cash flow management with adequate credit facilities for member borrowing

The registration of this Sacco is open to all engineers from university colleges, corporate members and all engineers working e.g. Engineering consultant firms and contractors, manufacturers and all government institutions

Membership

5000

Shares 250@20 each

5000

Monthly contributions

5000

 

Purchase of shares is not restricted. One can purchase as many shares as many shares as they can afford. Monthly contributions can be as much as you can afford.

Account name

MHANDISI SACCO LTD

Account Number

01120162913000

Bank Name

Cooperative Bank

Bank Branch

Upper Hill

 

More information is available from Miriam on mobile Number 0719675777 and email address mhandisisacco@gmail.com

The chairman of the Sacco is Eng. M. Matu

Being as it is that Kenya is continually investing in infrastructure and industry Engineers must keep up with the speed of the country not only in Engineering but also in investing. The projects are capital intensive and are impossible to undertake at the individual level. Pooling resources together provides a greater chance of success and considering the direct involvement of engineers in undertaking these projects they are best positioned to invest in them.

Major growth possibilities in the Kenya currently are available in the building industry; these include malls, commercial centers and residential units. Saccos like the ones for bankers and medical practitioners are already taking advantages of such opportunities setting up office units.

When used properly the Saccos will provide muscle both financial and technical for engineers to take on Mega projects like building of berths and airport terminals. It could provide avenues for financing huge contracts which are currently beyond the purview of Kenya engineers like the construction of the standard gauge railways. Time and again one has to contend with foreign companies doing all the infrastructure works in the country. This is at times blamed in want of talent amongst the local engineers but on scrutiny one realizes the cancer resides in lack of capital and unity.

Having a unionized force will greatly improve the chances of engineers to take advantage of the opportunities gearing towards vision 2030. There are numerous chances in the energy, housing, transport, agriculture and information technology sectors to be taken advantage of.

The formation of mhandisi Sacco shows initiative but it need be more aggressive so as to get the proper benefits in the timely fashion. Abandoning all our major projects to foreigners puts the country in an awkward position and puts us under the York of heavy loans for lengthy periods. It also denies the engineers within, opportunities since these foreign firms come complete with their manpower and equipment.

 

It is a sure hope that from these baby steps and shouldering ember a raging fire for investment emerges for engineers.

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