Centum Real Estate, a Kenyan real estate development company, has signed a memorandum of understanding (MOU) with Safaricom Sacco, a leading savings and credit cooperative society in Kenya, to provide affordable housing solutions for its members.
The partnership will see Safaricom Sacco members benefit from flexible payment plans and attractive discounts on Centum Real Estate’s residential projects across the country.
This includes The Alma, a flagship project located in Ruaka, Kiambu County, which offers 477 apartments built to high standards of quality and design.
According to the Managing Director of Centum Real Estate, Samuel Kariuki, the MOU is a testament to the company’s commitment to providing affordable and accessible homes to Kenyans.
“We are excited about this partnership with Safaricom Sacco, which will enable us to serve even more clients with our state-of-the-art residential developments,” he said in a statement.
The CEO of Safaricom Sacco, George Ototo, echoed this sentiment, stating that the partnership was a step towards achieving its mission of empowering members through the provision of innovative financial solutions.
“Our members are at the heart of everything we do, and this partnership with Centum Real Estate will enable them to access quality and affordable housing options,” he added.
The demand for affordable housing in Kenya continues to grow, driven by a rising middle class and rapid urbanization. According to a report by the World Bank, over 60% of urban residents in Kenya live in informal settlements, while the formal housing market remains largely unaffordable for many.
Partnerships like the one between Centum Real Estate and Safaricom Sacco play a crucial role in bridging this gap by offering affordable and accessible housing solutions.
They also demonstrate the potential for collaboration between private sector players and cooperatives in addressing social challenges.
As the partnership moves forward, both parties are optimistic about the positive impact it will have on the lives of Safaricom Sacco members and the wider community.
With its focus on quality, design, and affordability, Centum Real Estate is well-positioned to meet the growing demand for housing in Kenya, while Safaricom Sacco’s innovative financial solutions are helping to democratize access to capital across the country.
