Safaricom Investment Cooperative: Transforming the Economic and Social Well-being of Investors
CW: Introduce Safaricom Investment Cooperative, what is your core business that sets you apart from other cooperatives?
Safaricom Investment Co-operative’s (SIC) was founded in February 2009. Our main objective is to offer investment solutions to both members and non-members in line with our slogan “Investment Partner of choice in East Africa”. Our core business includes sale of land, real estate, property management and private equity.
In the real estate spectrum, we purchase and subdivide land, conduct value addition and resale to our members, non-members, groups, diaspora community and other property investors. We aim to support the government’s “Big 4 agenda” through the development of affordable housing projects.
CW: What are the institution’s core pillars, mission, vision and values in its quest to financially secure the future of members?
We are driven by the need to transform the economic and social wellbeing of our investors. We pursue prudent, sustainable and responsible investment decisions for the benefit of our members who are mainly current and former staff of Safaricom Ltd and the public at large.
CW: Since establishment, what milestones has S.I.C achieved in its pursuit to empower and improve the lives and living standards of members and non-members in Kenya and beyond?
Over the years, SIC has embarked on different land and housing projects. So far, we have successfully completed three major housing projects; Rongai Villas in Ongata Rongai, Ruaka Ridge in Ruaka and Blue Bells apartments in Syokimau.
We are also in the process of launching an affordable housing project that will be based in Ruaka, Kiambu County. Our lands projects on the other hand have also really advanced.
We currently have over a hundred complete and ongoing projects in major cities and towns across the country including Kiambu, Kajiado, Machakos, Kisumu, Nanyuki, Eldoret, Kwale, Kilifi, Nakuru, Naivasha ( in Nakuru county), and Narok counties.
CW: What is the relevance of S.I.C products and services to socioeconomic development in the country?
Affordable housing is one of the Big Four Agendas launched by the government and targets to build over 500,000 housing units to meet the growing demand. With this, lies a lucrative opportunity for real estate companies to visualize this idea through the public private partnership models.
As a company, we have worked towards realizing this by giving our clients lucrative land and housing projects. There is also a continued demand especially for affordable housing for middle income earners and we are working towards tapping into this market.
CW: What institutions have you partnered with locally and internationally in your mission to serve the masses and to up service delivery to members worldwide and what role do they play?
One of our biggest joint ventures has been with Palm Ridge limited on a high-end project in Kiambu county called the Zaria Village. The Zaria Village is a gated family oriented community. The development features 331 ¼ acre fully serviced plots.
CW: What is your brand promise? How do you plan to ensure you efficiently effect the same?
As an investment and real estate leader in the region, we always assure our clients that with us, their investment is secure. We will continue to tailor make affordable investment products to our clients. We also intend to deliver superior customer satisfaction.
CW: Looking into the future, what does S.I.C have in store for the general public?
We are heavily driven by market research and from our findings, we intend to launch very competitive projects based on our client’s needs. We are looking into expansion in most counties in Kenya.
CW: What measures have you taken in the last 12 months to cushion members following the negative effects to our economy occasioned by the Corona virus pandemic?
The pandemic hit really hard especially for the investment spectrum. Most investors were skeptical and really held back due to the uncertainties that the pandemic brought. After the second year of the pandemic, I would confidently say that this perception has shifted.
Most investors are channeling their monies into land and property investments, mainly due to the availability of great and affordable products. As a company we keep assuring our investors that no matter the situation, safeguarding their investment will always be our top priority.
CW: Address the myth that S.I.C membership is only open for employees of Safaricom?
Our membership is open to everyone. We currently have a membership base of about 10,000 majority of them outside the organization. We encourage any person that would like to join our membership to reach out to us for further guidance.
CW: What is the one aspect that sets S.I.C apart from or above the rest?
We are the investment partner of choice in East Africa. With SIC, our clients investment is our top priority and we work tirelessly to safeguard and ensure worthy returns.
CW: Your parting shot or word of advice to the sector?
The economy is improving and there are opportunities in the sector. The Government implementing various Infrastructural Development especially in road construction is a huge opportunity for us to tap into.
The sector will also remain highly competitive and buyers will devise new ways to confront the upcoming challenges such as the elections for us to maximize on with new products.