1% Club unveils plans to build gated communities in Cameroon.

The development initiative was unveiled at the maiden edition of the 1% Club Annual Summit, which took place Saturday, August 31, in Akwa, Douala I Subdivision. 

The organisers said the vision is to be Africa's leading crowd funding real estate investment platform by implementing the community-based approach in raising capital with core values of loyalty, interdependence, transparency. 

The capital raised through the 1% Club community members serves as investment loans for persons who wish to venture in real estate investment. 

"The 1% Club Summit is an event that is going to an annual meeting. This is the first edition and we are looking forward to evaluate and restrategise. We need to launch our gated communities in five major towns in Cameroon. The club is a community that has raised real estate investors with a common vision," John Etta, the vision bearer, told reporters. 

Having noticed how difficult it is for the current generation to create lasting wealth, seeing families in distress because their houses got demolished either by an individual or the government as result of land double-selling while others were unable to follow the required legal procedures when it comes to acquiring a house or a piece of land, the members said, they are out to help youth become financially empowered. 

This, they said, especially at a time when the unemployment rate keeps increasing and together as a community, ‘they rise by lifting each other'

Paule Peace, a member of the 1% Club, said they have realised that many people in Cameroon want to venture into real estate, but they don't have the opportunity or means to do so. 

"Sometimes when they go about it alone, they are being trapped in fake deals. Through the platform, Cameroonians can take a chance in real estate investment," she said.

"When we go about it as a community, it's difficult to fall for fake deals. People who are members of the Club, have access to real estate investment loan or individual businesses loans,” she added.

Access to real estate investment, personal business loans 

As a member, a person will not only have access to real estate investment loan but also to personal business loans, financial education and more. 

The loan could be repaid flexibly without pressure if and only if the borrower is faithful, from 10,000 FCFA to 50,000 FCFA weekly depending on the choice of saving scheme. 

Aside the saving scheme, the Club, it was said, can borrow money from banks and lend to members who have a deal and can repay the loan over time.  

Members were encouraged to invest solely in shift real estate properties, such as lands and houses. When sold the profit is shared as dividends and the process continues. They were also encouraged to donate to charity through the Club's foundation.

A person who wishes to join or become a member of 1% Club should be employed or self-employed and register with the sum of 50,000 FCFA. Upon the purchase of a land, the beneficiary is issued a "SHIFT certificate”, a sort of real estate asset receipt issued by 1% Club. 

Through the SHIFT certificate, the person can start building real estate portfolio within 1% Club. The certificate is used to start automating your wealth creation. The document also serves as a real estate asset that can be transferred to a next of kin. It appreciates annually at minimum rate of 10%. 

It can be sold for profit, generate consistent returns and as a collateral security in case a personal business loan is needed. 

After the summit, the vision-bearer, John Etta, ascertained that they hope to complete paper work to secure lands in major towns in Cameroon, advance partnership with the government, financial institutions, insurance companies, to make sure their objectives are attained. 

This story was first published in The Guardian Post issue N0:3219 of Wednesday September 04, 2024