Over the years, Kenyan students have relied largely on loans from the government’s Higher Education Loans Board (HELB) to pay fees and buy necessities during their time at university.
The financing gave Moses Muriithi Kihunii, a Kenyatta University engineering student at the time, the opportunity to start a firm and tap into new markets.
A decision that not only increased his income but also allowed him to start a real estate company and provide jobs for other young Kenyans.
In 2013, the CEO of Fanaka Real Estate in Ruai earned a bachelor’s degree in mechanical engineering. Muriithi, on the other hand, realized that the employment market would be saturated with thousands of graduates prior to graduation and resorted to using a resume writing service.
The entrepreneur used his HELB loan to buy an online writing account for approximately Ksh40,000, allowing him to juggle his studies with his newfound business.
“I knew from the start I would want to be self-employed, that’s why I focused on raising my startup capital while at the campus. I saved some funds from my HELB loans and acquired an online account.
“I made strides and recurred some of the money but suffered a major loss when the account was deactivated over some technical issues. This did not deter me as I was determined to make it. I saved again and bought another writing account,” he told Kenyans.
The second account was a success, and Muriithi used the gains to invest in real estate, purchasing plots and then selling them for a profit.
“I worked with online accounts for a period of three years between 2012- 2015. I set goals and listed what I wanted to do with the funds. I decided to purchase two or three parcels of land each year,” he added.
Following graduation, the entrepreneur purchased numerous acres in desirable Nairobi neighborhoods. In 2015, he decided to start his own company, Fanaka Real Estate.
“Our company has successfully aided clients to purchase prime plots as we are customer-oriented. We also ensure that all legal aspects are adhered to.
“Many clients at times are afraid of investing as they are wary of the syndicates and schemes orchestrated by fraudsters. I strived to create a reputation for my firm which has risen over the years due to referrals and also the output of our work. We, as Fanaka, always encourage clients to conduct searches at the land offices before committing themselves.
“The integrity aspect has boosted our name as we ensure that all our parcels are legal, have ready titles and are in areas suitable for immediate development,” he added.
The CEO also sought to work directly with landowners rather than through brokers who raise land costs.
“My advice to young entrepreneurs is to keep working hard, be dedicated, remain focused on their goals and with time they will bear the fruit,” Muriithi advised.
