Kenyans are invited to join Diaspora University Town (DUT) and create a job for their loved one using the DUT Jobs Creation, Houses Development, and GDP growth system. One of the challenges in Kenya is providing jobs for children as they become adults and complete school and college. The DUT system is created to tackle this challenge. Kenyans who want to give a job to their loved one are invited to use this step-by-step process.
Step 1. Join DUT by becoming a Townhouse Developer
The first step in creating a job is joining DUT as a Townhouse Developer. One joins through a Townhouse Investment and Development Agreement (THIDA), which can be found on the DUT website: https://dut.or.ke/join-thd.
With the signing of the THIDA, the job creator is required to invest Ksh 750,000 in capital toward the townhouse development. This capital can be obtained through a personal loan from a bank or SACCO. For example, one can get the Ksh 750,000 from the following KCB Bank product, the Personal Unsecured Check Off. “Get a check-off loan as a government employee or a company with an agreement with KCB Bank. The check-off loan of Kes 20,000 up to Kes 10 Million is repayable in up to 120 months (10 years), with monthly repayments remitted by your employer.” https://ke.kcbgroup.com/for-you/get-a-loan/unsecured-loan/check-off
Step 2. Have an Account in the Financial Institution to issue the KMRC mortgage loans.
The second step is to have an account in a bank or SACCO that is part of the Kenya Mortgage Refinance Company (KMRC), the primary mortgage lender. Once the house is completed, it will be financed by the KMRC mortgage finance product issued through 9 Banks and 11 Saccos.
An example is the KCB Mortgage (KMRC) Product, which offers 105% finance up to Ksh 10.5 million, 9% Interest, and a 25-year term.
Step 3. Give a person a Job by sending their Resume or CV to DUT
Once you have become a Townhouse Developer and are on the list of the 3,500 townhouse developers, the next step is to send the resume of the person you will give a job to.
Of the 15,000 jobs created at Diaspora University Town, 3,500 are considered to have been created by the townhouse developers of 3,500 townhouses. The 15,000 jobs include 1,000 University faculty and staff jobs, 1,500 Hospital jobs, 500 Town jobs, and 12,000 micro, small, and medium enterprises (MSMEs) jobs. Diaspora University Trust is spearheading the start-up of 15 MSMEs that will create the bulk of the MSME jobs.
Currently, 2,200 of the 15,000 jobs are available through the 2,200 townhouse units not allocated.
Step 4. House Construction
Step 4 is the townhouse construction. DUT is organizing the construction of the 3,500 townhouses as established in THIDA. The total construction cost of the 3,500 townhouses with the supporting infrastructure is budgeted at Ksh 22.75 billion. The house development cost (HDC) for each house is Ksh 6.5 million.
As the houses are completed and mortgages are issued, the money will come from the KMRC finance product.
Step 5. House Mortgage and Title
A bank or SACCO affiliated with KMRC will issue the mortgage based on the House Development Cost (HDC) of Ksh 6.5 million. When financed at 9% Interest and a 25-year term loan, the mortgage payment is KSh 54,548. If one took a personal loan in step one of Ksh 750,000 and wants to pay off the loan balance, the principal balance can be added to the mortgage per the finance product offered of 105% finance and up to Ksh 10.5 million. The title shall be issued to the owner of the completed property.
Step 6. Completed Townhouse Usage and monthly mortgage Payment
The house will be used by those taking the 15,000 jobs and students joining Diaspora University to fulfill the Kenya Constitution's rights to housing, clean water, a clean environment, and children's rights.
The user or usage of the house will pay the mortgage. Per the THIDA, the Trust will lease all townhouses not occupied by owners. The current budgeted lease price is Ksh 65,000. This means the Ksh 65,000 will be applied to pay the mortgage.
Step 7. House Appreciation, 25-Year Mortgage Repayment, and Sale of House
The house will progressively appreciate as the town's economy grows, driven by the university, the hospital, the medicine vaccine company, the design-build company, and other MSMEs. The projected appreciation is that the house will surpass the value of Ksh 15 million in 10 years. The mortgage payments made in 10 years will be 120 installments. The principal balance from the Ksh 6.5 million mortgage loan will be Ksh 5.37 million. The equity gain would be 15 million less 5.37 million, or about Ksh 9.63 million.
The Diaspora Kenyans who went abroad got jobs and good housing. The DUT job creation and housing development system will achieve the same in Kenya for those maturing and becoming adults. A parent with a child who has completed school or is in university today can create a job for their child by joining the DUT 15,000 jobs creation project.
The best graduation present you can give your child is a ready job after college. This can be topped up with the house they will live in as they start their adult life and family.
Kenyans must grow their banking assets to conquer the lack of jobs for those becoming adults in Kenya. The U.S. banking sector has 25 banks with $21 trillion in assets. According to the Central Bank of Kenya (CBK) report 2024, all Kenyan banking assets were at Ksh 7.6 trillion (about $70 billion) in 2024.
The ratio of the 25 top U.S. banks' assets to the U.S. population is $21 trillion to 340 million, about $62,000 per person. Kenya's bank assets to population ratio is $70 billion to 50 million, about $1,400 per person. Banking assets must grow for Kenyans to achieve their social, economic, environmental, and children's rights.
Through the DUT 3,500 townhouses development plan, the Kenya banking sector will grow by over Ksh 25 billion, as 20,000 new jobs are created. The 3,500 townhouses will meet the rights of a clean environment, health, housing, clean water, and children's rights.
(The writer, Dan Kamau, the DUT Project Director, can be reached at dan@dut.or.ke)
