Equity Bank SMEs dinner was held in Voi, Taita Taveta County. Diaspora University Town (DUT) Project Director Dan Kamau, Diaspora University lead founder Prof. Phillip Mutisya, Ronald Mwang’ombe of Ndara B Community, and DUT Building Materials, among others, attended. The host, Moses Nyabanda, the Managing Director of Equity Bank, Kenya, discussed the primary role of banks: “Money.” Her Excellency, the Deputy Governor of Taita Taveta County, Christine Kilalo, the Chief Guest, welcomed the bank and encouraged residents to get “Money” from the banks and advance the development of Taita Taveta.
DUT is currently welcoming Voi residents to participate in the project by taking personal loans and investing to create jobs as they become DUT townhouse developers. The Voi residents, upon joining the DUT 20,000 job creation plan, will be creating jobs for their loved ones who are becoming adults and finishing school. Approximately 1 million Kenyans are entering the workforce every year. Approximately 1,000 are located in the Voi area, and around 5,000 reside in Taita Taveta County.
The DUT team, when presenting to Equity Bank the opportunity to issue 2,000 personal loans, also inquired whether Equity Bank would join the Kenya Mortgage Refinance Company (KMRC) to become a Primary mortgage lender. DUT is looking to have those who become townhouse developers of the 3,500 townhouses financed by the KMRC.
The DUT team also inquired from the bankers about the $6 billion (approximately Ksh 700 billion) that the IFC (World Bank) and Equity Bank offered in 2022 to create 50 million jobs. DUT would like to tap into some of this money, as the project is expected to create 20,000 jobs and 330 MSMEs (Micro, Small, and Medium Enterprises) are available.
Dan, who attended an Equity dinner in Boston, U.S., before relocating, also inquired about the Ksh 20 billion project finance product that the CEO, Dr. James Mwangi, had offered to Diaspora Kenyans.
One key takeaway from the Equity Bank dinner and engagement with attendees is that the three resources required to implement the Diaspora University Town (DUT) project—land, human resources, and money—are available.
Land
Diaspora University Town (DUT) will make about 5,500 acres of the Ndara B Community land productive through two ongoing plans: the DUT 1,500 acres plan and the Ndara B Community 4,000 acres plan. The natural building materials that will be applied in road and building construction are already available on the land.
Human Resource
The DUT plan and the Ndara B Plan will make the human resources of 20,000 persons productive. Approximately 100 million hours of human resources will be applied to the developing and sustaining DUT by the end of December 2030.
Money
Kenya's Banking sector has grown to approximately Ksh 6 trillion in money assets, primarily in the form of deposits. These assets will continue to grow as funds are allocated to make the land and human resources productive. Through the land and human resource development plans, DUT and Ndara B will add approximately Ksh 50 billion in deposits, contributing to the growth of the banking sector.
