Taita Taveta residents visited Diaspora University Town (DUT) with a goal of joining DUT to become founders of a university and a level 5/6 hospital and to bring in Ksh 25 billion to their County. The money will come from Kenya Mortgage Refinance Company (KMRC) financeas teachers, nurses, doctors, police, professionals and business persons join DUT as developers of the planned 3,500 townhouses. DUT will create 15,000 new jobs through the DUT plan and another 5,000 jobs through the Ndara B Community plan.
The prospective townhouse developers were informed that KMRC was started in 2019 by the Government of Kenya, 8 Kenya Banks, 12 Kenya SACCOs, the World Bank, and Shelter Afriqueto provide mortgage financee for housing through banks. KMRC by the close of 2025 had advanced Ksh 19.58 billion to finance 5,168 mortgagesand held Ksh 17.6 billion in cash. The assets had grown from Ksh 9.8 billion in 2021 to Ksh 43 billion in 2025.
Explaining how Taita Taveta residents can bring in Ksh 25 billion, Dan Kamau the DUT project director said that KMRC is similar to Fannie Mae, a government-sponsored enterprise (GSE) in the USA. He informed the visitors that Fannie Mae was started in 1938 to issue mortgages to financial institutions and is the largest company in assets in the U.Swith $4.1 trillion in 2025. He added that in 2025, the company financed 1.5 million families a total of $409 billion to buy or refinance their homes in the USA.
Using the example of Fannie Mae, Dan invited those present to join DUT and grow the assets of KMRC as they own houses. He said the success of Fannie Mae is based on the U.S. jobs creation and housing development approach. He said that Kenyans who migrated to the U.S. in 2025 could be part of those issued mortgages after getting jobs in the U.S. He said the DUT job creation and housing development plans will not just bring Ksh 25 billion to Taita Taveta but will also achieve housing for over 5,000 families.
Frank Matura narrated how he at 60 years migrated to the U.S, got a job in the road construction sector where he worked for 25 years. He said the job enabled him to buy a house through a mortgage.
Mutura said that when the idea of developing a university town came up he was called upon to organize a meeting. He organized the first meeting that about 80 persons living in Raleigh, NC attended. His stated that the Diaspora Kenyans have done their part to bring the DUT project to Kenya and to Taita Taveta. He said it is now time for the Taita Taveta residents to join DUT and advance their county, their children's education, and be part of building a hospital to meet their healthcare needs.
Ronald Mwangombe of Ndara B Community talked about how the community received a university town development plan that was approved by the County Assembly in accordance with the Constitution of Kenya.
He said the community members saw an opportunity to get jobs and to sell building materials to the project. He said that the community has established plans to open 30 MSMEs for building materials and farming as they make 4,000 acres of land productive. The MSMEs will create about 5,000 jobs.
Eng. Jack Njaramba of Nexage said that engineers and all construction professionals are ready to construct the townhouses, university buildings, the roads and other structures.
Two financial products, the personal loan and the KMRC mortgage loan, were presented as available from the Kenya banks. Representatives of HFCB and ABSA bank present talked about the financial products. Lucy of Ndara B Community who had brough KCB Bank said the bank offered financial products. Government employees and all who want to join the project were informed that they can be issued personal loans either secured orunsecured and should get in touch with the banks.
Gideon, a former government employee who was a Chief of Wundanyi narrated how he got a loan in 1983 to build a house that he is currently renting out. He asked the Taita Taveta residents to take up the loans and join the project. He said he will become a townhouse developer and a founder of the university and town.
Mrs. Kitatu, the founder of St Jude School in Voi, who has already joined DUT said the Taita community will not only be building a town and university but also achieving a hospital. She called on the women to join and become founders of the town, university, hospital, good houses and also open businesses. St Jude School, which she founded in 2002 will establish a basic education school at DUT.
Young teachers from various primary, junior high and high schools who were present embraced the opportunity to invest at an early age. They promised to get in touch with the financial institutions to seek loans. Doctors who were also present were invited to join and be part of the development of the DUT hospital system.
STEP BY STEP PROCESS OF DEVELOPING A DUT TOWNHOUSE
STEP 1. KSH 750,000
Visit a bank and borrow Ksh 750,000 through the bank's Personal Unsecured Loan products. Some of the Bank products that will make the loan repayment below Ksh 15,000 a month are:
KCB Bank Personal Unsecured Check-Off Loan
https://ke.kcbgroup.com/for-you/get-a-loan/unsecured-loan/check-off
Get a check-off loan as a government employee, or a company that has 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.
Coop Bank Personal Unsecured Check-off Loan
https://www.co-opbank.co.ke/borrow/personal-loan/
Minimum loan amount of Ksh 50,000. Maximum loan amount: KES 10,000,000. Maximum term of up to 132 months (11 years)
DTB Bank Personal Unsecured Loan
https://dtbk.dtbafrica.com/account/unsecured-loan
Check off Non-Check loan, unsecured loan. Minimum Kes 50,000 up to Kes 6 Million. Tenor 96 months (8 years).
ABSA Bank Personal Unsecured Loan
https://www.absabank.co.ke/personal/get-a-personal-loan/#personalloancalculator
Borrow up to KES6,000,000 with no collateral required as security. Flexible repayment options up to 96 months
HTCB Bank Personal Loan
Maximum repayment period of 84 months. Maximum loan amount of Kes 7 million
https://hfcb.co.ke/borrow/for-individuals/personal-loan
Monthly Payments of Loans based on 15% Interest
ILLUSTRATION
Note that the bank's interest rate and loan period will determine the actual amount.
STEP 2. DUT-THIDA
Sign a DUT Townhouse Investment and Development Agreement (THIDA) and put the Ksh 750,000 in the Diaspora University Trust account.
At this point, a DUT townhouse developer file will be open and will start developing one townhouse.
STEP 3. PAY INSTALLMENTS AS THE DUT DEVELOPS THE TOWNHOUSE
Pay the monthly installments to your bank.
DUT, on the other hand, will develop the townhouse in accordance with THIDA Article 4.
In about 12–48 months, the DUT Design-Build plan will complete the townhouse.
STEP 4. COMPLETED HOUSE MORTGAGE
Upon completion of the house, get a KMRC mortgage through your bank.
The mortgage at this point can include the Principal Balance of the unsecured loan (Step 1), and the House Development Cost (THIDA Article 4).
The table in step 1 illustrates how the principal balance is incorporated into a mortgage.
STEP 5. COMPLETED HOUSE USAGE
The owner can occupy their house and live in a well-planned town with a clean and healthy environment, a University, a level 5/6 university hospital, good basic education schools for children, and other amenities.
If the owner does not live in the house, the owner can lease the house to DUT in accordance with THIDA Article 12 and receive Ksh 65,000 a month.
STEP 6. COMPLETED HOUSE EQUITY
Upon completion, each house will have equity calculated as Sale Price less the mortgage value. The sale prices are recorded in the DUT THD page https://dut.or.ke/thd
- Year 1 Sale Price. Ksh 8 million
- Year 2 Sale Price Ksh 8.5 million
- Year 3 Sale Price Ksh 9 million
- Year 4 Sale Price Ksh 9.5 million
- Year 5 onward Market Price.
GDP GROWTH APPROACH
DUT uses the GDP Growth approach, which has grown the U.S. economy from $57 billion to the current $30 trillion. DUT will achieve a GDP of Ksh 20 billion.
