For a long time, Kenyan students have relied largely on government-provided loans from the Higher Education Loans Board (HELB) to pay tuition and acquire necessities during their university studies.
Moses Muriithi Kihunii, then an engineering student at Kenyatta University, benefited from the loan since it allowed him to start a business and explore new markets.
A decision that not only increased his income, but also allowed him to start a real estate company and provide job chances for other young Kenyans.
The CEO of Fanaka Real Estate, based in Ruai, earned a BSc in Mechanical Engineering in 2013.
Prior to graduation, Muriithi realized that the job market would be inundated with thousands of graduates and hence turned to self-employment.
Muriithi used his HELB loan to buy an online writing account worth roughly Ksh 40,000, balancing his studies with his new enterprise.
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“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 said.
The second account was successful, and Muriithi used the gains to invest in real estate, purchasing plots and eventually selling them for a profit.
Following graduation, he had many plots in good locations throughout Nairobi.
“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
In 2015, Muriithi decided to start a company called Fanaka Real Estate.
“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.
