They told him he couldn’t succeed without a degree, but he built a bank instead. What would you do if you were denied a promotion, not because of poor performance, but because you didn’t have a degree? Would you give up? Or would you go back to college? Back in his day, this was not an option. Let me tell you the story of TK Muya , a man who went from being rejected over and over, to owning one of Kenya’s biggest banks. He was born in 1942 to a humble family, Muya was full of ambition from a young age. At just 18, he read an article about global banking and it deeply inspired him. Without knowing anything about banking , somehow, he decided that he would start his own bank. Until reality hit hard. He had no money, no connections and little education . He got a job in the civil service. Worked hard. But every time a promotion came up, he was passed over for someone else more educated, because he had no university degree. That should have been the end of the story. But Muya, did not give up. For 4 years, he knocked on doors at the Central Bank every Thursday asking for a license to start a bank. And every time he was rejected. He looked like a joker. They told him he had no experience, he had no capital and no background in banking. Still, he refused to quit. Eventually, on a friend’s advice, he changed strategy and applied to open a building society instead of a bank. The building society was easier to open and did not require a lot of money to start. In 1984, with just Ksh 500,000 he had borrowed, he started Family Finance Building Society. At first, it was hard. Really hard. But Muya did something most people never do. He studied other banks and noticed the people who were rejected by banks. Then he focused on those ordinary Kenyans who were being ejected by banks; farmers, traders, mama mboga.. And he reinvested every single shilling he made back into the business. For 23 years, because money was tight he did not pay himself a salary, even though he paid other employers. Branch by branch, Family Finance grew reaching people who had been left behind by the traditional banking system. In 2007, the impossible happened, his building society got a full commercial banking license from Central Bank And Family Bank was born. Today it has 96 branches as at mid lasy year, over 1,500 employees, has assets worth billions and is set to be listed on the Nairobi Securities Exchange in an initial public offer soon. Muya didn’t stop there. He also founded: Daykio Plantations (a major real estate firm) and co-founded Alpha Africa Asset Managers From a rejected clerk with no degree. To a billionaire entrepreneur who built an empire. TK Muya’s story proves one thing, education is important. But it’s not the only path. Focus, patience, discipline and consistency, is what separates dreamers from builders. If you are feeling stuck because of what you don’t have? Read this again. You don’t need permission to start. You just need to believe that rejection isn’t the end, its redirection. Your dream is valid. Even if no one else sees it yet. What does his story inspire in you? ©𝐊𝐞𝐥𝐥𝐞𝐧 𝐌𝐚𝐭𝐡𝐚𝐫𝐚 Personal Finance & Mindset Coach Source: Internet
Lagaless™ (@lagaless)
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