Voi residents have responded to the call to consider bringing Ksh 25 billion from the Kenya Mortgage Refinance Company (KMRC) to the Diaspora University Town (DUT). The Voi residents visited DUT to learn about the DUT town and university development and how they can participate. They were welcomed by Dan Kamau, the project director, and Ronald Mwangombe of the Ndara B Community and DUT building materials. The visitors were introduced to the 1,500-acre Diaspora University Town development plan, which includes creating 15,000 jobs, and the 4,000-acre Ndara B Development Plan, which includes creating 5,000 jobs. “The two plans will create 20,000 jobs. “
Dan Kamau explained that the plan began in the U.S. primarily from a desire to advance Kenya's development. Explaining the KMRC system that will fund the Ksh 39.5 billion budget of roads, infrastructure and building Dan said, “This system borrows heavily from the Fannie Mae started in 1938." He informed the visitors that Fannie Mae and Freeddie Mac that was started in 1968 today have provided $7.5 trillion mortgages and this mortgage assets are reflected in the U.S Bankin Assets and the $30 trillion U.S GDP.
Ronald Mwang’ombe explained how the Ndara B Community has prepared plans to open 30 MSMEs (Micro, Small, and Medium Enterprises) in 4,000 acres. He said 15 MSMEs will produce building materials, 14 farming products, and the last one will focus on water production through a 100-acre rainwater dam & boreholes. “The goal is to supply materials worth over Ksh 12 billion within the Ksh 39.5 billion budget of the DUT, and also achieve building material production that supplies Kenya.”
Dan went on to explain that DUT uses similar systems to those that grew the U.S. economy from $57 billion to the current $30 trillion and increased Singapore’s per capita income to $90,000. He said, “We are not just creating 20,000 jobs, we are making the human resource productive. As a person produces through working about 2,000 hours a year, the income they make will meet their environment, social, economic and children's rights as outlined in Articles 42, 43, and 53 of the Constitution of Kenya.”
The visitors toured the DUT Clothing production facility operating in the Diaspora University Town. Dan explained that Diaspora Kenyans and Ndara B Community tailors have started this MSME. The visitors learnt that the tailors are currently producing clothing that will be applied in the DUT project, the industry will be built on two plots of the 140 DUT MSMEs plots, the industry is project to create 300 jobs, and the workers will produce over 250,000 units of clothing a year to be sold at DUT, Kenya and the world markets.
Dan presented the Townhouse Investment and Development Agreement (THIDA) system for achieving the constitutional rights of workers. He said the system will produce 3,500 townhouses on 3,500 plots of 50ft x 100ft, which will be used by those taking jobs at DUT, students, tourists and Voi residents who want to relocate to the town. He explained the housing features and provisions for improvement.
Showing a document of the 25 largest banks in the USA with total assets of $21.1 trillion, Dan said that through bank asset growth, the USA has been able to create millions of jobs for its citizens and close to 300,000 Kenyans who moved to the USA in the last 30 years. He asked Voi residents to create jobs by growing banking assets using DUT THIDA.
Comparing USA banks and Kenya banks based on total assets, Dan said that Kenya banks' total assets are currently about Ksh 7 trillion ($60 billion), which is about 0.3% of the USA's $21.1 trillion assets from 25 banks. He added that Kenya's population of about 55 million when compared to the USA's 340 million is 16%. He told those interested in joining DUT that their role is to grow the banking sector by taking loan products in the market.
Using a step-by-step document Dan explained that Voi residents can grow banking assets by taking Ksh 750,000 based on the THIDA and banking products. He said this will then lead to the production of 3,500 townhouses and through the KMRC financial product, banking sector assets will grow by over Ksh 25 billion. He said the Voi residents will have brought in Ksh 25 billion to Taita Taveta.
Talking about tourism and job creation, Dan and Livingstone Mghenyi, the chairman of the Domestic Tourism Association and also a tourism business owner, said that Taita Taveta County has the potential to create thousands of jobs. Dan said the DUT tourism plan projects over 1 million international and domestic tourists annually. Livingstone noted that Taita Taveta has Tsavo National Park and over 30 tourism products that could anchor a tourism economy.
Dan said the 1 million tourist plan that is headed by Cathy Jackie of Baltimore, MD resulted from studying the 45 million annual tourists of Las Vegas, the 120 million visitors to Florida, and Singapore’s achievement of a tourism economy exceeding $30 billion. He said the Diaspora University, Diaspora Kenyans and Voi residents tourism plan we are currently working on can grow the economy of Taita Taveta by over Ksh 30 billion.
Livingstone highlighted Taita Taveta's tourism spots, saying all 20 wards in Taita Taveta have tourism potential. Dan said that 200 students, 10 from every ward will join the university in accordance with the DUT plan. He said Diaspora University will work hand in hand to grow the tourism sector as it contributes to the Gross Domestic Product (GDP) growth of Kenya and Africa.
Dan asked the visitors to join DUT by becoming DUT Townhouse developers and thereafter persons who establish some of the MSMEs and organization that will be established on the 140 plots for MSMEs and organizations. He thanked St Jude School for taking the lead.
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
Monthly Payments of Loans based on 16% Interest
Based on a 16% interest rate, the monthly payments for the maximum loan period would be: Co-op Bank, Ksh 12,107; KCB Bank, Ksh 12,563; DTB, Ksh 13,897; and ABSA, Ksh 13,897.
Note that the bank's interest rate would determine the actual amount.
STEP 2. DUT-THIDA
Sign a DUT Townhouse Investment and Development Agreement (THIDA) https://dut.or.ke/THIDA2025.pdf 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.
