Written by Nicole Wanja Muturi
This is the story of David Mungai, a 36 years-old man who owns a car wash and rental spaces. He joined NRS DT SACCO at 18 years-old.
David learnt the proverb that says “cut your coat according to your size” from his high-school principle that encouraged him to start small. He started a car wash at 18, after completing his secondary education, but the beginning of something great is never easy. He started his whilst young and unequipped on financial literacy.
His car wash business faced challenges like: lack of quality equipment, breakdown of the existing equipment, minimal water storage appliances, space restriction and societal discrimination as the society didn’t value his business as an income generating enterprise. At that time, his car wash business was merely a hand to mouth venture.
He then remembered another advice from his high-school’s principle which was to start saving while young and specifically in Saccos. That is when he joined Nrs Dt Sacco and his financial success began here. He began saving around ksh.500 at Nrs and gradually, his savings were growing day by day. His friend encouraged him to get his first loan in order to upgrade his business. He was skeptical in the beginning wondering how he would pay off loan but remember about cutting your coat according to your size, he took a small loan which he knew he would be able to manage. His own savings guaranteed his loan since he did not have any guarantors to guarantee him for the loan.
The payment terms were very easy for him and this enabled his business to grow significantly. Borrowing easily and paying promptly. Within some time, his small business was no longer small anymore. With the growth of his business, he now had a system in place such that he did not have to be around for work to get done.
“More business, more profits and more savings but What Next?” This question was paused to him by the Nrs Dt Sacco manager at the time and it prompted him to actually think on his next business venture. He then decided to get into Real Estate. With the savings he had from his car wash business, he was able to get a loan that facilitated him in building 40 rental spaces within the first 5 years. The moment he tasted real estate money he knew this was meant for him. The fruits of real estate were significantly good and he had quite a comfortable lifestyle.
David was able to save more and this in made it possible for him to access more loans and he got to build another 40 rental spaces and also got to purchase a car that has helped him as an entrepreneur. With the addition rental spaces and the vehicle he owns, he has a great work life balance.
Mungai quotes saying “He will stick with Nrs Dt Sacco till the end since Nrs has been with me physically since I joined as a young boy, mentally for my peace mind and financially as I have grown without any struggle or strain.” Nrs is the secret, His Secret.
His encouragement is mostly to young people. He advises them to join Nrs Dt Sacco and that Sacco’s aren’t just there for old folks. He says, “Saving while young is like planting a tree and you get to enjoy the fruit of your investment in your later years. This is gotten from both the interest on savings and the yearly dividends you are paid.” He finally concluded by saying NRS DT SACCO is his home and it builds you up.
~Nrs Dt Sacco, Your Development Partner
