Purity Gakenia, a business lady in Thika town, has gone against the grain to prove that education is not the only way to success.
From working as a waitress cleaner and finally making it in the cereal business, Gakenia’s story depicts how youths can succeed when they nurture their talents and engage in entrepreneurship.
Growing up with less pushed the form four-leaver to entrepreneurship at a tender age, where she hawked fruits and snacks around her neighborhood to supplement her parents’ income.
After completing her secondary school education in 2014, Gakenia moved to Nairobi in search of greener pastures.
Her aunt, who facilitated her stay in Nairobi, referred her to a food joint along Mombasa Road, where she worked as a waitress, earning Sh. 8,000 per month.
She worked as a waitress for about six months before her friend informed her of another job in Thika that paid a higher amount. She moved to Thika’s Makongeni area, where she worked as a cleaner at a hotel in the area, earning Sh. 12,000 per month.
Co-op Bank named the best SME financier in Africa
With a great passion for entrepreneurship, the 28-year-old mother of one quit employment after less than a year to try her hand at entrepreneurship.
With just Sh. 15,000, she started hawking inner wears and socks in Thika, making up to Sh. 1,500 per day. It was here that she realized that she could make a lot of money through the business and invested all her time in it.
It was not long before she learned of a firm in Thika that was looking for maize suppliers. Gakenia saw another opportunity for money, and full of confidence, the budding entrepreneur was able to convince the management that she could supply them with maize.
“I had no idea where to get the maize from, but I knew I would get some bags at a cheap price in Meru. I used all my savings in this business because they were paying well,’’ she said.
It was here that the idea of putting up a cereal business popped. With a capital of Sh. 200,000, Gakenia acquired a few bags of maize, green grams, rice, and beans and started a small shop at Mukiriti in Thika town.
Gakenia credits her success to Co-operative Bank. She revealed there was a time when her son was badly injured while playing with other kids. The treatment cost drained all her business money as she had no insurance.
She would later approach Co-op Bank for a loan, thanks to her friend who had encouraged her to open an account with the bank. Through the Msamaria Women’s Loan, Gakenia’s cry was wiped with a loan of Sh. 100,000.
Co-op Bank giving Sh. 500k to Sh. 8mn loans to buy, build home at 9.9% reducing balance
“I was introduced to Co-op by my friend. They have good terms. I took my first loan when my business was just two years old. That is when I opened my two other businesses. The loan attracted one of the lowest interests I had ever seen. After paying the loan, I immediately took another one,” she said.
The loan has enabled her to open two other branches in Kasarani and Embakasi, as well as expand to the beauty industry.
“My sisters manage the two cereal shops. I also have a Salon and two Barber Shops in Thika town and Kenol,” she said.
Her businesses make a combined Sh. 600,000 per month. Today, she supplies beans, maize, rice, soya, millet, and groundnuts, among other cereals.
According to her, the rich don’t use their money to set up businesses; they use other people’s money, and that is by taking loans.
The Co-op Bank’s Msamaria Women’s Loan is a loan product that targets women seeking to expand their businesses, allowing them to access unsecured loans of between Sh 5,000.00 to Sh. 10 million with a repayment period of 24 months.
It also comes with an insurance benefit that covers breast/cervical cancer, critical illness, personal accident, and death & permanent total disability.
The requirements to access the loan include a Copy of the KRA PIN and certified bank statements from other banks if your Co-op Bank account is less than 6 months old.
The bank further demands that businesses seeking to get a Msamaria loan should at least be a year old, have a regular cash flow, open an account with Co-operative Bank, and have a valid license, among others.
“Acceptable security will include but not limited to chattels mortgage over household, business assets, land, NSE” the lender states.
