The Courage, Confidence And Resilience Of Businessman Inspired Equity Bank To Open A Branch At Dagoretti Livestock Market
Peter Muigai- The Resilient Trader at Ndunyu Market
By: MKT Reporter
Worth Noting:
- At one point, Peter recalls Barclays bank now ABSA introducing a mobile branded land rover at the market as a banking point. This was riskier and traders disliked it for fear of being more exposed as they queued to make transactions.
- Having heard of Dr. James Mwangi, the Group MD and CEO of Equity Group Holdings and the journey, growth and impact of Equity bank in transforming the livelihoods of common mwananchi (hustlers), Peter mobilized the traders and shared the history of Equity bank and the need to start a Sacco or approach Equity bank to open up a branch in the locality.
Dagoretti livestock market popularly known as “Ndunyu” is located on the border of Nairobi City County and Kiambu County. Established in 1950 the market initially occupied approximately 6.8-hectare land along the Nairobi-Naivasha railway line.
It is the main terminal market of livestock from Kenya and neighboring countries as well as a source of income to various market actors, inclusive of government revenue. It is a major trading ground for cattle, goats, sheep and the main trading centre in Thogoto.
Peter Muigai is a native, born and raised in Dagorretti South Sub County. He is among many other business meat traders at the market.
For close to 4 decades, there was no bank at the market and its environs of Kikuyu or Kawangware despite a booming economy in the area. Traders commuted kilometers away to either Karen shopping center or Nairobi city to leverage on banking services.
It was tedious, time wasting and this pressed traders to save their monies in their houses under mattresses and pillow cases. Peter narrates, this was risky and cases of burglary, mugging and house raids increased targeting traders. The culture of saving monies under the mattress increased insecurity in the area.
At one point, Peter recalls Barclays bank now ABSA introducing a mobile branded land rover at the market as a banking point. This was riskier and traders disliked it for fear of being more exposed as they queued to make transactions.
Having heard of Dr. James Mwangi, the Group MD and CEO of Equity Group Holdings and the journey, growth and impact of Equity bank in transforming the livelihoods of common mwananchi(hustlers), Peter mobilized the traders and shared the history of Equity bank and the need to start a Sacco or approach Equity bank to open up a branch in the locality.
At first many of the traders were reluctant and viewed that as a tall order and impossible. They did not know where to start from and how to go about it. Peter did not give up, He kept on mobilizing and talking to them about the idea and gradually many understood and conceptualized the greater benefit and value of the initiative.
Being an old customer of Equity bank, Jevanjee Garden, branch, He walked to Equity Bank Headquarters in upper hill, then housed at the Social Health Authority(SHA) building. At the enquiry desk, the customer service provider was receptive. Peter, requested to see the CEO. The customer care service provider requested to be told why He wanted to meet the CEO in person, citing protocol procedures.
He explained his visit was official and needed the attention of the CEO, fortunately he was able to have a physical meeting with the manager on that first attempt. He shared the plight of the local traders in accessing bank facilities despite heavy business traffic and cash flow at the market. At first, the CEO saw no need of opening a branch in a center situated in between Kawangware and Kikuyu but Peter convinced Her, that the traders were adamant in travelling to far ends to get banking services and such a gap would be a good business opportunity for Equity.
He shared his approach and strategy with the CEO and after a few months, with the help of Peters mobilization, the bank visited Ndunyu market and pitched a customer care tent.
On the first day, traders flocked the tent eager to be inducted and informed more about the bank. Peter recalls, over 50 traders operating different businesses registered to open bank accounts with Equity at the initial day. The demand saw Equity increase the customer care tents and staff to satisfy the local demand.
On receiving feedback, the CEO was quite excited and when Peter shared with her about obtaining a space (banking hall) in a building that was under construction with a complete ground floor, the CEO did not hesitate instead initiated arrangements towards the project. Within a span of six months, Equity opened the branch and rolled out its services.
This initiative marked the turnaround in the area and its environs. Traders were able to enjoy credit facilities offered by the bank and a guaranteed safety of their monies. Many Sacco’s came up on the strength of Equity bank. The market is now transformed with businesses operating 24 hours. The rate of investment in various sectors of the economy affecting the locals has increased, increasing security and job opportunities to many youths and adults in the area.
Peter’s clarion call and advice is never give-up if you have an idea that can change the livelihoods of humanity. He is an ardent listener of various Agikuyu radio and TV stations and He keeps on interacting with the audiences to inform them how Equity bank changed Ndunyu.
His one last prayer is to meet and shake the hand of Dr. James Mwangi, the Group MD and CEO of Equity Group Holdings and thank him for the inspirational work that has touched hundreds of thousands within Kenya and the World.
Peter……can be reached via:
Mobile: +254 725940338 or +254 758 185514
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