Home BUSINESS How to Become a Millionaire in Kenya through a Bank

How to Become a Millionaire in Kenya through a Bank

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There are many ways to make money through a Kenyan bank and eventually become a millionaire.Venas News would like to reveal some of the ways some Kenyans exploit opportunities available in our banks to create wealth.

The weakness we have as Kenyans is that we do less of research and more of online gossiping, thus creating a huge knowledge vacuum. If we develop the habit of reading and learning new ideas, there is no way we would always complain that the government has abandoned us. It’s us who can change the nation, not the government.

In our country, we have banks, insurance companies and other financial institutions that have attractive products for individuals who would want to create wealth, but in most times we are ignorant. Over time, here are some of the things I have tried and found very beneficial to me.

  1. Forex Trading

Several banks provide Kenyans with a rare opportunity to trade in major world currencies.Forex trading is very much ideal for most of Kenyans, especially at this time when almost every Kenyan has access to the internet.

What you are required to do is approach a bank, I suggest Stanbic, Standard Chartered Bank, KCB, Co-operative and NIC, then open an account with them to start trading in forex.

If you are a jobless graduate, forex trading is what you can do for a living.

  1. Trading in shares

Investment banks in Kenya,such as Stanbic Bank and Standard Investment Bank, will help you open a CDS account to use for trading in shares.

By the way, most Kenyans are only customers to our banks, they are not owners. For you to be the owner so as to share the bank’s profits, you have to purchase shares.

Since most banks in the country are profitable, buying shares of these banks will add value to your pocket. Instead of having a current account, you should have a CDS account.

  1. Fixed Deposit Account

Fixed Deposit account is another way of earning returns from the amount you save with our banks. The money you earn depends on the negotiated interest rate, which range from 5 % to 9 %.

  1. Unit Trusts

Unit Trusts are not familiar to most of us, but I can tell you for free, these products will earn you up to millions of money, and are prone to low risks.

Stanbic Bank and Commercial Bank of Africa will open an account for you to buy unit trusts.

  1. Real Estate

If you have idle land, simply approach a bank like Equity bank, KCB and tell them about your plan of building an apartment. The bank will build one on your plot and allow you to share the revenue until they recover their invested money. Afterwards you will become a millionaire.

  1. Taking a loan

Taking a loan from a bank will also boost your business. Since this one is obvious to many Kenyans, I won’t dwell much on it.

  1. Taking a mortgage

I can now reveal how Kenyans become rich through mortgages. Once you identify a house to buy, approach a bank to help you clear the amount required to buy the home. Then look for someone to rent the house at a slightly higher amount than your monthly payments. The balance above the rent will go into your pocket.