'NO OTHER'“Before I registered Pioneer Building Society in 1978, my only competitor was East African Building Society. East African Building Society had been founded by the late Kenyan billionaire Lalit Pandit in 1959 under the Building Societies Act of 1956. When Mr Mungai decided to set up his financial institution, the Kenyan banking sector was then dominated by foreign-owned banks. Shortly after qualifying as an accountant in London in June 1970, Mr Mungai had visited the Shell headquarters in London. “I then fixed a bright illuminated signage: Pioneer Building Society.”On the door, he wrote: “Loans” – and customers flocked there.

Source: Daily Nation November 27, 2016 00:12 UTC