When Peter Kahara Munga stepped onto the podium in the University of Nairobi’s Chancellor’s Court to receive his honorary Doctor of Philosophy degree, he did so with a bang, not a whimper.
With ululations from members of the congregation ringing in his ears, the founder of Equity Bank who is now an accomplished billionaire businessman who describes himself as a believer in education, acknowledged a feat he started to pursue way before Kenya gained its independence.
According to UoN Vice Chancellor Peter Mbithi, Munga was awarded the degree for his achievements as a businessman, both at the bank and at other companies he founded, including the Pioneer Group of Schools.
“It was a great honour, not only for me but for the bank, my family and those who have been with me in the journey of entrepreneurship that started a long time ago,” says Munga.
His father, a small-scale trader, was jailed in 1952 when Munga was still in lower primary, and after the colonial government declared a state of emergency. This forced him to join his mother, Beth Nyambura, in her small business to provide for the family.
For Munga, who was a cherished only child, the state of emergency was devastating. But it later turned out to be the pivotal event in the development of his philosophy.
