From humble beginnings, Mike Mlomba has courageously moved the stakes to become one of Africa’s leading billionaires. As a student, Mlombwa struggled to keep himself in school from his meager savings. He was later able to purchase two second-hand cars in order to launch a vehicle rental company- a dream he has always nurtured.
Today, the Malawian business tycoon has offices in major cities across Malawi and a fleet of more than 70 rental vehicles, as he tells BBC African Dream series.
In 1997, at age 28, Mlombwa began his service with three second-hand cars. Soon, his venture tripled, opening doors to other opportunities. To expand his fleet and service, Mlombwa partnered with various car owners to use their vehicles for a 20% commission. “And that was how [my business] took off. I make very good money.” He explains
He used the profits to buy new vehicles and, as his business blossomed, he was able to receive a bank loan. “When they saw I was doing fine, banks came to me and said: ‘Okay, we can assist you now’,” Mlombwa recounts.
Today his company owns a fleet of 80 vehicles and can be found at airports and hotels across the country.
While Mlombwa had always longed for an opportunity to pursue a degree in the university, he remains content and thankful for the huge opportunities that he has been given.
“I am happy to face challenges and I am happy I became an entrepreneur. And to be honest, I don’t see it as a regret that I did not finish my schooling, because now I can employ people with master’s degrees or whatever. They are assisting me here and there.”
Mlombwa currently seeks investment to double his fleet. He is also constructing a number of hotels, under the countrywide brand.
Very good read. Short and concise and sweet. Thank you.
Thank you very much Thogi. We are glad that you were inspired by the post. Hope to still see you around. Have a productive March.