Story by Nicola A. Cunningham
Photographers: Keysus / Jordache Jones
That he is a financial genius is unquestionable, as is attested by the figures released about the success and solvency of his business. What makes his story extraordinary is that his being successful means that he has defied the odds, the statistics, socio-economic background and family dynamics, to make not only a name and way for himself, but for many others.
His enterprise has also paved the way for thousands of Jamaicans who otherwise would not have been able to see their way clear economically because when it comes to the traditional financial institutions, they simply did not qualify to even be considered as worthy.
There are young people who are doing great things locally in industries far and wide, particularly the creative industry that is wide open, flexible and a great way for individuals to put their stamp on something that holds value. However, in the financial sector, there is very little wiggle room to manoeuvre as the legal parameters are fixed or such that operating outside of certain tenets can get you in trouble legally. Hence, most people shy away from being in a sector that is so rigid, regimented and seen as restrictive. Not so for Kadeen Mairs, as this go-getter thrives on making money matter and turning money into more money.
Now while some may have a similar knack when it comes to finances, few are in the driver’s seat navigating their own business as they are typically a part of a larger business entity or group, meaning, they have a boss and a bunch of people to consult with before they can do as Cardi B said, “make money moves”. Not Kadeen, he was not only born to stand out, but more importantly to be a leader, charting his own financial path to assisting average, every day Jamaicans realise their dreams by acquiring loans that in turn secure for them a future that they otherwise would probably not have access to. It is because of his input in and impact on the financial sector that he has been dubbed the ‘King” or dare say the “King of Micro-financing’, a title he has earned at a remarkably young age.
The story of the young money monarch at first reads like a typical rags-to-riches story but in actuality nothing about Mairs’ journey is typical, as his path to success was never laid out for him. There was no map or blueprint in place for him to follow to incrementally get ahead. The fact that he not only achieved what he has but did it in such an incredibly short amount of time, is what resonates with the people who know his back story. Indeed, Mairs has managed to accomplish in three years what his competitors take 20 years to do.
BUZZZ Magazine sat down with the young man with the Midas touch to discuss his entrepreneurial spirit, his early life and challenges and why
at no time in his life, he has ever accepted the word “no.”
We are the only micro-finance company that is expanding in CARICOM as we are looking to apply for licenses in other Caribbean territories.
This is the way he tells the story: he left his stable, secure job at the National Commercial Bank (NCB) when he was just 24 years old to start his own business, as he felt it was time that he put into practice all that he had learnt over the years and branch out on his own. This became the genesis of Dolla Financial Services: M24 Investment. He took out loans from commercial banks, using his salary as the source of repayment to fund his loan portfolio, starting with a 2 million dollar loan. For some people, this would have been beyond scary but not Kadeen as he ascribed to the philosophy that if your dreams do not scare you, then they are simply not big enough.
“We came up with the name ‘Dolla’ as it was straightforward and explained our core business and what we do. In 2016 we changed the direction for the business and went into micro-financing. Micro-financing is ideal for people who don’t traditionally have access to loans from banks and other financial institutions. That is the market we tap into, the people who are a part of the informal market. So we give credit to these people and build them up. In business you sometimes have to rely on your gut feelings to assess informal business and those are things you don’t learn in school.”