Smart businesses can no longer ignore religion

• When I look at the church today, I see a group of people controlling a considerable amount of capital. This is why they can afford to establish universities.

• The African church no longer has poor, vulnerable members only. It has influential politicians, business leaders, entrepreneurs, and investors.

  What entrepreneurs can do to access this market or resources:

• First: Go to church.
• Secondly: Position yourself in branding, developing relevant products, and location.
• Finally: Make sure your ethics are right.

Karl Marx once said that religion is the opium of the masses; I beg to differ. All indicators point to great economic power held by religious people today.

For instance, the Vatican is richer than Kenya and her neighbours combined. Kenyan churches collect more than Sh100 billion in a year and control huge assets.

Let me break it down. Business is capital injected to meet a need for a group of people who can pay for it.

First, when I look at the church today, I see a group of people controlling a considerable amount of capital. This is why they can afford to establish universities.

Churches work with para-church organisations to advance the economic empowerment agenda for their members and the society. In this regard, they have MFIs and NGOs.

Secondly, the African church no longer has poor, vulnerable members only. It has influential politicians, business leaders, entrepreneurs, and investors.

There is a group of religious individuals who keep business within the house of the Lord. Business deals are struck after the Bible study or after prayers at the mosque on Friday. This cuts across the board.

The Muslim community has just concluded 30 days of fasting. During this time, every business and individual of note wished to identify with them and wished them well.

A few years back it would have been impossible to think about Islamic banking or stock brokerage. Today, more established businesses want to understand this segment of the market.

In this day and age, one can only ignore religion at his own peril. Their influence, wealth and power is still large and vast.

What can an entrepreneur do to access this market or resources?

First, go to church. This may sound stretched but ever wondered why the Jews who make up only two per cent of the American population form 25 per cent of the Forbes list of the richest men. The Good Book makes economic sense.

Secondly, position yourself in branding, developing relevant products, and location. Finally, make sure your ethics are right. This section of the market does not condone scandals. They flock out like they flocked in.

Mr Odhiambo is the managing consultant of Elim Consulting.
wodhiambo@elim-consult.com