MyCredit Limited, a non-bank financial service Institution licensed as a Digital Credit Provider by the Central Bank of Kenya, has received a funding deal worth Sh325 million from OikoCredit for onward lending.
The funding will support MyCredit’s strategic plan in offering affordable and medium-term financing of up-to a maximum period of three years to its SME customers who are in trading businesses.
Through the partnership, the SMEs will be able to create more job opportunities in the communities within which they operate.
MyCredit Limited has been at the vanguard of improving access to capital for SMEs in a fast, convenient and affordable way through automation and continuous improvement of its customer journey.
Finance solutions
“We have disbursed a total of 15,500 loans to customers across the country with a total value of Sh6billion in the last six years. Over that period, Mycredit Limited has opened 14 branches and created 158 direct jobs,” MyCredit CEO, Mr Wangaruro Mbira, said.
“We have over 10,000 customers living up to our mission of supporting businesses and families achieve more financial freedom through offering tailor made bridge finance solutions (loans) to Small & Medium Enterprises (SMEs), Professionals and Civil Servants,” he added.
OikoCredit, is a social impact investor and worldwide cooperative with over four decades of experience in promoting sustainable development through investments. OikoCredit focuses on investments around financial inclusion, agriculture and renewable energy sectors in Africa, Asia and Latin America.
Job creation
Oikocredit Investment Officer East and Southern Africa Michael Kariah said they are very pleased to have MyCredit on board and that they are looking forward to fostering a long-term relationship.
“This transaction enables Oikocredit and MyCredit to work together to provide funding to support SMEs in Kenya. SMEs are one of the main pillars of economic growth as they have a multiplier effect of supporting many households through the creation of sustainable jobs,” Oikocredit Investment Officer East and Southern Africa Michael Kariah said.
“Our funding and capacity-building support will enable the company to make further progress in key impact areas while expanding the outreach to more underserved SMEs in the country,” he added.
