Money is the solution to most problems that we face day in day out. Having the capacity to provide this solution to people from different parts of the country is the best part of being an entrepreneur for Mr Peter Macharia, the founder and CEO of Jijenge Credit Limited.
With a spreadsheet that runs into millions of shillings, Mr Macharia boasts of a firm customer base in the country, Sudan and in Tanzania. Enabling business people to grow from one level to another is what makes him tick.
After 25 years of employment in the banking industry that ran from sales, marketing, credit, finance and operations, Mr Macharia decided to take a voluntary retirement package and start Jijenge Credit in 2014. A decision he takes pride in as an entrepreneur.
“In the credit department your work on targets that are very specific. They give you the profits, business volumes, deposits volumes the numbers are very clear and they include up to the expenses of the team, so I checked my performance in terms of targets it was very consistent and upward moving. But I looked at the profit that I’m generating and the salary I was getting I decided to leave and make such amount for myself and the family,” narrates Mr Macharia to Business Today.
According to Mr Macharia, he settled on the name ‘Jijenge’ a swahili word that means to build up which is what every business person wish and want for their enterprises.
At the start of his business in the credit industry, Mr Macharia confesses of lending money to small enterprises and businesspeople such as mama mbogas for as little as Sh5,000 with the highest borrower getting Sh30,000 at that period. Currently, Jijenge Credit loans up to Sh500,000 across the East African Region.
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With institutions adapting to new technology, Jijenge Credit have a mobile lending services for its customers. However, their business strategy makes them different from the traditional digital lenders.
In Jijenge Credit, necessary documents that will qualify one for a loan are scanned or sent via email. This, according to Mr Macharia, is to meet quickbooks requirements set by the Central Bank of Kenya.
After that, the credit company sends a loan agreement via email to its qualified clients for signatory purposes before disbursing the money through the traditional bank.
“We use a different strategy from other mobile lenders as we combine the traditional banking and the digital. We ensure that we meet the set requirements and anti-money laundering rule and we must ensure that fraud is minimized to zero,” says Mr Macharia.
“We lend huge amounts of uptown half a million so we must be able to positively identify the person. We have tracking technicians and valuers and they come assess your assets and do a report on the same and send it to us via email,” he adds.
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The soft spoken father of four, however, did not dream of working in the micro-finance sector while growing up. He, in fact, wanted to follow his father’s footsteps and become a public health officer.
“I was good in maths unlike my dad who was good in sciences. When I realized this I decided to follow the numbers,” he says.
The micro-finance sector, according to him has good returns which need to be well managed.
“In the Credit industry one can make profits and some mistakes can lead to significant loses, You do not lose hope but find a way to overcome the challenge,” he notes.
Having a strategy that one follows religiously is the path to success, notes Mr Macharia.
“Having knowledge in finance and risks assessment on the business are vital skills one should have when embarking on the micro-finance industry,” says Mr Macharia.
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He attributes his success to God, discipline, resilience, consistency and knowledge in the industry. “Success is when Jijenge holds people’s hand and help them grow, be it our clients, especially the youths and our employees,” he adds.
The alumni of Kenya Methodist University hints that entrepreneurship is the train Kenyan Youths should board since it provides platform to grow in business and in personal life.
“Having access to credit enables businesses to expand thus acceleration of growth in the economy and job creation. On individual level, one is able to save, borrow and manage their finances,” says Mr Macharia.
“When I was in employment, I had very limited time with my family since at times i worked very far away from home. But right now they are very happy that I am around from Monday to Monday,” he chuckles.
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