In a year that most businesses faced lean times, Mwananchi Credit defied odds to register impressive growth. In the process, it has transformed the lives of thousands of people and businesses across the country through its various credit products.
Mwananchi Credit’s success saw it expand its operations beyond Nairobi in 2019 by opening a branch in Mombasa, as it seeks to tap the huge coastal region market.
Meanwhile, the microlender is working on entering six other towns across the country in the first quarter of 2020. So far it has six branches – three in Nairobi, one each in Kitengela, Eldoret, and Mombasa.
“We know the economy has not been well but the best time to invest money in opening new branches is now,” Mwananchi Credit CEO Dennis Mombo says. “Our goal is to be the top tier microlender.”
Demand for loans in Kenya has been growing, sparking an increase in the number of micro-lenders.
For its part, Mwananchi Credit Ltd offers an array of credit solutions including LPO financing, salary advance loans, cheque discounting, logbook loans, weekend loans and loans secured by titled deeds, among others.
One of the highlights of 2019 for Mwananchi Credit is when, in June, it won the coveted Automotive Sector Excellence award for logbook loans. This has been its flagship product with Kenyans being able to secure credit using their logbooks.
The Automotive Sector Excellence Awards recognize and celebrate key players in various segments of the automotive industry who have over the years achieved outstanding results in their niche and have positively impacted the lives of their clients.
Mwananchi had been nominated in four categories namely Credit Only Microfinance, Most Promising Credit Institution in Logbook Loans, Most Promising Credit Only Microfinance in Automotive Finance and Most preferred Credit Microfinance in Logbook Loans.
In August, it won the 2019 Best Credit Institution in Title Based Financing Award at the Real Estate Excellence Awards, which recognise players who have over the years achieved excellent results and have positively impacted the lives of their clients.
“This shows the confidence the Kenyan public has in Mwananchi Credit,” Mr Mombo. “This is another milestone in our 10-year history and we will strive to keep serving our customers better.”