In a country where credit is hard to come by in the mainstream banks, microfinance companies are filling the loans gap, helping individuals and businesses achieve their dreams.
Demand for loans in Kenya is growing and so is the number of micro-lenders providing targeted credit products to meet the different needs of their customers.
Mwananchi Credit Ltd has established itself as a trusted lender in this category, offering 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.
Innovative credit lines
With a little paperwork at Mwananchi Credit, borrowers who would have otherwise been left at the mercies of shylocks walk away with credit to sort their financial obligations.
By extending financial services to individuals and small businesses across the country, Mwananchi Credit is playing a big role in creating jobs and helping jump-start growth in various sectors of the economy.
“Our transformation and innovative loan products have enabled us to cater for the needs of individuals and companies alike,” Mr Dennis Mombo, Mwananchi Credit Managing Director says.
The loans are offered through impactful and profitable collaborations and range from Ksh10,000 for personal issues and micro-businesses to Ksh25 million for medium enterprises.
Mwananchi Credit prides itself in processing loans in less than six hours, since it has streamlined its systems which sidestep the bureaucracy associated with loan services in commercial banks and Saccos.
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While it offers loans on less strict terms, Mwananchi Credit’s interest rates are slightly high to cover the risks associated with this category of lending.
Mwananchi’s success has seen it expand its operations beyond Nairobi. It recently opened a branch in Mombasa and is working on entering six other towns across the country. So far it has six branches in total, three in Nairobi, one each in Kitengela, Eldoret and Mombasa.
Best in logbook loans
Its success is being noticed. This year Mwananchi Credit 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.