Mwananchi Credit, the local micro-finance company, has opened its sixth branch in the coastal town of Mombasa.
The Mombasa office, based at the ground floor of Jubilee Arcade building along Moi Avenue, seeks to tap the coastal lending market ahead of the Christmas and end-year festive season.
Best time to invest
“It had been an issue of consideration in the past few months, that an important commercial centre like Mombasa warrants an independent branch instead of just one department at the head office,” said Mwananchi Credit Executive Director Dennis Mombo.
He said Mwananchi Credit Ltd offers tailor-made financial solutions for its customers to meet cashflow challenges faced by both individuals and small and medium size enterprises. In an economy where the cost of living is ever rising and earnings shrinking, demand for quick credit has been growing.
Mr Mombo said that apart from the Mombasa office, the company intends to open six more branch offices in various towns across the country in the next three months.
“We know the economy has not been well but the best time to invest money into opening new branches is now,” he said. “Our goal is to be the top tier micro lender.”
Mwananchi Credit Limited has for the past nine years been offering credit products that serve a range of clientele including individuals with logbook, title deed and civil servant loans among others. It has won several awards.
“We trust that the Mombasa office will be a success as we expect our new employees as well as those we will transfer to the station will work hard and bring the office to the levels of excellence in Nairobi,” said Mr Mombo.
In the automotive sector Mwananchi credit was three months ago recognized as “ the best lending only microfinance company in Logbook loans”. In the real estate sector, the company was awarded the best Credit Institution in Land/Property Finance (Title Based Finance).