Mwananchi Credit has for the second year running been ranked the best logbook financier in Kenya, cementing its position in one of Kenya’s most competitive credit segment. The secured emergency loans provider, with branches in major towns, was among the companies recognized this year at the Automotive Industry Excellence Awards for exemplary service to consumers.
Mwananchi was awarded as a market leader in the car financing segment and its efforts to keep lending in spite of the unprecedented Covid-19 pandemic disruption of people’s financial lives. Mwananchi Credit topped in this category last year, and has fine-tuned its logbook loans not only to reach a wider market but also made repayments easier.
Mr Dennis Mombo, the company’s Executive Director, attributed the Best Logbook Financier 2020 Award to commitment by its employees who, he noted, “went above and beyond to make sure clients get emergency loans on time.”
Mwananchi Credit offers car loans to car owners with valid logbooks at affordable interest rates with repayment period of up to 48 months, double the time offered by other micro-financiers in Kenya. Most of its logbook loans customers are people in need of emergency loans to sort out situations that require quick credit.
“Our interest rates on car loans start from 1.5% and vary with every vehicle, considering the year of manufacture and the repayment period of the loan applied,” he said.
Mwananchi Credit’s car loan requirements include original car or motorbike logbook, KRA PIN, National ID, two passport size photos, six months bank statement and comprehensive insurance certificate cover.
Mombo praised Kenyans’ resilience during the Covid-19 outbreak, saying they have displayed a strong spirit in fighting the pandemic and abiding by the Ministry of Health guidelines and protocols.
To cushion Kenyans from Covid-19 effects, Mombo says Mwananchi Credit offered customers up to 100% waivers on default charges. “We are affected by the pandemic just like anyone else and therefore punishing borrowers for an unprecedented virus would have been wrong and unfair,” he said. “We lived up to our slogan of investor in people.”