Mwananchi Credit Limited (MCL) has opened a new branch in Thika town, Kiambu County, defying the current economic slowdown caused by the Covid-19 pandemic. This raises the number of branches to seven nationwide as it increases its presence in the credit market.
Mwananchi Credit Executive Director Dennis Mombo said Mwananchi Credit, the secured loans provider, will offer affordable credit to its customers in the region. The new branch will serve individuals, SMEs and large businesses, as well as partner with companies in various fields in line with the government directive to ease access to financial services for Kenyans.
More in the pipeline
The Thika branch follows Mombasa outlet opened in December 2019 to serve the coastal market. Mwananchi Credit has three other branches in Nairobi, one each in Kitengela and Eldoret. The expansion is a sign of growth for the company, which is known for its various loan facilities ranging from micro-credit to million-shilling facilities under its asset-financing products.
Mr Mombo said Mwananchi Credit would open more branches in the vast Mt Kenya region as part of the planned expansion plan.
The Executive Director said the company had allocated money to finance various community development projects in the area through its Corporate Social Responsibility (CSR) arm.
Addressing the public during the Thika branch launch, Head of Sales and Marketing Valentine Odek, thanked Mombo for his great vision and immense support in opening Thika branch. “The company is not for us but for the Mwananchi, ” Odek said. “Mwananchi ni mimi, mwananchi ni wewe, mwananchi ni sisi.”
He said a stable financial services sector is an important segment in the country’s economic development, adding that Mwananchi was playing an active role through strengthening its operations.
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. Its credit products serve a range of clientele including individuals with logbooks, title deeds, and civil servant loans among others.
It has won several awards. In the automotive sector, Mwananchi credit was last year recognized as “the best lending only microfinance company in Logbook loans”. In the real estate sector, it was awarded the best Credit Institution in Land/Property Finance (Title Based Finance).