MyCredit Limited, a non-bank financial service institution licensed as a Digital Credit Provider (DCP) by the Central Bank of Kenya, has received debt funding of USD3 million (Ksh462 million) from BlueOrchard for onward lending.
The funding will support MyCredit’s strategic plan to offer affordable and medium-term financing of up to a maximum period of three years to its customers who are in the education sector. Through this partnership, the institution has launched an education product called “Kuza Elimu Loan”.
This product is designed to support private schools access both secured and unsecured funds. They can borrow up to Ksh5 million secured funds for a maximum tenure of 36 months with a flexible repayment mode, for short-term borrowing, they can access up to Ksh1 million unsecured funds for a maximum tenure of 12 months. This product will play a crucial role in supporting private school owners going to the future.
“The Institution has disbursed 11,014 loans to customers across the country with a total value of Ksh7.88 billion in the last 7 years. Over this period, MyCredit Limited has opened 21 branches and created 234 direct jobs,” stated MyCredit CEO Wangaruro Mbira.
“We have over 10,500 customers living up to our mission of supporting businesses & families achieve more financial freedom through offering tailor-made bridge finance solutions (loans) to Small & Medium Enterprises (SMEs), Professionals, and Civil Servants. We will be opening more branches gradually in all the 47 counties and commercial centers to be able to reach more entrepreneurs in the education sector,” he added
BlueOrchard, is an impact investment pioneer with an unprecedented 20+ year track record. BlueOrchard has invested long-term in more than 105 emerging and frontier markets through a network of over 720 financial institutions. MyCredit is very pleased to have BlueOrchard on board and is looking forward to fostering a long-term relationship.
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