MyCredit has received a funding deal worth Ksh325 million from OikoCredit for onward lending.
MyCredit Limited is a non-bank financial service Institution licensed as a Digital Credit Provider by the Central Bank of Kenya.
The funding will support MyCredit’s strategic plan in offering medium-term financing of up to a maximum period of three years to its SME customers who are in trading businesses. Through this partnership, the SMEs will be able to create more job opportunities in the communities within which they operate.
“The Institution has disbursed a total of 15,500 loans to customers across the country with a total value of Kshs.6.28 billion in the last 6 years. Over that period Mycredit Limited has opened 14 branches and created 158 direct jobs,” CEO of MyCredit Mr Wangaruro Mbira said.
“We have over 10,000 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,” he Added
OikoCredit, is a social impact investor and worldwide cooperative with over four decades of experience in promoting sustainable development through investments. OikoCredit focuses on investments in financial inclusion, agriculture and renewable energy sectors in Africa, Asia and Latin America.
“MyCredit is very pleased to have Oikocredit on board and is looking forward to fostering a long-term relationship. MyCredit would like to grow this relationship to Ksh1.25 billion in three years,” the company said in a statement.
“This transaction enables Oikocredit and MyCredit to work together to provide funding to support SMEs in Kenya. SMEs are one of the main pillars of economic growth as they have a multiplier effect of supporting many households through the creation of sustainable jobs. Our funding and capacity-building support will enable the company to make further progress in key impact areas while expanding the outreach to more underserved SMEs in the country,” Michael Kariah, Investment Officer East and Southern Africa at Oikocredit said.
Read: WOCCU Lists Regulatory Issues Hurting Credit Unions
>>> DStv Business Customers Better Off Using Accredited Installers
