NAIROBI, Kenya June 6- Momentum Credit – a non-deposit-taking financial institution, has opened its 12th branch in Machakos County to continue offering working capital solutions to Individuals and SMEs otherwise considered too risky by mainstream banking.
Speaking Friday during the launch, Momentum Credit’s Chief Executive Officer Job Muriuki welcomed the recently introduced regulation calling it an opportunity for the category to rid of rogue players while continuing to provide credible non-bank lending to Kenyans.
“We are intentional about supporting the realization of the Country’s Vision 2030 – Transforming Kenya into a newly industrializing, middle-income country, providing a high quality of life to all its citizens in a clean and secure environment.
According to Muriuki, SMEs are touted by reputable institutions – such as the World Bank, as growth drivers responsible for economic growth.
He however regretted that businesses have limited access to financing due to the broad-based perception of being too risky which he notes limits the country’s economic potential.
Machakos has been established as a sustainable, conducive, and vibrant business destination – ranking among the top five counties with the highest contribution to the country’s GDP.
“It pleases us to collaborate this position by enabling emerging businesses and entrepreneurs realize their aspirations and expand their possibilities through improved access to finances,” he said.
He said that lending institution is committed to providing fast access to credible financing “complemented by world class customer experience.”
He pointed out that part of their solutions they seek to facilitate affordable Insurance premium financing – eliminating the need to make Insurance payments upfront particularly with comprehensive insurance premiums having increased by up to 50 per cent this financial year.
Another solution available is a self-service revolving credit limit facility – secured by a motor vehicle and Motor Import Financing which eh said reduces the cost of acquiring a car by up to 20 per cent according to Muriuki.
He notes that the 2022 expansion drive is geared towards improving proximity to clients – driving convenience and supporting economic recovery post the COVID-19 pandemic.
