NAIROBI, Kenya, Feb 1 — MyCredit Limited, a non-bank financial service Institution licensed as a Digital Credit Provider by the Central Bank of Kenya, has received a funding deal worth Sh325 million from OikoCredit for onward lending.
The funding will support MyCredit’s strategic plan in offering affordable and medium-term financing of up-to a maximum period of three years to its SME customers who are in trading businesses. Through the partnership, the SMEs will be able to create more job opportunities in the communities within which they operate.
MyCredit Limited has been at the vanguard of improving access to capital for SMEs in a fast, convenient and affordable way through automation and continuous improvement of its customer journey.
Speaking to the CEO of MyCredit Wangaruro Mbira the lender has disbursed a total of 15,500 loans to customers across the country with a total value of Sh6.28 billion in the last 6 years.
“Over that period Mycredit Limited has opened 14 branches and created 158 direct jobs,” he noted.
“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,” Mbira 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 around financial inclusion, agriculture and renewable energy sectors in Africa, Asia and Latin America. MyCredit is very pleased to have Oikocredit on board and are looking forward to fostering a long-term relationship.
MyCredit is seeking to grow this relationship to Sh1.25 billion in 3 years.
Michael Kariah, Investment Officer East and Southern Africa at Oikocredit said: “This transaction enables Oikocredit and MyCredit to work together to provide funding to support SMEs in Kenya.”
He added: “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.
Kariah said the funding will support 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.”
