MyCredit, a non-bank financial services company registered in Kenya, has secured $3 million in funds from BlueOrchard to scale operations.
The company disclosed that the funds will be used to support the plan in offering 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”.
The lender targets private school owners seeking both secured and unsecured funds. They can borrow up to between Ksh1 million to Ksh5M secured funds.
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CEO of MyCredit Wangaruro Mbira stated that the company has already disbursed 11,014 loans to customers across the country with a total value of Kshs.7.88 billion in the last 7 years.
“We have over 10,500 customers and 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.
The investment from BlueOrchard, a global impact investment manager, signifies a show of confidence in MyCredit’s business model and its potential to make a positive impact in the financial services sector in Kenya.
Also, this will enable MyCredit to fulfill its mission to support businesses and local communities to achieve greater financial freedom by getting custom-built financial offerings to growing and emerging enterprises, professionals, and civil servants.
Based in Kenya, MyCredit aims to support businesses and local communities to achieve greater financial freedom through tailor-made loans to small and medium enterprises (SMEs), and professionals, amongst others.
The company offers loans, guarantees, leasing, and insurance services, and is a credit-only finance company.
On MyCreditLoans, this product is for short-term business bridging capital needs. It’s available for clients in business only.
Features include;
- Available for business clients who have been in operation for over 12 months.
- The maximum repayment period is 12 months.
- Collateral – Motor vehicle.
On MyCredit insurance feature, it offers a non-life insurance cover to customers, that compensates the policyholder, in the event that there is a loss or damage to property or against liability.
For Life insurance, this is an insurance policy that pays a designated beneficiary a sum of money upon the occurrence of an insured event
Lauded for its support to businesses and local communities to achieve greater financial freedom, MyCredit plans to build a truly pan-African business in the next 10 years, opening branches in all 47 counties and commercial centers to reach and develop missing middle enterprises.
The company’s dream is to be a leading and diverse non-bank financial institution in Kenya, with a mission to support businesses and families to achieve more financial freedom. Notably, MyCredit has an ambition to grow its membership to 20,000 by 2025.