This archive report was first published on 29 August 2021.
Published on August 29, 2021, Mwananchi Credit has been recognized as the Best Logbook Financier 2021 for the third consecutive year.
The micro-credit company was awarded at the Third Annual Automotive Industry Awards for offering timely and affordable logbook loans and creating proper financing structures.
According to Mwananchi CEO Dennis Mombo, the award is a recognition by their peers and customers of their resolve to make logbook loans an affordable financing option for all motorists in the country.
“We are greatly humbled by this award which is a recognition by our peers and customers of our resolve to make logbook loans an affordable financing option for all motorists in this country. To win this award once is a privilege. But to win three times in a row, it is the grace of God. We will work extra hard to ensure that we keep pushing our excellence levels,” Mombo said.
Mwananchi Credit has been banking on innovation to sustain itself during the pandemic period, being the first and currently the only logbook loan provider to fully embrace a risk-based financing model.
This move has resulted in lower interest rates, averaging around 5% in the industry, being slashed to a low of 1.5% for corporate clients, making Mwananchi Credit one of the most affordable logbook loan providers.
The company has also announced a programme to refinance distressed logbook loans from other lenders, offering borrowers a new lease of life from their current expensive loan contracts.
Mwananchi Credit is one of the leading logbook loan providers in the country, with a diversified product portfolio including title deed loans, civil servant salary check off loans, import financing, and asset financing among others.
