This archive report was first published on 26 July 2019.
Located in Nairobi's CBD, Tony Bakers and Catering is a privately owned catering business that has been a staple in the city's culinary scene since 2012. The company's owner, Tony Kinoti, had long harbored the dream of reaching more customers through corporate events and outside catering.
However, expanding his business and catering to new clientele required unique financing solutions. For years, Kinoti was turned down by local banks until 2016 when he stumbled upon Mwananchi Credit, an investor in people.
Mwananchi Credit advanced Kinoti a short-term loan and finance arrangements like weekend loans, LPO financing, and logbook loans, which helped him meet his business demands without a hitch.
Results like this are the reason Mwananchi Credit Limited began partnering with Kenyans since its inception on April 10th, 2010. With its slogan of 'investors in people', the company has continued to extend financial services to individuals and small businesses across the country, creating jobs and helping jump-start growth along the way.
'Our transformation and innovative loan products have enabled us to cater for the needs of individuals and companies alike,' said Dennis Mombo, the Mwananchi Credit's Director. 'This has set a foundation for impactful and profitable collaborations which saw us win the coveted Automotive Sector Excellence award for logbook loans in 2019.'
When asked about some of the challenges in their industry, Mombo noted that lending is a bit more costly and risky compared to deposit-taking banks. Sometimes clients fail to meet agreed repayment obligations, leading to drastic measures being taken like auctions.
Mwananchi Credit offers a range of loans to Kenyans, including LPO financing, salary advance loans, cheque discounting, logbook loans, weekend loans, and title deed/secured loans.
