This archive report was first published on 7 December 2019.
Published on December 7, 2019, Mwananchi Credit Ltd has been revolutionizing lending in Kenya by providing quick and targeted credit solutions to individuals and businesses.
With a growing demand for loans in Kenya, micro-lenders like Mwananchi Credit are filling the gap, offering an array of credit solutions that cater to different needs.
The company's innovative loan products have enabled it to cater for the needs of individuals and companies alike, with loans ranging from Ksh10,000 for personal issues and micro-businesses to Ksh25 million for medium enterprises.
According to Mr. Dennis Mombo, Mwananchi Credit Managing Director, the company's transformation and innovative loan products have enabled it to cater for the needs of individuals and companies alike.
Mwananchi Credit prides itself in processing loans in less than six hours, thanks to its streamlined systems that sidestep the bureaucracy associated with loan services in commercial banks and Saccos.
While it offers loans on less strict terms, Mwananchi Credit's interest rates are slightly high to cover the risks associated with this category of lending.
The company's success has seen it expand its operations beyond Nairobi, with a recent branch opening in Mombasa and plans to enter six other towns across the country.
Its flagship product, logbook loans, has been a game-changer for Kenyans, allowing them to secure credit using their logbooks.
