This archive report was first published on 20 December 2019.
December 20, 2019 - In a year marked by economic challenges, Mwananchi Credit has emerged as a shining star, registering impressive growth and transforming the lives of thousands of people and businesses across the country.
The microlender's success has seen it expand its operations beyond Nairobi, with the opening of a branch in Mombasa in 2019. This move is part of its strategy to tap into the huge coastal region market.
With six branches now operational - three in Nairobi, one each in Kitengela, Eldoret, and Mombasa - Mwananchi Credit is set to enter six other towns across the country in the first quarter of 2020.
Milestones ¶
According to Mwananchi Credit CEO Dennis Mombo, the company's goal is to become the top-tier microlender. 'We know the economy has not been well, but the best time to invest money in opening new branches is now,' he said.
The demand for loans in Kenya has been growing, sparking an increase in the number of micro-lenders. Mwananchi Credit Ltd offers a range of credit solutions, including LPO financing, salary advance loans, cheque discounting, logbook loans, weekend loans, and loans secured by titled deeds.
One of the highlights of 2019 for Mwananchi Credit was when it won the coveted Automotive Sector Excellence award for logbook loans in June. This has been its flagship product, allowing Kenyans to secure credit using their logbooks.
Positive Impact ¶
In August, Mwananchi Credit won the 2019 Best Credit Institution in Title Based Financing Award at the Real Estate Excellence Awards. This recognition is a testament to the confidence the Kenyan public has in the company.
According to Mr. Mombo, 'This shows the confidence the Kenyan public has in Mwananchi Credit. This is another milestone in our 10-year history, and we will strive to keep serving our customers better.'
