NAIROBI, Kenya June 6 – Momentum Credit – a non-depository financial institution, has opened its 12th branch in Machakos County to continue offering working capital solutions to individuals and SMEs otherwise considered too risky by traditional banks.
Speaking at the launch on Friday, Momentum Credit managing director Job Muriuki hailed the newly introduced regulations, calling them an opportunity for the category to get rid of rogue players while continuing to provide credible non-bank loans to Kenyans.
“We intend to support the achievement of the country’s Vision 2030 – To transform Kenya into a newly industrialized middle-income country, providing a high quality of life for all its citizens in a clean and safe environment.
According to Muriuki, SMEs are touted by reputable institutions – such as the World Bank – as growth engines responsible for economic growth.
He, however, regretted that companies have limited access to finance due to the widespread perception of being too risky, which he said limits the country’s economic potential.
Machakos has been established as a sustainable, conducive and dynamic business destination – ranking among the top five counties with the highest contribution to the country’s GDP.
“We are pleased to collaborate in this position by enabling emerging businesses and entrepreneurs to realize their aspirations and expand their possibilities through greater access to finance,” he said.
He said the lending institution is committed to providing quick access to credible funding “complimented with a world-class customer experience”.
He pointed out that part of their solutions seek to facilitate affordable financing of insurance premiums – eliminating the need to make insurance payments up front, especially with comprehensive insurance premiums having increased. up to 50% during this fiscal year.
Another solution available is a self-service revolving credit limit facility – secured by motor vehicle and motor import financing which Muriuki says reduces the cost of acquiring a car by up to 20%.
He notes that the 2022 expansion campaign aims to improve customer proximity, foster convenience and support economic recovery from the COVID-19 pandemic.