Friday, 8TH JULY 2022 According to the World Bank, financial inclusion is a fundamental cornerstone to development - driving the realisation of Kenya’s Vision 2030 and attainment of Sustainable Development Goals (SDGs). With only 40% of Kenyans accessing bank credit – economic development, business expansion, employment and consumption power are compromised.
Friday, 8TH JULY 2022 According to the World Bank, financial inclusion is a fundamental cornerstone to development - driving the realisation of Kenya’s Vision 2030 and attainment of Sustainable Development Goals (SDGs). With only 40% of Kenyans accessing bank credit – economic development, business expansion, employment and consumption power are compromised.
FRIDAY, 3RD JUNE, 2022 - SMEs are touted by reputable institutions - such as the World Bank, as growth drivers responsible for economic growth. Regrettably, these businesses have limited access to financing due to the broad-based perception of being too risky. This is in turn limiting to our country’s economic potential.
The company’s Chief Executive Officer Job Muriuki said the opening of the newest branch is in line with the microfinance clarion call for expansion. "Unaware to many Kenyans, Ongata Rongai is one of the largest and fastest growing urban centres in Kenya according to the 2019 census data. Momentum Credit wants to be part of that growth by supporting Small and Medium Enterprises (SMEs) thriving in the area. It will support young people by offering them affordable credit facilities," said Mr Muriuki.
Three months after Momentum Credit micro finance launched its Nakuru and Kisumu branches, it has been able to disburse a loan of more than Sh60million to budding enterprises in the region. According to the microfinance chief executive officer, Mr Job Muriuki, the new branches have so far contributed 20 per cent of the company’s total sale
Momentum Credit Micro Finance has disbursed more than Sh60 million to clients since the launch of its Nakuru and Kisumu branches three months ago. The microfinance chief executive officer Job Muriuki says the new branches have so far contributed 20 per cent of the company’s total sales.
Like any other entrepreneurs across the globe, Kenyan entrepreneurs often find themselves facing stubborn financial straits. When this happens, their businesses implode. Cash constraints bite hard, culminating in staff layoffs. In extreme cases, businesses close shop.