Microfinance firm Momentum Credit has opened its 12th branch in Ongata Rongai town in Kajiado County.
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.
He added: "It is only logical that for a business like Momentum that focuses on providing credit to SMEs we thought it would be wise to be part of the growth of Ongata Rongai by opening a branch and expanding business possibilities for traders and young people who are making the town to expand."
Mr Muriuki was speaking during the opening of the new branch on Friday where he announced that one of the latest products the company has introduced in the market is motor import financing.
"Our product is unique and with only 25 per cent down payment, any Kenyan can now import the car of their choice from Japan. Momentum will finance the 75 per cent cost and will handle the entire process of importing a vehicle and delivering the car to your doorstep."
"So far, we imported 100 cars for our customers and this has seen them save between 20-50 per cent of the importation cost which they would have incurred if they had done it individually," said Mr Muriuki.
Covid-19 disruptions
He revealed that even with the Covid-19 disruptions, the company made sales worth Sh200 million during the pandemic.
"Difficult times are not forever and I'm optimistic that with more people getting vaccinated the economy will recover," he added.
He said some of the financial lessons he picked during the pandemic include preparing for the worst even when things look okay.
"Many people never thought lockdowns would be imposed and it is important to be resilient in case such times return. Saving for a rainy day at individual and company levels are paramount," he added.
To say afloat during the pandemic, he said the company made drastic financial changes including the suspension of marketing and travelling.
"We did not send staff home as they are our key drivers to our business and we believe the worst is over and we hope to bounce back in a big way," said Mr Muriuki.
He announced that the firm will open one more branch in the Mt Kenya region before the end of the year to create more opportunities for the youth in the region.
For more information and press queries, please contact: Comms@momentumcredit.co.ke