Empowering Education Entrepreneurs: MyCredit's Vision
In a significant financial stride, Kenyan digital credit provider MyCredit Limited has successfully secured $3 million in debt funding from the impact investing firm BlueOrchard. The infusion of funds serves as a pivotal moment for MyCredit as it charts a course to amplify its operations within the country.
Unveiling the Purpose
MyCredit envisions leveraging the freshly acquired capital to broaden its footprint across Kenya. The company is dedicated to extending financial support to customers within the education industry, offering affordable and medium-term financing options spanning up to three years.
Kuza Elimu Loan
MyCredit strategically targets private school owners in pursuit of both secured and unsecured funds. Through its innovative "Kuza Elimu Loan," the company facilitates borrowing ranging from Ksh1 million to Ksh5 million in secured funds.
MyCredit, headquartered in Kenya, stands as a beacon of financial empowerment. With a customer base exceeding 10,000, the company's CEO, Wangaruro Mbira, highlights a commendable track record. Over the past seven years, MyCredit has disbursed 11,014 loans totaling Kshs.7.88 billion to customers nationwide.
Stepping Into the Future: Branch Expansion
Undeterred by past accomplishments, MyCredit has ambitious plans. The company aims to gradually open more branches across all 47 counties and commercial centers, thereby extending its reach to a broader spectrum of entrepreneurs in the education sector.
MyCredit's Collaborative Ventures
MyCredit had previously secured a $2.6 million loan facility from social impact investor Oikocredit. The collaboration was focused on supporting SMEs in Kenya, aligning with MyCredit's mission to provide tailor-made loans to small and medium-sized enterprises, professionals, and civil servants.
Strengthening SMEs' Access to Capital
MyCredit affirms that the newly acquired investment will play a pivotal role in enhancing SMEs' access to capital, ensuring a seamless, timely, and cost-effective lending process. The company has a noteworthy track record, having granted 15,500 loans totaling KES 6.08 billion in the six years leading up to the recent funding announcement.
MyCredit's Growth Trajectory
MyCredit's journey is not just a financial narrative; it's a commitment to fostering educational entrepreneurship and driving economic growth. With a strategic infusion of funds, the company is poised for expansive growth, aiming to play a key role in transforming the landscape of financial empowerment for entrepreneurs in Kenya.