Oikocredit, a social impact investor, has granted a loan facility worth $2.6 million to MyCredit Limited, a non-bank financial institution in Nairobi, Kenya, with over 10,000 customers.
This new partnership will help MyCredit improve access to capital for SMEs in a fast, convenient, and affordable way.
Based in Kenya, MyCredit aims to support businesses and local communities to achieve greater financial freedom through tailor-made loans to small and medium enterprises (SMEs), professionals, and civil servants.
MyCredit has already disbursed 15,500 loans to customers across Kenya with a total value of KES 6.08 billion in the last six years. Over that period, the institution has opened 15 branches and created 158 jobs.
This new funding deal aligns with Oikocredit’s mission to provide loans to organizations active in the financial inclusion sector and improve lives for low-income households throughout Kenya.
MyCredit plans to build a truly pan-African business in the next 10 years, opening branches in all 47 counties and commercial centres to reach and develop missing middle enterprises. This new partnership with Oikocredit could help MyCredit realize its long-term vision of empowering businesses and communities in Kenya and beyond.