MyCredit Limited, a non-bank financial service institution licensed as a Digital Credit Provider (DCP) by the Central Bank of Kenya, has received debt funding of USD 3 Million from BlueOrchard for onward lending.
- The funding will support plan in offering affordable and medium-term financing of up to a maximum period of three years to its customers who are in the education sector. Through this partnership, the institution has launched an education product called “Kuza Elimu Loan”.
- The lender targets private school owners seeking both secured and unsecured funds. They can borrow up to between Ksh1 million to Ksh5M secured funds.
- BlueOrchard, is an impact investment pioneer which has invested long-term in more than 105 emerging and frontier markets through a network of over 720 financial institutions.
“The Institution has disbursed 11,014 loans to customers across the country with a total value of Kshs.7.88 billion in the last 7 years,” stated MyCredit CEO, Wangaruro Mbira.
“We have over 10,500 customers and we will be opening more branches gradually in all the 47 counties and commercial centers to be able to reach more entrepreneurs in the education sector,” he added.
