Accessing Finance in Kenya

Most women in Kenya work in the agricultural sector and produce most of the agricultural produce in the country. However, when it comes to accessing credit and other forms of agricultural finance, women’s access drops quickly.

Within the non-agricultural sector of the informal economy, women are also very active in informal cross-border trade, where they are involved in a large volume of the goods traded across borders. Similar to those in the agricultural sector, women in informal cross border trade face several huddles in accessing finance.

Public and private institutions in Kenya have identified women’s challenges in accessing finance and have established various programmes to bridge the gap.
angle-left Mwananchi Credit Limited

Mwananchi Credit Limited

Brief description

 

Product

Guaranteed Logbook Loan

 

Brief description

This loan is offered to clients to meet personal expenses such as medical, school fees, purchase of household goods, etc. and can be secured against more than one motor vehicle at the same time.

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Interest rate

5% - 6 months, 6% - 12 months.

Collateral

Car log Book 

Grace period

N/A

Duration

N/A

 Ceiling amount

Up to 20 million.

 

Processed within 6 hours

Requirements

  • Original Logbook
  • KRA PIN Certificate
  • National I/D Card
  • 2 Passport Photos
  • 6 months Bank Statements
  • Comprehensive Insurance Certificate

Product

LPO Financing

 

Brief description

This is a facility designed to offer finance to service awarded LPOs or LSO’s and Contracts by the client’s procuring entities. Read more

 

Interest rate

Competitive

Collateral

Title Deed, Logbook

Grace period

N/A

Duration

N/A

Ceiling amount

N/A

Requirements

  • Kenyan citizen, over 18 years & National ID card,
  • KRA PIN certificate and passport Photograph.
  • 10% compulsory savings
  • 2 guarantors and must open accounts with CMFB.
  • Stock and Chattel insurance.
  • Passport Photograph (for first loans only.)
  • Business has been running for at least 6 months

Product

Invoice Discounting

Brief description

This is designed to avail extra working capital to clients, whose capital is tied up by unpaid invoices.

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Interest rate

N/A

Collateral

N/A

Grace period

N/A

Duration

Re payable within 90 days.

Ceiling

Up to 80% of the invoice value

Requirements

  • Copy of the original Invoice duly acknowledged by the procuring entity.
  • Delivery notes for the goods supplied.
  • Letter of assignment of the receivables executed by the procuring entity.
  • Latest Bank Statements for the business.

Product

Salary Advance

 

Brief description

This facility is designed for clients in need of urgent financing / emergency financing, e.g. School Fees, Hospital Bills, Wedding Expenses etc. before their next payday. Read more

Interest rate

N/A

Collateral

N/A

Grace period

N/A

Duration

Flexible.

Ceiling

N/A

Processed within 1 hour

Requirements

  • Latest 3 Months Pay Slip
  • Latest 6 months bank statements for the applicant’s salary account
  • Post-dated Cheques drawn from the salary account.

Product

Import Financing

Brief description

Import Financing is designed to relieve clients of the burden of paying port, storage and demurrage charges by settling all the charges on behalf of the clients, to avoid penalties

 

Mwananchi Credit Ltd targets importers of second hand motor vehicles (i.e. individuals and dealers), raw materials, machinery, electronics and second hand clothes ‘mitumba’.

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Interest rate

N/A

Collateral

Motor vehicle or other goods imported.

 

Grace period

N/A

Duration

Flexible Repayment period not exceeding 6 months

 

Ceiling

Up to 100% of calculated duties and taxes as per KRA Guidlines

Requirements

  • Original Bill of Lading
  • Invoice of the Motor vehicle of other goods
  • Import Declaration Form (IDF)
  • English Japanese Logbook
  • Copy of the PIN and ID of the importer

Product

Insurance Premium Financing

 

Brief description

This is a short term loan product designed to facilitate the financing of insurance premiums. This is given against the customer’s insurance premium bill for a maximum of 10 months with a minimum finance of KES. 25,000.

 

The loan will involve a tripartite agreement between the customer, the insurance company (guarantor) and financier (Mwananchi credit Ltd).

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Interest rate

4.0% above Central Bank Rate (CBR) pa.

Collateral

N/A

Grace period

Dependent on the crop cycle

Duration

Between 4 months (minimum) to 10 Months,

Ceiling

Up to 100% of the Premium amount.

 

Requirements

  • Duly Completed Application Form which includes the IPF Agreement.
  • Copy of the National ID/PIN for individual applicants
  • Copy of Certificate of incorporation/Certificate of registration for Business Owners.
  • Company PIN
  • Copy of Memorandum & Articles of Association, Partnerships Deed or other Constitutive documents as per registered entity type for corporate entities.
  • Board resolution to borrow for corporates

Product

Shimin Insurance

Brief description

Shimin Insurance Agency is Licenced to carry out insurance business as an intermediary and has its headquarters at Eco Bank Towers, 10th Floor, Nairobi.

 

The main objective of the Insurance Agency is to facilitate access by clients to professional insurance advisory services and also avail convenient and accessible insurance policies and claims service through the wide branch outreach.

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Contacts

Mwananchi Credit Limited

Eco Bank Towers, 10th Floor, Opp. 680 Hotel

P. O. Box 103683 – 00100

Nairobi-Kenya.                                                                                                           Phone +254 709 147 000                                                                                          Email: info@mwananchicredit.com                                                                                           Website: https://www.mwananchicredit.com/

   
   
   
   
   

50 MAWSP

 

The African Development Bank partners with EAC, COMESA & ECOWAS Regional economic blocks to implement the 50 Million African Women Speak Networking Platform Project.The platform is intended to empower millions of women in Africa to start, grow, and scale up businesses by providing a one-stop shop for their specific information needs. Click on the image for more information

 

50MAWS Project engages East African Financial institutions for more financial inclusion. Click on the photo above for the full story