MyCredit Limited, a non-bank financial Institution in Kenya, has received a funding deal worth Sh 325 million from OikoCredit for onward lending.
The funding will support MyCredit’s strategic plan in offering affordable and medium-term financing of up-to a maximum period of three years to its SME customers who are in trading businesses.
MyCredit Limited is a non-bank financial company with over 10,000 customers in Kenya alone, providing low-cost medium-term financing to small and medium-sized enterprises (SMEs).
With the establishment of this significant partnership, MyCredit intends to offer more financial opportunities via tailor-made loans to local SMEs. By offering these financial opportunities, small businesses without sufficient funding will find a fulcrum, stay functional and contribute to enhancing economic growth.
As part of an ongoing commitment to creating greater social impact and financial inclusion, this partnership between Oikocredit and MyCredit will reach underserved SMEs and provide much-needed capacity-building support to wider communities in Kenya.
Through this new partnership with Oikocredit, MyCredit will fulfil its mission to support businesses and local communities to achieve greater financial freedom by getting custom-built financial offerings to growing and emerging enterprises, professionals, and civil servants.