We’re pleased to see that investors can once again lend to entrepreneurs in Kenya through Micro Africa Ltd.
Right now Micro Africa has six new Kenyan loans open for bidding – and from what we’ve heard many more should be on the way. For instance there’s 26-year-old Ann who runs a retail shop and hopes to hire an assistant once her business expands. And there’s 44-year-old Daniel Ngumba who’s looking to buy two more cows.
The platform has been slow on Kenyan opportunities for the last six-eight months. In fact Micro Africa hasn’t uploaded loans from Kenya for almost 1 year. So why did they decide to come back to the MYC4 platform?
James Mugambi, Executive Director of Micro Africa, explains:
– We have resumed posting loans on the MYC4 platform following the stabilisation of the Kenya shilling currency against major international currencies because we have always believed that MYC4’s way of raising Loan Capital for MFIs is very efficient.
– We as Micro Africa Directors do not have to spend a lot time and resources fundraising for working capital of our operations but can now instead concentrate in lending and Product Development. Our experience in fundraising from banks and other international funders take average of 6-8 months before we conclude the transaction. So MYC4’s platform is always a great relieve when it comes to accessing funds for our clients.
Micro Africa is not the only provider who’s active in Kenya. KEEF joined the platform last week and has already uploaded more than 40 loans. Read more about KEEF in this blog post or on their new provider profile.