Earlier today SISDO joined the MYC4 platform as a new Provider. Established in 1993 as Smallholder Irrigation Schemes Development Organization (SISDO) the mission was to develop the irrigation and drainage systems for small-scale farmers on a sustainable basis, and to promote horticultural production through provision of credit.
In 2003, SISDO became a full-fledged Microfinance Institution (MFI) and today it has 16 branches in seven of Kenya’s eight provinces. The focus of SISDO is on rural as well as urban financial services delivery to low-income communities, targeting smallholder crop, dairy farmers and agribusinesses, health insurance and other micro entrepreneurs with on-going activities that require capital to fund growth.
SISDO will start with three types of loan products on the MYC4 platform:
- Inua – Business Uplift; with a loan range of 100-1,200 euro this product targets small and micro-entrepreneurs mainly for working capital needs.
- Daraja – Business Bridging; loans in the range of 1,200-3,500 targeting middle level entrepreneurs and farmers for working capital, technological improvements and innovations.
- GOE – Growth Oriented Enterprise; primarily targeted towards growth oriented enterprises in the areas of asset and contract financing as well as low cost housing projects. Loans range from 3,500-5,000.
The loans will come from two of SISDO’s branches in Nairobi, namely Adams and Kawangware. Following a successful pilot, it is expected that other branches and loan products (e.g. agricultural loans) will be added to the platform.
SISDO is the third Kenyan provider to join the MYC4 platform this year (following KEEF in February, and Yehu in June). It has been an important part of the MYC4 strategy for 2012 to grow the loan portfolio in Kenya, and with SISDO as a new Provider focus can now shift to Tanzania. The first loans from SISDO are expected to become open for bidding tomorrow – in the meantime, check out SISDO’s provider profile here.