Mobile phones have become an indispensable part of our lives. One of the greatest gifts to mankind, some would argue. But not too long ago, owning a mobile phone was confined to members of the affluent class. All thanks to cost cutting techniques and innovations over a period of time, mobile phones are now affordable for everyone, and Kenya alone has close to 30 million mobile phone users.
Meet Danson Kiragu, a client at KEEF, who is a dealer in mobile phone accessories. Danson imports phone accessories from China and sells his products in wholesale and retail. According to him, phone accessories have become first moving goods since every household has a mobile phone. Danson received his MYC4 loan of €707 which was funded by 46 investors in August 2012.
How did you hear about MYC4?
I heard about MYC4 from a friend of mine who had taken two loans with MYC4 through KEEF Kenya.
What did you use the loan for?
I was able to import more accessories from China and thereby meet my customer’s needs. Before I got this loan I was selling my goods on retail but after the loan I have been able to sell them on wholesale.
Has the loan influenced the society around you? If yes how?
Yes, the accessories I buy are in high demand in the market and because of the good quality I get more customers each passing day.
Have you been able to hire new employees after you received the loan?
Yes, I have hired one young man in the shop, and because of the business growth I have also been able to hire two deliveries guys.
How do you find our interest rates compared to other MFIs in Kenya?
Compared to other MFIs in Kenya the interest rate is very pocket friendly, anyone who would want a loan at lower interest should consider MYC4. I liked the loan repayment schedule because I have enough time to put my profits together and repay the installment.
Did you find any difficulties in repaying your loan?
I don’t have difficulty in repaying the loan because the business has grown hence I get enough money to repay the loan.
What is your future business plans?
I want to expand my business. I also want to buy land in one year’s time and build rental houses. With the rental houses I will be able to start importing electronics from China.
Do you plan on getting another loan from MYC4? And what would you use it for?
Yes I plan getting another loan after I clear repaying this loan, but next time I would like to take a bigger loan. The next loan I take I will put my savings together and buy a plot for the rental houses.
Would you recommend MYC4 to friends and family?
Yes, I have encouraged a couple of my friends and so far they have come up with a group and in the next two months they should start applying for loans under MYC4 platform.
Do you have additional comments?
I have been very glad being able to receive a loan with MYC4 because I have seen my business grow. I would want to encourage young people to stop sitting down and complaining that there are no jobs – they should form small groups and join an institution like KEEF Kenya and they will change their lives just like I did.