M-PESA is a mobile payments system in Kenya based on accounts held by a mobile operator and accessible from subscribers’ mobile phones. The conversion of cash into electronic value (and vice versa) happens at retail stores (or agents). All transactions are authorized and recorded in real-time using secure SMS.
Meet Regina Wambui, a client at MicroKenya Ltd, who is an M-pesa agent in her village. According to her, mobile money business has become one of the profitable businesses in Kenya because the majority of Kenyans prefer sending money through mobile money transfer because it’s efficient and fast. We talked to Regina who is right now applying for her first loan with MYC4 of €722 and this was her response.
How did you hear about MYC4?
I heard about MYC4 through one of Micro Kenya’s loan officers who explained to us how it works in one of his many visits to our group.
What will you use the loan for?
I will open another M-pesa shop and bring together my savings and employ one young lady who will be running the new M-pesa.
And will the loan help you grow your business?
Once I open another M-pesa my business will grow hence I will get more clients and meet my customers’ needs, of this needed commodity by especially small-scale business people in my town.
Will the loan influence the society around you? If yes, how?
Yes, the loan will influence my community in greater way especially women who just sit at home and wait for their husbands to provide for their families. Being a woman in a community where the men are known to be the sole providers of their families has really challenged many women in my village making them to start small business.
Will you be able to hire new employees after you receive the loan?
I will hire one employee who will be helping me run the new M-pesa shop hence create employment to one young lady.
How do you find our interest rates compared to other MFIs in Kenya?
I find the interest rates okay compared to other MFIs in Kenya. The repayment schedule is good for a small business, because one can be able to pay the little that she or he gets.
Do you think you will have any problems when repaying this loan?
I’m very positive I will not have any problems when it comes to repaying this loan considering that my business will grow in big margins hence more profit and this will help me pay the loan without any problems.
What are your future plans?
I plan to own my own rental houses in the future. I have already bought a piece of land, still waiting to start building my rentals.
Do you plan on getting another loan from us? And what would you use it for?
I plan on taking a bigger loan than this once I finish repaying this to enable me build my rental houses. With the savings and the loan I will achieve my dream of having my own rentals.
Would you recommend MYC4 to family and friends?
Yes, being the leader of my group, I have encouraged many people to join groups and partner with micro finances through which they can be able to apply for MYC4 loans.
Do you have additional comments?
I would like to tell women to start a small business instead of staying home idle waiting for their husband to provide for their families.
You can help Regina open another M-pesa shop and employ a young lady by funding her loan which is open for bidding right now.