Premier Kenya Limited is not new to MYC4 , as you would recall, they were the borrowers of the whole sale loan that was disbursed a few months ago. Premier Kenya joins MYC4 as providers of small business and group loans.
Premier Kenya is microfinance that specializes in credit only and was incorporated in 2014 January. Run by experience microfinance professionals, Most of Premier Kenya’s staff was working with MYC4 former provider Micro Africa and therefore have a vast knowledge on how the MYC4 system works. Premier Kenya was founded by Tim Carson and James Mugambi who are the former sole directors of Micro Africa Ltd. During the first months of operation, Premier Kenya recruited 2500 active clients in its first 5 months of business and has a portfolio of KES 240million. Average loan size at present is approximately KES 100,000. (approximately 900 Euros)
Premier focuses on several products, which include-:
- Group Loans – Product is meant for customers in groups of 3-20. Individuals form the groups and co-guarantee each other when applying/taking loans.
- SME Loans – This product is the Premier Kenya business loan. This is given to both secured and unsecured business loans. The unsecured SME loans are offered to small and medium enterprises with no formal securities.
- Housing Improvement Loans – This is alos given to those with or without securities and has enabled many households to improve their living standards by improving their housing structure etc.
Loan terms vary from 6 -36 months depending on usage of the funds by the client and also the amount required by the client.. These are some of the products that they will upload on MYC4.