Oikocredit, a Netherlands-based cooperative, recently lent MyCredit, a Kenya-based non-bank financial services company, USD 2.6 million for lending to small and medium-sized enterprises (SMEs). MyCredit CEO George Mbira commented, “The secured funding will support MyCredit’s strategic plan to offer affordable and medium-term financing of up to a maximum of three years to its SME customers who are in trading businesses.”
Established in 2016, MyCredit has approximately 110 employees providing loans, guarantees, leasing and insurance to approximately 10,000 customers via 13 branches. Over the last six years, MyCredit has issued 15,500 loans worth KES 6.1 billion (USD 54 million).
Founded in 1975, Oikocredit invests debt and equity in financial inclusion, agriculture and renewable energy in Africa, Asia and Latin America, seeking “to improve the quality of life of low-income people or communities in a sustainable way.” As of September 2022, Oikocredit reported investments valued at EUR 1 billion (USD 1.1 billion), deployed via 500 partners.
By Ben Barba, Research Associate
Sources and Additional Resources
Oikocredit press release
https://www.oikocredit.coop/k/en/n2613/news/view/357043/9049/mycredit-and-oikocredit-us-2-6-million-partnership-to-fund-smes-in-kenya.html
MyCredit Webpage
https://www.mycredit.co.ke
Oikocredit webpage
https://www.oikocredit.coop
MicroCapital brief on Oikocredit loan to Yellow of Uganda
https://www.microcapital.org/microcapital-brief-oikocredit-loans-yellow-of-uganda-5m-for-off-grid-solar-energy-in-africa/
Did you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.
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