Digital credit provider, MyCredit Limited has signed an agreement with OikoCredit International which will see the financial service institution receive Ksh.325 million for onward lending to its Small and Medium Enterprise (SME) customers.

According to MyCredit CEO Mr. Wangaruro Mbira, the funding is expected to support the organization's strategic plan of offering affordable and medium-term financing of up to a maximum period of three years to its SME customers who are in trading businesses.

Through the partnership, the SMEs will be able to create more job opportunities in the communities within which they operate.

“The Institution has disbursed a total of 15,500 loans to customers across the country with a total value of Ksh.6.28 billion in the last 6 years. Over that period MyCredit Limited has opened 14 branches and created 158 direct jobs,” said Mr. Mbira.

“We have over 10,000 customers living up to our mission of supporting businesses & families to achieve more financial freedom through offering tailor-made bridge finance solutions (loans) to Small & Medium Enterprises (SMEs), Professionals and Civil Servants,” he added.

OikoCredit, is a social impact investor and worldwide cooperative focusing on investments around financial inclusion, agriculture and renewable energy sectors in Africa, Asia and Latin America.

Michael Kariah, Investment Officer East and Southern Africa at Oikocredit said: “This transaction enables Oikocredit and MyCredit to work together to provide funding to support SMEs in Kenya."

"SMEs are one of the main pillars of economic growth as they have a multiplier effect of supporting many households through the creation of sustainable jobs. Our funding and capacity-building support will enable the company to make further progress in key impact areas while expanding the outreach to more underserved SMEs in the country,” said Kariah.