Mogo is set to pump Kes 7 billion worth of credit to small businesses and individuals running projects with the potential to generate income and increase productivity.
The financial services firm targets underbanked Kenyans who have been excluded from the mainstream financial system for extended periods.
Their access to flexible financing would open up new opportunities and promote the expansion of small enterprises, forming the Kenyan economy's foundation.
Domas Mineikis, national manager for Mogo Kenya, asserted that boosting credit availability for people and organisations who have historically been shut out of the official banking system will close the financial inclusion gap in the nation.
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Further, the Manager stated that the as the leader in the financial services sector, the company will use their resources and capacity to help shape a better future and contribute to progress in the country.
“This new credit facility aligns with our ling-held commitment to significantly elevate small businesses in the markets we serve,” he said.
In Kenya, MSMEs account for over 90 per cent of all businesses, forming a critical component of its economy.
However, many businesses need help accessing credit from traditional financial institutions due to lack of collateral, long loan processing times, insufficient credit history, or high-interest rates.
