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Mwananchi Credit Feted as a TopScore brand

The company was voted as the Most Timely Logbook Loan Provider in Kenya as well as recognized as a TopScore Brand in recognition of the financier’s increasing penetration in the country.

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TopScore Brands awards the certificate Mwananchi’s Head of Customer Service , Ruth Moraa and trophy to HR Manager Collins Okello (Photo: Courtesy)

Mwananchi Credit has been recognized as a TopScore brand during the inaugural gala dinner held at the Hilton Hotel last Friday.

The company was voted as the Most Timely Logbook Loan Provider in Kenya as well as recognized as a TopScore Brand in recognition of the financier’s increasing penetration in the country.

 

The company has had an impressive winning streak this year, landing the Best Land Title based Financier at the 4th Annual Real Estate Excellence Awards as well as the Best Logbook Loan Financer during the Annual Automotive Industry Awards, both held recently.

Commenting after the win, Mwananchi Credit CEO Dennis Mombo was philosophical about it “It is not until you are on top of your game that you begin being recognized. However, as I remind my team every day, getting to the top is the easy part. It is staying on there, that calls for a big challenge. The biggest show of a winning spirit is to fight complacency so that you keep emerging the best in subsequent years. We are excited about being recognized as a Topscore Brand alongside Kenya’s other leading brands. But we are more excited about giving the best service to our clients, who are the reason we are on top!”

Mwananchi Credit is one of the most innovative lenders in the market. They have ensured that they are able to meet borrowers’ needs at various collateral levels while easing the process of access to credit.

By providing Emergency Loans, the company has put in place aggressive customer-centric processes to ensure that the timelines between application and disbursement are narrowed to an absolute minimum. This has been enabled by embracing technology such that the KYC process starts immediately upon online application and the subsequent steps are also automated whenever possible. Logbook Loans are provided within less than six hours of application with a disbursement within this Turn Around Time clocking over 98% of the instances.

Mwananchi Credit is one of the leading logbook loan providers in the country. Its diversified product portfolio includes title deed loans, civil servant salary check-off loans, import financing, and asset financing among others.

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Setting The Record Straight- Mwananchi Credit Is A Responsible Lender.

Mwananchi Credit Limited is one of Kenya’s leading non-deposit taking micro finance lending institutions based in Kenya. It is 100% Kenyan owned and currently has eight branches across the country.

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Reference is made to a number of media reports that seem to insinuate that our company is practicing predatory lending by charging exorbitant interest rates and loan charges.

While in the past we have opted to ignore these baseless allegations and rumours, we now feel that our detractors have used our silence to gain steam and propel those innuendos even further and hence it is apt that we set the record straight:

1. Mwananchi Credit practices Risk Based Lending. This means that we lend people according to their risk factor with lower risk getting lower rates and higher risk being commensurately weighed. Nonetheless, compared to our peers, our interest rates are among the lowest in the industry
(between 1.67 to 3%) . This is the main reason why we remain one of the leading lenders in our sector, with a majority of our loan book being repeat clients.
2. Mwananchi Credit’s appetite to assume higher risk enables us to expand the bracket of those who qualify for credit and this has resulted in thousands of Kenyans being able to grow their businesses and deal with their emergencies through Mwananchi Credit’s financing facilities.
3. In case of defaulted loans, like any other financial institution, some penalties may be accrued. But as a matter of good faith, whenever the customer has shown the desire and commitment to repay their loans, we have always shown goodwill by waiving most of the penalties, in some cases as much as 100%.We are among the most restrained when it comes to reaching the drastic level where we have to recover the collateral asset.
4. A combination of the above factors have contributed to the fast growth of Mwananchi Credit; a fact that is not lost on some of our competition, who are directly at the forefront of some of the false allegations via proxies.
5. Mwananchi is one of the few Micro Finance Institutions that offer large sums of loans to single individuals. Because of this, a few wayward clients, most of them high net worth, have come to borrow monies from Mwananchi Credit with the sole intention of not repaying those monies. They have perfected the art of misusing our legal processes to buy time while in the meanwhile using media to blackmail us in the hope that they do not repay their loans. However, the fact that some of these matters are already in court limit our capacity to discuss them.

6. Mwananchi Credit remains committed to our agenda to invest in our Kenyan people by providing financial backing in cases of emergencies as well as for growth of business.

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Mwananchi ‘s interest holiday for new applicants to mark Customer Service week

Mwananchi Credit is one of the few Micro Finance companies that has managed to grow tremendously during the last year despite the Covid-19 pandemic and this has been strongly linked to improvement of their customer service desk.

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Clients at Mwananchi Credit tent in a past reach out exercise.

Mwananchi Credit will this year mark the Customer Service Week due on Monday 4th till Friday 8th October, in style.

The firm has announced a gracious interest holiday to all lucky clients who make loan applications in specific class categories for the first 3 months of repayment.

This means if you make your loan application during the Customer Service week, and you are among the lucky chosen clients, your interest repayments shall click in January 2022 with only the principal reflecting in the intervening period.

Further, Mwananchi Credit has also announced a penalty waiver for all customers who come to regularize their loan accounts ( that may have fallen behind) during this week.

Announcing the goodies, Mwananchi Credit’s Marketing Manager Boniface Ndonji added,
“ Our growth over the last couple of years has been phenomenal and in big part, this has been simply due to our loyal clients.”

He noted, “As we seek to grow our Mwananchi client family, we also seek to give them have a soft landing, hence our reason to give incentives of our interest holiday.”

Further, Mr Boniface Ndonji said for their current clients who may be facing repayment difficulties, the penalty waivers will hopefully help them to get up to speed.

Mwananchi Credit is one of the few Micro Finance companies that has managed to grow tremendously during the last year despite the Covid-19 pandemic and this has been strongly linked to improvement of their customer service desk.

As they mark this year’s occasion, the company shall have a lot of other exciting range of activities to celebrate their growth with their customers.

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Mwananchi wins Best Land Title Based Financier 2021

Mwananchi Credit is one of the leading logbook loan providers in the country. Its diversified product portfolio includes title deed loans , civil servant salary check off loans , import financing and asset financing among others.

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Edwin Kagiri, Head of Operations, Mwananchi Credit , accepts the award. (Centre)
Mwananchi Credit has been awarded   the Best Land Title based Financier at the 4th Annual Real Estate Excellence Awards held in Nairobi.  This is in recognition of the financier’s increasingly popular Title Deed Financing product.
The award comes hot on the heels of  winning the Best Logbook Loan Financer during the Annual Automotive Industry Awards held two weeks ago.
This particular win is an apt demonstration of the company’s innovative spirit which has seen it  step up its lending efforts by diversifying the methodology that borrowers can provide their surety or collateral.
Accepting the Award, Mwananchi Credit’s Head of Operations Edwin Kagiri was excited , “At Mwananchi Credit, we are  well known for our Logbook Loans and Asset Finance products. However, we quickly did our research and noted that we were locking out quite a big bunch of potential credit worthy clients who may not have a car but have land and property.  Through our Title Loans, we have enabled many to raise capital to run their businesses or even to complete developing some of those properties to increase their value .”
Mwananchi Credit was uniquely noted for the innovative category of  Title Loans known as Landlord Loans, in which it was able to give landlords loans without even fully charging the property by using a simple Title Deed deposit and a Rent Repayment Agreement Deed. This product has enabled many property owners to take loans for renovations and other related expenses. Further, the company was also recognized for speeding up the process of disbursing Title Deed Loans from an industry average of ninety days to as little as fourteen days.
Mwananchi Credit is one of the leading logbook loan providers in the country. Its diversified  product portfolio includes title deed loans , civil servant salary check off loans , import financing and asset financing among others.

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