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Mwananchi Credit shines at Automotive Industry Awards

Last week, the micro lender announced plans to refinance distressed logbook loans

In Summary
  • It is the only logbook loan provider to fully embrace a risk-based financing model.
  • The company has also indicated plans to expand its presence into all 47 counties within the next two years.
Mwananchi Credit representatives conducting sales promotion in Nairobi
Image: HANDOUT

Mwananchi Credit took the top prize for the third consecutive time at the Annual Automotive Industry Awards, 

Mwananchi Credit was recognized for its proven leadership in giving timely and affordable logbook loans and for creating proper financing structures that have made them the preferred logbook loan provider my motorists.

Speaking at the event, Mwananchi CEO Dennis Mombo said the firm is greatly humbled by the award, terming it recognition peers and customers of the resolve to make logbook loans an affordable financing option for all motorists in this country.

''To win this award once is a privilege. But to win three times in a row is the grace of God. We shall not rest on our laurels and will work extra hard to ensure that we keep pushing our excellence levels,'' Mombo said. 

He added that Mwananchi Credit has shown a lot of innovation to sustain itself during the pandemic period.

It is the only logbook loan provider to fully embrace a risk-based financing model- where borrowers are charged more affordable interest if they can prove that they are a lesser credit risk, on a programmatic basis.

This move slashed the rates, which averages around five per cent in the industry, to a low of 1.5 per cent ( for corporate clients), making them one of the most affordable logbook loan providers.

Last week, the firm announced a programme to refinance distressed logbook loans from other lenders offering borrowers reprieve and a new lease of life from their current expensive loan contracts.

The company has also indicated plans to expand its presence into all 47 counties within the next two years as it seeks to bring services closer to the people.

The micro lender's diversified product portfolio includes title deed loans, civil servant salary check-off loans, import financing and asset financing among others.