Three months after Momentum Credit micro finance launched its Nakuru and Kisumu branches, it has been able to disburse a loan of more than Sh60million to budding enterprises in the region.
According to the microfinance chief executive officer, Mr Job Muriuki, the new branches have so far contributed 20 per cent of the company’s total sale.
The Nairobi based microfinance which is giving leading lenders in the country a good run for their money has five branches in the country. Other branches outside Nairobi include Kitengela, which was launched on Friday and Thika.
“Nakuru and Kisumu branches have broken even by recording the highest profit in the country. This means the urge for loans in the counties is very high and we hope to open more branches to uplift the lives of youth doing business,” said Mr Muriuki
Mr Muriuki revealed that Nakuru branch is now able to pay all its expenses after surpassing its monthly target of Sh4million last month by making an additional sale of Sh3million.
Kisumu branch also surpassed its target for the month of May of Sh4million as they made an impressive sale of Sh6.5million.
“I believe this has been made possible because Momentum Credit believe in empowering people and coupled by our hardworking staff, this has made the two branches record good profits,” said Mr Muriuki.
He said the uptake of the loans in the two counties was rising steadily due to increasing activities related to devolution.
“I am happy that 90 per cent of those applying for the loans are youth who want to uplift their standard of living and create employment among their peers,” said Mr Muriuki.
Mr Muriuki who swapped engineering for credit venture to start the company, said the next branch in the pipeline is Mombasa which will be opened next month.
After Mombasa the microfinance will extend its wings to North Rift where they will open a branch in Eldoret.
The microfinance is also considering registering their footprint in Mt Kenya region with an eye in Meru County.
Mr Muriuki said that with the opening of Kitengela branch, the workforce in the firm has increased to 180.
He urged the business community in Kitengela to make use of the new branch to apply for loans to give their businesses a new lease of life.
“Kitengela branch is critical to us as it will not only serve Kajiado County but also serve the neighbouring Machakos County,” said Mr Muriuki.