Alterfin C.V. (“Alterfin”), I.D. Inspiring Development GmbH (“ID”), Regional MSME Investment Fund for Sub-Saharan Africa S.A. (“REGMIFA”) and SIMA Off-Grid Solar and Financial Access Senior Debt Fund 1, B.V. (“SIMA”) announce today that they have acquired a 99.7% stake in Musoni Microfinance Limited (“Musoni”), a Kenyan based microfinance pioneer in the provision of digital financial services.
Musoni, based in Nairobi, was established in 2009 and is well-known for being a first mover in digital lending. Its financial inclusion mission focuses on serving microenterprises, women, and smallholder farmers in urban, semi-urban and rural areas of Kenya through a country-wide network of 25 branches.
In recent years, its core clients have been hit hard by external factors (locusts and climate change for agricultural clients, the COVID pandemic for both rural and urban clients, growing inflation), which have impacted Musoni’s operations. However, with a new shareholder structure, a strengthened capital base and highly motivated management and staff, the institution is now well positioned to expand operations and support its clients.
Alterfin CEO Jean-Marc Debricon states: “We are excited about the new shareholder structure strengthening Musoni’s prospects for growth and expanded outreach by providing affordable, flexible and customer-oriented financial services to rural and agricultural clients.”
REGMIFA Board chair, Laure Wessemius-Chibrac, says: “Musoni’s mobile technology brings financial inclusion to Kenya’s smallholder farmers – fast and efficiently. We wholeheartedly support that objective and the impact it generates.”
SIMA CEO & Managing Partner, Asad Mahmood comments: “Musoni is a unique and well-recognized institution on the Kenyan microfinance landscape. Its lending approach is fast, transparent, and flexible – highly appreciated by its clients and especially crucial for farmers and their specific business cycle.”
ID Managing Partner Stephan Boven adds: “Musoni stands for M – mobile and usoni, which is Swahili for future. With our expertise in managing financial institutions and together with our fellow shareholders, we are thrilled to ensure that Musoni expands its digital footprint and supports its clients in building their future.”
Alterfin is a Belgian social investor that raises capital to invest it in developing countries via microfinance institutions and organizations active in agriculture. Its goal is to improve the livelihoods and living conditions of socially and economically disadvantaged people and communities, predominantly living in rural areas in low- and middle-income countries around the world.
REGMIFA is a unique public-private partnership between development finance institutions, private investors, and African stakeholders. The Fund aims to foster economic development, employment creation and poverty alleviation in Sub-Saharan Africa (SSA. To achieve its goal, REGMIFA provides innovative financial products and technical assistance (TA) support to Partner Lending Institutions serving MSMEs and low- and middle-income
Musoni is the world’s first financial institution to exclusively use mobile money, with an aim to be the most efficient microfinance institution in Kenya by being cashless, paperless, and data-driven to offer the best value, most flexible and most customer-oriented financial services in the market.
Musoni delivers financial services to customers by use of mobile technology and Digital Field Application for data capture, thereby being able to serve customers from the comfort of their businesses or homes, in a convenient, flexible, secure, and reliable manner. It offers a wide range of loans from 25 locations in 18 counties and rural areas in Kenya.