Musoni Kenya the first microfinance insitution in the world designed to operate as 100% mobile has secured equity funding from Oikocredit. Oikocredit becomes the fifth shareholder in Musoni Kenya joining Access Africa, Grameen Foundation, KfW and founders Musoni Investment BV.
From its inception in 2010, Musoni Kenya has offered financial services exclusively via mobile phones with a goal of serving the low income and unbanked through a cashless, paperless and data driven approach to financial services.
With its head office based in Nairobi Kenya and reaching 16,286 customers across four regions of Kenya, Musoni Kenya provides microloans largely to people who are underserved by the formal financial sector.
This investment is yet another milestone for Musoni Kenya and will help grow the operations, deepening its rural penetration via an ever expanding mobile infrastructure and will pave the way for its application for a license to accept deposits.
Musoni Kenya and its shareholders welcome Oikocredit to the next generation microfinance.