Press

Faith Obuya Awour, a 27 year old lady, runs an M-PESA and cosmetics business. She is a high school graduate and takes care of her brother. Faith lives in Huruma, a medium to low class residential area that is densely populated. 80% of the residents are low income earners who engage in small scale business activities. There are a few financial service providers, a factor that led Faith to opening up of an M-PESA shop after getting a grant from a friend. In addition to the M-PESA shop, Faith runs a cosmetics business which has, in the last 6 months, increased its stock valuation from 2,000 to 25,000 Kenya shillings, thanks to a 15,000 Kenya shilling loan from Musoni Kenya.

‘Musoni has helped me not only with a loan that helped me maintain a stable float, hence a sharp increase in my transactions, but also with sufficient business skills and knowledge that I never had. I’ve developed consistency in my record keeping, I’ve learnt to sustain profit making through thorough scrutiny of my expenses, I’ve learnt that my business is my employer so it pays me. I reap according to what I sow, and Musoni waters my business!’ ‘I think Musoni is the right place to be at this point in time when financial services are increasingly getting expensive’, Faith explained.

George Wanjohi is a father of 2 and is the Chairperson of Mwagithu Self Help Group. He supplies confectionery to retailers in Githurai, a township of a medium class residential area that is highly populated. He is currently servicing his 3rd loan of 30,000 Kenya shillings.

‘Initially, I used to procure my stock from bakeries on credit. It was very difficult for me because when I didn’t sell well, I would go back to my pocket to pay for the supplies. When I got my first loan, I managed to buy enough stock and supplied my customers. This ensured a steady cash flow and I gained a lot of confidence among my customers. The second loan helped me acquire a bicycle, which has been of great convenience for my business. I used my third loan to purchase a motorbike, which enables me to supply far and wide.’

‘Musoni has helped uplift my business with their timely loans and as a result, has educated my children. Most importantly, I have become self reliant. I am a living testimony that Musoni has been incredibly helpful and will make you self reliant.’

“When I first ventured into business, I delivered groceries to local eateries as early as 4.30am in order to be back home with my first child before 8am.” She tells me that employment did not work very well for her; business was more convenient as it allowed her the freedom to work and be at home with her young child whenever she needed to be. Her first order of USD 9.70 netted her a profit of USD 3, and through hard work and dedication, her groceries’ supply business grew and expanded to poultry supplies, corporate uniforms, second hand clothes, a salon, then a barbershop, and recently, she ventured into the car wash business. I ask her how she manages to juggle so many small businesses, how she is able to keep them all running, and she says it works because she has surrounded herself with good employees. “I always remind them that this business in not just Carol’s, it is ours, we all make a living from it.”

Caroline is not your typical micro-entrepreneur. She is a thriving risk taker, versatile and unafraid to try new business ideas. “When I go somewhere, I always look for opportunities, and I ask myself what can I do here? It’s just a matter of determination. Just try. There is no harm in trying, but there is harm in not trying.” She says.

Purity had watched another friend build up her own poultry business and finally give her family a better life. She hoped it would also be her path out of poverty—but the journey wasn’t easy.

At first Purity struggled to get the money she needed to buy hatchlings. After four years, she was still earning just enough to make ends meet. Then another friend introduced her to Musoni Kenya, an all-digital local microfinance institution. First she borrowed $200 to expand her chicken house and to buy eggs to hatch. Selling the chicks earned her $100. Finally, the spark she needed.

Purity’s second loan was a Kilimo Booster loan, a product specially designed by Musoni and Grameen Foundation for farmers. Its flexible repayment terms meant she could borrow the amount she needed, without having to repay the loan right away.

”I was very happy when Musoni introduced the Kilimo Booster loan,” she said. “Before there was no grace period and you had to struggle to pay as it takes 5 to 6 months before [the hens] start producing eggs. Now I can get a grace period of up to six months.”

Two years and four loans later, Purity earns $300-$400 per month. She is now married, lives in a bigger house and has moved her son from public to private school so that he can have a better future. Looking ahead, Purity said, “With enough capital I want to go big scale. I will increase the number of birds and acquire an incubator with a capacity to hatch 4,000-5,000 birds. I hope Musoni will be able to give me a big loan to expand.”