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MUSONI MFI BOARD APPROINTS NEW CEO AND CRO
Musoni Microfinance Limited (“Musoni”), a Kenyan-based pioneer in the provision of digital financial services is proud to announce the appointment of...
ALTERFIN, ID, REGMIFA AND SIMA ACQUIRES 99.7% STAKE IN KENYAN BASED LENDER MUSONI MICROFINANCE
Alterfin C.V. (“Alterfin”), I.D. Inspiring Development GmbH (“ID”), Regional MSME Investment Fund for Sub-Saharan Africa S.A....
Mastercard Unveils Mobile Order And Pay System For Nairobi Kiosk Owners
Mastercard today unveiled Kionect, a digital ordering system that empowers small kiosk owners in Nairobi...
Mobile Banking And Microfinance: What About The Clients?
Within a decade, the use of mobile phones quite simply exploded in southern countries...
Trust, Ease, And Transparency: How Musoni Gets Customers In Kenya
In Kenya, smallholder farmers lack access to financial services and face high barriers to accessing...
Musoni brings back Stanley Munyao from Tanzania
The Board of directors of Musoni has invited former COO to return to Kenya...
Oiko Credit Invests US$ 1.3 million in Musoni Kenya
Musoni Kenya the first microfinance insitution in the world designed to operate as 100% mobile has secured equity funding...
Musoni’s Mobile Technology driving financial inclusion to Kenya’s smallholder farmers
Grameen Foundation was established in 1997 to help the world’s poorest break the cycle of poverty and reach their full potential...
THE MASTERCARD FOUNDATION FUND
The MasterCard Foundation has announced grants totaling $10.6 million to five companies working to boost access...
Kilimo Booster : Musoni Launches an Agricultural Loan for Kenya’s Smallholder Farmers
Though agriculture is the main livelihood for most Kenyans, more than 75 percent of the country’s agricultural...
Luxembourg firm invests Sh100m in microfinancier Musoni
Luxembourg-based private equity (PE) firm Fonds Européen de Financement Solidaire (Fefisol) has invested Sh100 million...
Mastercard eases small retailers’ access to loans
Mastercard has unveiled a digital ordering system for small kiosk owners, which also creates a digital record for...
THE FUTURE OF MICROFINANCE FOR KENYA'S SMALLHOLDER FARMERS
Established in 2010, Musoni became the first completely cashless microfinance institution in the world, by enabling...
Credit-only lender Musoni to issue Sh2bn debt notes
Musoni Microfinance Ltd is targeting pension funds through Sh2 billion notes as it shifts from foreign-based funding to...
James MwangiCommercial Watermelon and Tomato farmer, Muranga County
James Mwangi is a commercial Watermelon and Tomato farmer in Muranga County. He is a member of the Wamaitu Workmates group in Thika town and joined Musoni Kenya as a client in 2012. James is 35 years old, married with two children and lives in Kisii estate, Makongeni, Thika. He started his business in the Madaraka market in 2008.He had a lot of challenges mobilising his business working capital. He had no sufficient money to sustain his workers’ wages and most of the time, he was up and down from the market to the farm and could not concentrate. His inability to pay his workers on time affected his business.
He learnt about Musoni Kenya through his mother who is a client and got interested because of Musoni’s use of mobile money transfer (M-PESA) that would enable him sent money to his workers without having to physically go and pay them. This convenience has positively impacted his community in job creation because currently, he has employed 15 workers and 1 manager in his business. Having reliable workers has led to his business growth, hence enabling him to send his children to good schools and also enroll his wife in college. James is planning to export his commodities and own a transport lorry through Musoni Kenya.
Faith ObuyaFaith Obuya Awour, a 27 year old lady, Runs an M-PESA & Cosmetics Business
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 WanjohiGeorge Wanjohi, Father of 2 and the Chairperson of Mwagithu Self Help Group, Githurai
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 Kasivi Nzomo
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.”
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