Mwananchi Credit has announced the revamp of two of its financial products. Speaking at the company’s offices at Eco-Bank Towers in Nairobi, the company’s Managing Director Dennis Mombo stated that the revamp of their insurance premium financing product and their LPO financing product was part of the company’s vision to give individuals and companies control of their financial future.
Medical debt is the number one cause of personal bankruptcy in Kenya according to a recent study. Medical bills – especially emergency ones – are the main reason why people end up in financial problems or heavy debt. Keeping bills that can be insured at bay and enjoying them with proper insurance premium payments is paramount.
The problem is, only 20% of the Kenyan population has access to health insurance because insurance companies only accept lump sum payments. If one isn’t able to pay, they lay upon consumers stringent restrictions on the enjoyment of cover.
“Although a lack of immediate funds is personal freedom, in the insurance world it is not. This is what we are trying to solve for companies and individuals,” he said. “Mwananchi Credit’s insurance premium financing product ensures that our customers have paid their insurance premiums as a lump sum on friendly terms,” he adds.
This product removes the pressure of paying for full insurance cover at once. This guarantees the immediate enjoyment of insurance cover and better cash flow management.
The other product the company has revamped is local purchase order financing. Many businesses in Kenya can’t complete their contractual obligations due to a lack of working capital according to the World Bank. This negatively affects the economy and hurts employment.
Mwananchi Credit LPO financing ensures that businesses have access to working capital when awarded contracts with legitimate LPOs- on friendly terms. LPO financing enables government contractors, reputable companies, and individuals to access financial help needed to execute on awarded contracts efficiently.
“There is no need for Kenyan entrepreneurs to lose out on a good project for lack of funds when they have certified LPOs,” he concludes.
To learn more information about Mwananchi Credit and its products visit: https://www.mwananchicredit.com/
About Mwananchi Credit Limited
Mwananchi Credit Limited is a limited liability company registered under the Companies Act (Cap 486) of the Laws of Kenya. The company was founded on April 15th, 2010, initially trading as MwananchiMicrolink Ltd which later rebranded to Mwananchi Credit Limited on January 10th, 2012. The company is regulated by the Central bank of Kenya with many tailor-made solutions for companies and individuals.
Company Name: Mwananchi Credit Limited
Contact Person: Dennis Mombo
Email: Send Email
Phone: 254795 600 600
Address:Eco Bank Towers 10th floor, Nairobi. Opp. 680 Hotel