Momentum Credit disburses loans worth Sh60m in 3 months

Momentum Credit Micro Finance has disbursed more than Sh60 million to clients since the launch of its Nakuru and Kisumu branches three months ago.

The microfinance chief executive officer Job Muriuki says the new branches have so far contributed 20 per cent of the company’s total sales.

The Nairobi-based microfinance has five branches in the country. The branches outside Nairobi include Kitengela and Thika.

“Nakuru and Kisumu branches have recorded the highest profits in the country, we hope to open more branches to encourage more youth to do business,” said Mr Muriuki.

SH4 MILLION

Mr Muriuki revealed that Nakuru branch is now able to pay all its expenses after surpassing its monthly target of Sh4 million last month, having made an additional Sh3 million.

Kisumu branch surpassed its Sh4 million target for the month of May by Sh2.5 million. 

“Momentum Credit believes in empowering people,” said Mr Muriuki who added that the uptake of the loans in Kisumu and Nakuru counties had increased due to devolution.

LOANS

“I am happy that 90 per cent of those applying for the loans are youth who want to uplift their standards of living by creating employment,” said Mr Muriuki adding that they hope to open a branch in Mombasa and Eldoret before moving to Meru County.

He said that with the opening of Kitengela branch, the workforce in the firm has increased to 180.

The CEO urged the business community in Kitengela to to apply for business loans.

“The Kitengela branch will not only serve Kajiado County, it will also serve the neighbouring Machakos County,” said Mr Muriuki.