Asset financier injects Sh25b into economy

From left: Mogo Economic Security Department Manager Nyakina Evans, Mogo Deputy Country Manager Branton Mutea and Mogo Prestige Branch Manager Pius Njaramba at the celebration of Mogo's milestone. [Nanjinia Wamuswa, Standard]

Regional asset financier Mogo has issued its 150,000th loan to individuals and businesses with the firm having invested over Sh25 billion into the Kenyan economy in the past six years. This has helped empower thousands of individuals and businesses with accessible financing solutions.

 The company attributes its rapid growth to a deep understanding of customer needs, allowing it to tailor financial products that provide real value.

This comes at a time when the Kenya National Bureau of Statistics are showing that the country has 7.4 million micro small and medium enterprises MSMEs.

 However, a 2022 report by the Central Bank of Kenya revealed that only 1.18 million MSMEs had active bank loan accounts, accounting for just 16 per cent of the sector.

 The firm said it has streamlined loan processing, ensuring approvals in under two hours. Strategic collaborations with automotive dealers, boda boda and tuk-tuk vendors, and other key partners have strengthened its market presence and expanded its reach.

 “This milestone is a testament to the trust our customers place in us and reflects our unwavering commitment to providing accessible, responsible, and sustainable financial solutions,” says Branton Mutea, Deputy Country Manager of Mogo Kenya.

 Banking services

 Mogo’s financing options have played a crucial role in bridging financial gaps, particularly for those who struggle to access mainstream banking services.

 By providing vehicle financing and logbook loans, the company empowers entrepreneurs and vehicle owners to access funds without relinquishing their assets. Beyond business, the firm’s financial support has helped individuals invest in essential needs such as education and healthcare, ultimately improving their quality of life.

 As part of its expansion strategy, the company is set to introduce new financial products, including savings accounts, insurance, and digital payment solutions.

 “Our vision is to expand financial inclusion by reaching more underserved regions and offering innovative financial solutions that unlock economic opportunities,” added Mutea.

 FinAccess Household Survey 2022 by CBK indicates that 11.6 per cent of the adult population remains excluded from both formal and informal financial services. [Nanjinia Wamuswa]