SAMCHI CREDIT, a Kenyan based digital lender advocates for affordable loans through asset financing to power continuous growth for SMEs, East Africa Business Times interviewed the a co-founder Martha Mwangi, of the Kenyan inbreed lending agency, to share more the growing lending market in the country.
Kenyans are experiencing a new way on how they access loans and credit, how is Samchi credit pioneering that?
The new way of availing credit to the small and medium enterprises is through digital lending. This has revolustioned how customers access funds, even those in marginalized areas can conveniently access financial growth. The popularization of smart phones globally has definitely impacted greatly on how populations access credit.
However, because of lack of regulations, it has become disastrous and is working against other Micro Finance Institutions that have not gone digital.
What can be done?
There a need for policy regulation especially now that many creditors are emerging more so on digital lending and the infamous shylocks
How has Samchi Credit set itself as a credible loan facility?
We carry out due diligence on clients, we are moderate on interest rates and royal partners with the CREDIT REFERENCE BUREAU.
Kindly share some of your achievements and challenges experienced over the past years?
We have wanted to run community development programs, support group projects and finance self-help groups, it’s the best way to reach down to the small businesses, but the challenge of shylocks and digital lenders have caused quality issues and individualism. So we turn to secured loans, then the SMES start crying of discrimination.
What are some of the services that you offer to your customers?
Asset financing, auto log book and start up program.
Finally share with us some of your future plans going forward?
If God grants, we would love to give more convenient loan terms. Say in a period of 18 months and above. This is a challenge