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Momentum Credit targets SMEs, farmers with new Embu branch

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The founder of Momentum Credit Job Muriuki. FILE PHOTO | NMG

Momentum Credit, a non-deposit-taking financial institution, has opened its 13th branch in Embu County as part of its expansion drive.

Momentum Credit’s chief executive officer Job Muriuki said the new branch will help the agency provide working capital solutions to individuals and SMEs considered too risky by mainstream banking. The new outlet also targets Embu farmers and traders.

“Agriculture contributes to 33 percent of the Gross Domestic Product (GDP) and another 27 percent indirectly through linkages with other sectors. With this sector employing more than 70 percent of Kenya’s rural population, it is incumbent upon us to support Embu – a largely agricultural county to improve its resident’s liquidity," said Mr Muriuki.

The latest branch opening follows the recent opening of another branch in Machakos taking the total branches by the micro financier to 13.

"With only 40 percent of Kenyans accessing bank credit – economic development, business expansion, employment and consumption power are compromised," said Momentum in a statement.

"It is against this background that Momentum Credit - a non-deposit-taking financial institution, opened its 13th branch in Embu County on Friday, 8th July to continue providing working capital solutions to Individuals and SMEs otherwise considered too risky by mainstream banking."

Mr Muriuki said Momentum’s intention is to support Embu residents realize social and economic development by unlocking access to structured, credible and transparent financial solutions supporting business growth and improving living standards.

"We have additionally purposely redefined our market approach transitioning from a financial lender to a solution provider enabling Kenyans; access liquidity, own motor vehicles at a significantly lower cost compared to prevailing market rates, afford vehicles through Motor Import Financing and acquire Insurance Premium Financing – a solution that reduces the financial burden otherwise associated with lumpsum payments.”