Investment in Musoni Kenya will Expand Access to Financial Services
WASHINGTON FRANKFURT, Germany ATLANTA May 21, 2012 Nairobi, Kenya Kenya
Africa Alex Counts
Lauren Hendricks Tanzania
From its inception in 2010, Musoni Kenya has offered its services exclusively via mobile phones, with the goal of serving the poor and underbanked more efficiently and safely. Rather than traveling long distances with bundles of money to weekly meetings, its clients can repay their loans at any time during the week. This reduces the amount of time spent in meetings and allows clients to spend more time at their businesses and with family. Musoni Kenya currently serves 7,300 and plans to increase its client base to 34,000 by 2013. With its new equity partners on board, it will also apply for license to accept savings deposits – another critical financial tool the poor need to improve their lives.
Musoni BV, the holding company and initial investor in Musoni Kenya, will remain an equity partner.
Bart van Eyk
Washington, DC Seattle, WA Colombia Ghana Hong Kong Indonesia Kenya the Philippines Uganda Muhammad Yunus grameenfoundation.org
Delaware June 2010 USA
The investment objective of the Fund is to provide social impact and capital appreciation by lending local currency to and making strategic equity investments in microfinance institutions located throughout sub-Saharan Africa. The Fund believes that it can improve the lives of the entrepreneurial poor through investments in MFIs, and achieve a positive return on investment to demonstrate to impact investors that the microfinance sector in sub- Saharan Africa can be an attractive social investment.
SOURCE Grameen Foundation