[Kenya] 4G Capital celebrates 1 millionth micro-enterprise loan
4G Capital today celebrated their 1 millionth micro-enterprise loan since the company’s inception in 2013.
To celebrate this important milestone the technology-driven financial inclusion provider in Kenya and Uganda4G Capital wanted to thank the recipient, Elizabeth Njeri Karimi, a micro-entrepreneur in Kapsabet Town. Ms Karimi was surprised by 4G Capital staff with a special ‘thank you’ gift, a new glass-fronted fridge worth $400 to display the drinks that she sells.
Before joining 4G Capital Ms Karimi found it challenging to maintain the minimum stock levels for her business to succeed. Without savings, she could not borrow from a traditional bank or another credit provider. 4G Capital provided Elizabeth with the working capital and enterprise training to boost her business and meet local demand. Since becoming a 4G Capital client, Elizabeth has successfully borrowed and repaid eight small enterprise loans, and her business revenue has grown sustainably allowing her to set higher business targets and exceed them.
Wayne Hennessy-Barrett, CEO and Founder of 4G Capital, said: “A personal ‘thank you’ to Elizabeth Njeri Karimu and all our wonderful clients from all the 4G Capital family - together we have reached a fantastic milestone on our journey to build a better economic future. We are dedicated to helping our clients grow their businesses with capital and knowledge and to play our part in Africa’s incredible growth story.”
Since its inception in 2013, 4G Capital, an accredited B-Corporation, has consistently shown strong growth, lending over 1 million loans valued at over $ 117M. Although total loan volumes for 2020 were impacted by the economic contraction caused by coronavirus control measures, 4G Capital nonetheless maintained its vital services without interruption. The company provided continuous lending and support to uphold the survival of small businesses while reducing prices and increasing its range of offerings. In reaction to the impact of COVID-19, the company restructured and streamlined, retaining a total of 389 staff members and 90 branches across Kenya and Uganda.
Throughout 2020, 4G Capital continued to strengthen and grow its strategic partnerships. In July, the company launched a pilot micro-health-insurance product with Turaco and in August partnered with the Mastercard Foundation to deliver off-balance-sheet COVID-19 recovery and resilience loans and grants for Kenyan MSMEs. In October, 4G Capital and Citi launched a partnership to deepen working capital services for financial inclusion in Kenya, supported and underwritten by the U.S International Development Finance Corporation (DFC) and Ford Foundation.