{"id":119615,"date":"2024-05-27T20:51:55","date_gmt":"2024-05-27T20:51:55","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/micro-lender-eyeing-sh1bn-salary-secured-loans-to-civil-servants"},"modified":"2024-05-27T21:55:28","modified_gmt":"2024-05-27T21:55:28","slug":"micro-lender-eyeing-sh1bn-salary-secured-loans-to-civil-servants","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/micro-lender-eyeing-sh1bn-salary-secured-loans-to-civil-servants","title":{"rendered":"Micro lender eyeing Sh1bn salary-secured loans to civil servants"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Micro lender, Jafari Credit has announced plans to advance up to Sh1billion in salary-secured loans to government employees by the end of 2024.<\/p>\n

The micro lender says it has already advanced Sh450 million by way of small loans exclusively set aside for civil servants and employees of other government agencies.<\/p>\n

Jafari Credit, which is fully owned by the Nairobi Securities Exchange listed Centum Investment Company Plc, already has 4,000 customers exclusively comprising of public servants.<\/p>\n

\u201cOur goal in this financial year is to serve over 12,000 customers and ensure we disburse Sh1 billion in loans,\u201d said the company CEO, Edwin Munyiri.<\/p>\n

The clientele base for Jafari Credit includes teachers, civil servants and employees of select parastatals.<\/p>\n

They mostly borrow money to pay medical bills, school fees, cater for burial expenses, buy land, cars and furniture as well as take vacations.<\/p>\n

Kenya has about 2.5 million public servants who are mostly employed on permanent and pensionable terms.<\/p>\n

Borrowers need to present their identity cards, three-month payslips and authorize direct salary deductions to settle their loans.<\/p>\n

The average loan amount is about Sh120,000, but customers can access advances of as low as Sh5,000 in the form of salary-secured loans and salary advances. The repayment period is up to 144 months.<\/p>\n

\u201cOur lending cycle is largely driven in the first three weeks of the month and back to school drives,\u201d said the Jafari Credit boss.<\/p>\n

The sole shareholder, Centum Investment Company Plc, is the primary financier of the micro lender.<\/p>\n

Strict borrower due diligence and employer engagement has ensured that Jafari loans remain performing, with a negligible default rate of 2%. The loans are also insured against death and disability of borrowers.<\/p>\n

Jafari Credit boasts a loan application and disbursement turnaround time of 24 hours.<\/p>\n

\u201cOur operations teams seek to serve client emergencies and needs in a timely fashion, setting us apart in the market,\u201d said Mr Munyiri.<\/p>\n

Jafari Credit has 18 branches across the country including in Nairobi, Nakuru, Narok, Nyeri, , Kajiado, Garissa, Machakos, Kakamega, Malindi, Mombasa, Kabarnet, Bungoma, Kisii, Homabay, Isiolo, Bomet and Eldoret.<\/p>\n

\u201cOur goal is to have nationwide reach to meet customer needs in a timely manner,\u201d said the Jafari Credit boss.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Micro lender, Jafari Credit has announced plans to advance up to Sh1billion in salary-secured loans to government employees by the end of 2024. The micro lender says it has already advanced Sh450 million by way of small loans exclusively set aside for civil servants and employees of other government agencies. Jafari Credit, […]<\/p>\n","protected":false},"author":84,"featured_media":119614,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-119615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nMicro lender eyeing Sh1bn salary-secured loans to civil servants - kenya<\/title>\n<meta name=\"description\" content=\"Micro lender, Jafari Credit has announced plans to advance up to Sh1billion in salary-secured loans to government employ ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/micro-lender-eyeing-sh1bn-salary-secured-loans-to-civil-servants\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Micro lender eyeing Sh1bn salary-secured loans to civil servants\" \/>\n<meta property=\"og:description\" content=\"Micro lender, Jafari Credit has announced plans to advance up to Sh1billion in salary-secured loans to government employ ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/micro-lender-eyeing-sh1bn-salary-secured-loans-to-civil-servants\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-27T20:51:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-27T21:55:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2024\/05\/sm_1716830488.909491.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"855\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/micro-lender-eyeing-sh1bn-salary-secured-loans-to-civil-servants#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/micro-lender-eyeing-sh1bn-salary-secured-loans-to-civil-servants\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Micro lender eyeing Sh1bn salary-secured loans to civil servants\",\"datePublished\":\"2024-05-27T20:51:55+00:00\",\"dateModified\":\"2024-05-27T21:55:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/micro-lender-eyeing-sh1bn-salary-secured-loans-to-civil-servants\"},\"wordCount\":378,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/micro-lender-eyeing-sh1bn-salary-secured-loans-to-civil-servants#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2024\/05\/sm_1716830488.909491.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/micro-lender-eyeing-sh1bn-salary-secured-loans-to-civil-servants#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/micro-lender-eyeing-sh1bn-salary-secured-loans-to-civil-servants\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/micro-lender-eyeing-sh1bn-salary-secured-loans-to-civil-servants\",\"name\":\"Micro lender eyeing Sh1bn salary-secured loans to civil servants - 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