{"id":91533,"date":"2023-05-04T16:16:00","date_gmt":"2023-05-04T16:16:00","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/mogo-targets-small-traders-in-kenya-with-sh7bn-loan-facility"},"modified":"2023-05-04T16:16:00","modified_gmt":"2023-05-04T16:16:00","slug":"mogo-targets-small-traders-in-kenya-with-sh7bn-loan-facility","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/mogo-targets-small-traders-in-kenya-with-sh7bn-loan-facility","title":{"rendered":"Mogo targets small traders in Kenya with Sh7bn loan facility"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Kenya. <\/strong><\/span>Financial services firm Mogo has extended Sh7 billion worth of credit to small businesses and individuals running projects with a potential to generate income and increase productivity.<\/p>\n<p>Underbanked Kenyans excluded from financial system and largely in far-flung areas of the country are targeted with flexible loan terms to help create new opportunities and support the growth of small businesses, which are the backbone of the Kenyan economy.<\/p>\n<p>Mogo Kenya country manager Domas Mineikis, said productive lending will bridge gap in financial inclusion in the country by increasing access to credit to individuals and groups that have been traditionally excluded from the formal financial system.<\/p>\n<p>\u201cThis new credit facility aligns with our ling-held commitment to significantly elevate small businesses in the markets we serve,\u201dMineikis said.<\/p>\n<p>The informal sector still remains the main source of employment in Kenya.<\/p>\n<p>According to 2023 Economic Survey released yesterday, employment in the informal sector rose by 4.6 per cent to record 16 million jobs.<\/p>\n<p>Wholesale and retail trade, hotels and restaurants continues to be the leading sector that provides formal employment followed by Manufacturing.<\/p>\n<p>However, many of these businesses face challenges accessing credit from traditional financial institutions due to factors such as lack of collateral, long loan processing time, insufficient credit history, or high interest rates.<\/p>\n<p>\u201cMogo\u2019s productive lending addresses these challenges by providing MSMEs with quick access to affordable credit. This boosts entrepreneurship, promotes job creation, and drives economic growth,\u201d he added.<\/p>\n<p>A recently released survey from the apex bank shows how the pandemic has altered the financial landscape for small business.<\/p>\n<p>About 85 per cent experienced financial difficulties in 2022, up nearly 20 percentage points from 2019.<\/p>\n<p>Back then, more than half of owners who sought a loan were looking to expand; last year, the majority of applicants needed funds just to cover every day operating expenses.<\/p>\n<p>Targeted borrowers will benefit from longer repayment periods and the lowest monthly payments through the firm\u2019s best price guarantee brand promise, which allows borrowers to focus on their financial or personal growth.<\/p>\n<p>Up to 89 per cent of Mogo\u2019s active customers are self-employed, and around 70 per cent of them are unbanked customers seeking financing opportunities.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/kenya\">Kenya<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Kenya. Financial services firm Mogo has extended Sh7 billion worth of credit to small businesses and individuals running projects with a potential to generate income and increase productivity. Underbanked Kenyans excluded from financial system and largely in far-flung areas of the country are targeted with flexible loan terms to help create new opportunities [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":91532,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-91533","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":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Mogo targets small traders in Kenya with Sh7bn loan facility - kenya<\/title>\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\/mogo-targets-small-traders-in-kenya-with-sh7bn-loan-facility\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mogo targets small traders in Kenya with Sh7bn loan facility\" \/>\n<meta property=\"og:description\" content=\"Africa-Press &#8211; Kenya. Financial services firm Mogo has extended Sh7 billion worth of credit to small businesses and individuals running projects with a potential to generate income and increase productivity. Underbanked Kenyans excluded from financial system and largely in far-flung areas of the country are targeted with flexible loan terms to help create new opportunities [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/mogo-targets-small-traders-in-kenya-with-sh7bn-loan-facility\" \/>\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=\"2023-05-04T16:16:00+00:00\" \/>\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\/mogo-targets-small-traders-in-kenya-with-sh7bn-loan-facility#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/mogo-targets-small-traders-in-kenya-with-sh7bn-loan-facility\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Mogo targets small traders in Kenya with Sh7bn loan facility\",\"datePublished\":\"2023-05-04T16:16:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/mogo-targets-small-traders-in-kenya-with-sh7bn-loan-facility\"},\"wordCount\":377,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/mogo-targets-small-traders-in-kenya-with-sh7bn-loan-facility#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/05\/Kakuti1683204403.076381.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\/mogo-targets-small-traders-in-kenya-with-sh7bn-loan-facility#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/mogo-targets-small-traders-in-kenya-with-sh7bn-loan-facility\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/mogo-targets-small-traders-in-kenya-with-sh7bn-loan-facility\",\"name\":\"Mogo targets small traders in Kenya with Sh7bn loan facility - 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