Destin Africa 18
Finance
Milhan Access Capital: Empowering People with Credit Facilities
The Credit-only microfinance institution banks on excellent customer service and short turnaround time for loan disbursement By Jennifer Nyawira
T
he microfinance industry in Kenya has been registering very fast growth in the recent past. Many new players have joined the highly competitive industry to the benefit of customers who now have a wide range of innovative products to choose from in their quest to achieve financial success.
Among them is Milhan Access Capital limited, a credit-only microfinance company that was established in 2015 by a group of like-minded brains.
“A gap was identified in the market where some people are not well served by the mainstream commercial banks,” says Michael Bitok, the company’s General Manager. These people, who include small medium enterprises, importers as well as those who deal with fast moving goods, require urgent cash to address their working capital immediate needs. Banks however tend to take too long to process loans and therefore are unable to address their customers’ urgent needs thus creating a funding gap in the market. “For Milhan Access Capital, the turnaround time for loan processing is 8 hours as long as the client has provided all the required documents.”
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Michael Bitok, General Manager, Milhan Access Capital limited.
As a credit-only MFI, the company does not mobilize deposits from its customers. It therefore relies on funding from shareholders, other financial institutions and investors for money to lend to its customers. Growth In just four years, Milhan Access Capital has grown by leaps and bounds to become one of the leading credit only MFI in the country. The company’s vision is to be the market leader in the provision of microfinance and related financial services in Kenya.
It started off as a small organization with a small office in Westlands with a team of three people. Today however, the organization prides itself on having created employment to over 25 people. “We have also seen our balance sheet
double every year, while our customer base has grown to over 250 clients,” reveals Mr Bitok.
Headquartered at Azure Tower along Lantana Road in Westlands, the company recently opened another branch in the central business district (CBD) of Nairobi as part of its expansion strategy. It also plans to open new branches in Meru, Nakuru and Mombasa in the near future. Given its commendable growth over the years, clearly, this is a milestone that Milhan Access Capital is set to achieve sooner than projected.
Product offering Milhan Access Capital has positioned itself as a customer centric and market led microfinance institution. It offers a wide range of products and services to its
