Business

Microfinance Institutions and Small Businesses

Entrepreneurs and small business owners benefit greatly from Microfinance institutions because of the ease of access to starting or working capital.

What is a Microfinance Institution?

Microfinance institutions are bankers and lenders who provide services, such as loans, payment services, money transfers, savings accounts and insurance to clients such as small businesses and individuals who may not qualify to access credit from big banking institutions.

Benefits of Microfinance Institutions for small businesses

Microfinance Institutions have been lauded for leveling put the play ground for small businesses to be able to easily access funds to expand and maintain their businesses. Microfinance lending often offers low interest loans that are easy to apply for. 

Some microfinance institutions usually require borrowers to go through financial literacy training on bookkeeping, saving, and cash flow management in business in order to equip them with good loan borrowing practices. 

Microfinance Institutions also have micro savings services whereby they encourage their users to deposit into savings accounts with no minimum amounts. 

Microfinance Institutions use USSD Codes

Many Microfinance institutions in Kenya have turned to using mobile money to give and collect loans and other services from their users. By using a USSD code, many businesses have been able to access easy loans without applying for them physically at the institutions. 

There are many CBK certified USSD loan programs from microfinance institutions in Kenya. Visit our blog on how USSD banking is shaping loan acquisition in Kenya to read more. 

How to build a USSD Application for Microfinance Institutions

USSD is a cost-effective channel for mobile phone users to access services without the use of the internet. USSD codes are being used by most Microfinance and banking institutions to offer services such as applying for and repaying loans, checking account balance, depositing and many others. 

Building a USSD application is a short and simple process using HelloDuty.com. Microfinance institutions are able to build a USSD application within minutes with no code or a developer involved.

Check out our latest USSD webinar on How to build a USSD for a microfinance below. In the video, we show you how to construct a simple Menu instruction to collecting customer information, show a bank balance and allow the customer to update their details.

List of Micro Finance Institutions in Kenya

To get you started here is a list of Microfinance Institutions in Kenya for entrepreneurs and small businesses.

Last updated
October 3, 2023

Fill out this form to get started.

* We do not reply to personal emails e.g @gmail.com, @yahoo.com.

By submitting this form, you confirm that you agree to the storing and processing of your personal data by HelloDuty as described in the Privacy Statement.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Single Inbox
Pro-tip

Are you ready to get started? Sign up here for a demo of the HelloDuty CRM and customer engagement automation software now.

Pesalink - BlackSistema Bio - BlackTatu City - BlackStartimes - Black
Sunculture Logo

It works for our customer SunCulture. We help agents sell solar in rural Kenya. It takes a few hours, not months, to design and build new ideas.

Relationships that matter.

Plan, engage, and analyse with ease. Transform your customer relationship with an all-in-one platform.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Subscribe