Musoni microfinance bank kenya is the first institution to use mobile money and a lending platform that provides a category of loan to cover your expenses.
As we are still recovering from the effect of Covid-19, we are also recovering from different debts we accumulated during its strike. In this condition, our precursor of easy loans in Kenya would be Musoni microfinance bank.
What you need to know about Musoni microfinance bank Kenya?
A microfinance institution established in 2009, Musoni has been a partner of Oikocredit since 2015. They operate a cashless payment system. In order to achieve their aim, they consider themselves as the most efficient microfinance bank in Kenya on the basis of cashless, paperless and data-driven structures. The name ‘Musoni’ means ‘future’ translated to Swahili as usoni, where ‘M’ is for ‘mobile’.
Primarily, they target under-served and unbanked clients in Kenya. The present focus is on satisfying individuals in the urban, semi-urban and rural communities with affordable service models. The provision of group loans, individual business loans, agribusiness loans, emergency loans, and education loans is their number one priority.
How do I apply for a Musoni Microfinance bank loan?
Musoni microfinance bank loan is easy to access and process. It requires little patience, though, and the steps are as follows:
- Call or visit your nearest Musoni branch.
- Apply for a loan by providing all the required documents.
- Musoni Wealth Creation Officers (WCOs) will guide you through the simple loan process
- Wait for loan approval.
- Once the loan is approved, get your money.
- Group customers will get 4 weeks of professional training before loan disbursement.
How do I get Musoni Microfinance bank loan?
To get a Musoni loan, you must apply or identify in any type of loan they offer. The different categories of loans offered by Musoni are:
1. Agricultural Loans
They render financial services to smallholder farmers to improve their farms. Besides that, they can earn a higher loan in order to help boost the agricultural sector of the economy.
Group Kilimo Booster (A)
- Loan amount of ksh. 5,000 – ksh.140,000
- Duration ranging from 3 to 12 months
- Free registration fee
- 4% Upfront fee
Group Kilimo Booster (B)
- Loan amount of ksh. 100,000 to ksh. 500,000
- Duration period of 3 – 24 months
- No registration fee
- Upfront fee of 4%
- The Loan cycle is entry loan
Individual Kilimo Booster
- Amount – 100k – 3M
- Duration – 3 – 36 months
- Registration fee – Free
- 4% Upfront fee attached
- Loan cycle – Entry loan/Graduate
Eligibility
- Consider the business that has been in operation at least for 1 year
Loan Products
- Kilimo Booster loan
2. Asset Finance Loans
Musoni Kenya finance business customers and other clients to purchase assets or property.
What you get
- Amount ranging from KES 3,000–KES 3,000,000
- Loan repayment Period of 6-36 months
- They do not charge an entry fee.
- Upfront fee of 4% for the loan amount
Eligibility
- One must be Kenyan citizen to be eligible
- Age limit- 18 years and above.
Loan Products/tools
- Motorcycle/Bike Loan
- Car Loan
- Water tank Loan
- Clean energy Loan
3. Business Loans
Musoni business loans cover everything needed to start up a new business. Startups and businesses go for this type of loan to finance or expand their business.
Loan categories:
Nawiri
- Amount – 5k – 140k
- Duration – 3 – 12 months
- Registration fee – Free
- Upfront fee – 4%
- Loan cycle – Entry loan
Eligibility
Business that has been in operation for at least 6 months
Stawi
- Amount – 100k – 500k
- Duration – 3 – 24 months
- Registration fee – Free
- Upfront fee – 4%
- Loan cycle – Entry loan
- Eligibility – Business has been in operation for at least 1 year
Shujaa(Individual)
- Amount – 100k – 3m
- Duration – 3 – 36 months
- Registration fee – Free
- Upfront fee – 4%
- Loan cycle – Entry loan
- Eligibility – Business has been in operation for at least 1 year
Loan Products
- Nawiri Loan
- Stawi loan
- Shujaa loan
4. Education Loan
Many people may apply for this type of loan to get the funds they need to pursue their desired education. Education is crucial for success, especially in this 21st century.
Loan categories:
School Fees Loan
- Amount – 5k – 100k
- Duration – 4 – 12 months
- Registration fee – Free
- Upfront fee – 4%
- Loan cycle – Entry Loan
- Eligibility – Clients who have school-age children and present a valid school fees bill are eligible.
School Improvement Loan
- Amount – 100k-3M
- Duration – 4 – 36 months
- Registration fee – Free
- Upfront fee – 4%
- Eligibility – Students must be enrolled at least for one year; the minimum number of students is 50.
A School Salary Loan
- Amount – 5k – 100k
- Duration – 4 – 12 months
- Registration fee is Free
- Upfront fee – 4%
- Eligibility – Full-time employed staff of a school associated with Musoni
Loan Products
- School Fees Loan
- School Improvement Loan
- A School Salary Loan
5. Emergency loans
They operate a loan named ‘Wepesi’ known for taking care of any emergency. The processes are easy and stress free. You get your loan within a few minutes of loan approval.
What do I get when I apply for a Wepesi Loan?
- Amount – 1k – 50k
- Duration – 1 – 3 months
- Registration fee – Free
- Upfront fee – 4%
- Paid one loan in a loan cycle
Eligibility
- 2nd Loan cycle
Loan Products
- Wepesi Loan
Frequently Asked questions
1. How to visit or call your nearest branch
For more information on Musoni, dial the USSD code *646#. Their staff is ready to help with any questions and requests.
2. How to receive your fund
- As soon as your loan is approved, you will receive the funds to your M-Pesa account.
- Bank Transfers (RTGS)
- Permit/ registration certificate for a business.
3. How to repay your loan
You can repay your loan at any time, anywhere using your M-Pesa account.
How can I contact Musoni microfinance bank Kenya?
Headquarters
- Cape Office Park, Ring Road Kilimani
- P.O. Box 25351 – 00100
- Nairobi, Kenya
- Tel: +254-709-761-101
- Email: customerservice@musoni.co.ke
Contact Center
- Musoni Kenya
- Tel: +254-709-761-111
- Email: customerservice@musoni.co.ke
- Direct all questions to: customerservice@musoni.co.ke
Conclusion
Musoni is a microfinance bank with a difference. They offer different loans to different individuals and entities in Kenya. You can find the best offers and the best interest rates here. Test out their services and see the difference for yourself.