By Kiptanui Rutto
Demand on loans is on a consistent rise
and Saccos are seeking more ways of
providing easy access of loans for their
members. This is why Saccos are now looking for
external funding to fulfill this demand.
The number of registered Saccos continues to
grow thus forcing them to look for new and innovative
revenue streams outside their traditional
way of offering services.
iNuka Pap Limited CEO, Mr Waweru Kuria
said the company is geared at providing finance
and technology to Saccos to deal with these challenges.
“We have a value-added service (VAS)
proposition to Sacco members that enables them
to access instant loans and cash advances on a
mobile phone platform,” said Mr Kuria. He added
that the proposition enables Saccos that are cashstrapped
to address demand for loans and cash by
their members including emergency loans, anywhere
and anytime.
He said the mobile lending platform is accessible
through both USSD and mobile application.
“iNuka Pap Limited is also seeking a financial
partnership with the Saccos by sourcing and providing
financial investment with partner Saccos,”
he said
For instance, Saccos that can process over Sh
10,000,000 in loan applications can partner with
iNuka Pap- which will providing a minimum of
Sh 10,000,000 in funding after six (6) months of
operation. The CEO said they can also give up to
Sh 75 million in the first year of partnership.
Mr. Kuria said this financial package assists
Saccos raise the much needed capital to enable
them innovate and introduce more products as
well asextend repayment timelines from the average
24 months to 48-60 months.
“We will also work with you to provide access
to donor funding on projects like farming, building,
land business among others that are designed
toboost financial inclusion in rural areas,” said
Waweru. iNuka Pap Limited offices are located
along Raphta Road in Westlands, Nairobi.
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