Imarisha has reversed conventional banking practice by removing the need for collateral and created a banking system based on mutual trust, accountability, participation, and creativity. we provide credit to the poorest of the poor in rural Kenya, without any collateral. Credit is a cost-effective weapon to fight poverty and it serves as a catalyst in the overall development of socio-economic conditions of the poor who have been kept outside the banking orbit on the ground that they are poor and hence not bankable. We reasoned that if financial resources can be made available to the Small Scare business people on terms and conditions that are appropriate and reasonable, “these millions of small people with their millions of small pursuits can add up to create the biggest development wonder.” Our Loans repayments are on a weekly installment over a duration of 2-8weeks.
We empower communities by providing loan services opportunities to the small business operators of our society. We extend microcredit and other financial services to families, providing them greater economic stability and contributing to the overall socio-economic development of communities.
Our core service is microfinance loans ranging from USD 30 up to USD 300, repaid over a period of 1 month. Our borrowers are empowered to expand the businesses and better their livelihood. We do not fund Startups.
Actions I’ve taken so far
We have opened 2 offices in different towns. Each has a Manager, 3 relationship officers, and an outsourced debt collection team. Our loans are disbursed, collected, and managed through web-based software. All transactions are digitalized.
The branch is responsible for their area portfolio assisted by the HQ.
My future goals
We would like to grow and open new branches in different towns and assist other business owners to access working capital through our services. Before then, our goal is to have the current branches stable and the team be able to manage their portfolios.
My motivations to work with a mentor
The expertise is of existence in any business venture and we believe this will help us scale to the next level of growth.
About my venture
Imarisha Premium Services Limited
Imarisha is a non-deposit-taking non-banking finance company. That means the borrowers don’t have to have savings in order to be legible to loan service.