Jitegemea Credit get share of Credit Rotation Fund set up by AMFI-Kenya and German firm DSIK
By Oliver Owuor
Jitegemea Credit Scheme are the first among the microfinance institutions in Kenya to be selected for a share of a Credit Rotation Fund [CRF] which was set up recently by the Association of Microfinance Institutions in Kenya [AMFI-Kenya] and German Sparkessenstiftung Eastern Africa [DSIK].
“The objective of the Credit Rotation Fund is to provide low-interest loans to financially sound and compliant institutions of the microfinance sector as additional liquidity to meet the demand for loans of clients during and after the COVID–19 pandemic with the aim of mitigating the negative impacts on their businesses,” says AMFI-Kenya CEO Caroline Kabui Karanja.
Eligible microfinance institutions will have the opportunity to repeatedly apply for loans from the fund, to contribute to the support of economic activities in Kenya especially the establishment and development of MSMEs.
“For this reason, AMFI-Kenya has selected Jitegemea Credit to be among the first among the microfinance institutions to benefit from this fund,” Caroline Says.
Jitegemea Credit Scheme CEO Laban Hihu Mwangi was all smiles as he put pen to paper. “This Credit Rotation Fund is crucial to the microfinance sector, and we are delighted to be among the first microfinance institutions to be selected for a share of the Fund,” he said. “Our goal is to continue offering affordable credit to our clients, and with this gesture, we will have the muscle to help the many clients who have been victims of the Covid-19 pandemic.”