Progressive Credit is one of Kenya’s fastest growing providers of financial services today.
In an increasingly inter-connected world, having financial services readily available is of uttermost importance to businesses for innovation, growth and sustainability in the entrepreneurial landscape. Access to financial services not only enables people to save, reduce poverty and inequality but also helps improve the overall welfare of societies and economic development.
Data from the Financial Sector Deepening, (FSD) Kenya records that financial inclusion is equally growing fast. Kenyans excluded from any form of financial service dropped from over 40 per cent of adults to 17 per cent between 2006 and 2016, thanks to financial institution like Progressive Credit.
Established as a non-deposit taking Microfinance in 2011, Progressive Credit aims to empower individuals and businesses through flexible and innovative financial products.
“We finance entrepreneurs, agriculture, micro, medium and small enterprises as well as corporate and the consumer sectors,” says Paul Wainaina, a business executive at Progressive Credit during an interview with StartUp Magazine.
It is no doubt that many people in business or otherwise need financing. As such, there was a huge gap left by mainstream financial providers. It is against this backdrop that the firm came up with a major objective of bridging this gap by offering flexible and affordable credit services to individuals and businesses.
Mr. Wainaina believes that there is a huge window for greater financial inclusion in the country due to the increasing appetite for financial products.Progressive Credit strategized itself to tap on this growing need. “Our advantages are speed and flexibility. Excellent customer service has also seen gain a competitive edge over other credit firms in the market, states Mr. Wainaina.”
Clients walking into any of the firm’s branches countrywide and apply for a loan get quick approval and disbursement thanks to a unified and automated communication system with the firm’s 18 branches network across the country. It has enhanced service delivery and gives clients access to the services via the agents and touch points.
“We are now working in several counties with elaborate core banking and IT system that connects our operation between our branches and head office, explains the Business Executive.”“This integration of systems then in return gives us flexibility to serve clients from any of our touch points across the country with ease,” adds Roy Nganga, a senior staffer at the firm.
Progressive Credit welcomes anyone with a financial need to enjoy its credit facilities as long as he is able to repay. “We have a robust risk assessment mechanism to ensure that we finance noble causes. We also work with Credit Reference Bureaus (CRB) to understand the credit nature of clients and their ability to repay a loan facility,”affirms Mr. Nganga.
As a client-focused institution Progressive Credit has seen most of its clients develop and grow nearly in all areas of their businesses. “We have entrepreneurs who started small and are now running bigger ventures and created employment opportunities thanks to our financial assistance. In the trade sector, we have many customers who initially sold small quantities of goods in their shops; however, through our financial mediation they are now able to import goods from overseas and sell locally without worry,” notes Mr. Wainaina.
“We have a mission to be the most responsible financial institution in facilitating the development of our clients and the fact that our very first client is still with us is a testament to this. People come here to get finance for asset acquisition, working capital, business growth and development and we pride ourselves in actualizing their aspirations.”
Above all, Progressive Credit is led by a team of highly qualified and experienced personnel working with a diversified, youthful and energetic team. The firm has a well-structured setup that enables smooth running of activities to meet customers’ expectations and needs with ease.
Mr.Mbaabu Muchiri, the Chief Executive Officer at Progressive Credit has a pool of experience in the banking and other industries. Previously a Director of Credit with Equity Bank for seven years, he played a key role in the bank’s transformation and growth. Prior to that, Mr. Mbaabu made his bones at Central Bank of Kenya for six years as a banking supervisor where he gained valuable experience in banking within East Africa. He also worked for Coca-Cola Africa for four years in various senior positions. His concerns for teamwork and passion for customer delight have been pillars in successful leadership of Progressive Credit.
Going forward the firm plans to expand and introduce new products as it envisions playing a key role in broadening financial inclusion in the region.