By embracing technology, developing innovative products and giving back to the community, lender wins its customers’ hearts
By George Gichuki
Founded in 2003 as a credit only microfinance institution with a vision of providing emergency loans to civil servants, employees of the Teachers Service Commission (TSC) and some selected companies, Platinum Credit has achieved tremendous growth within a relatively short period of time. With a customer base of over 80,000, the fast growing lender has a regional presence in Uganda and Tanzania. “The company has taken giant steps within a short period of time and it is currently the largest credit only microfinance institution in Kenya,” says Mr. Oscar Murigi, the Managing Director.
According to Mr. Murigi, 2019 has been a highly successful year for Platinum Credit in terms of financial performance, improvement in operational efficiency, growth in staff numbers, branch network and sales.
In order to give its customers an exemplary experience, the company has invested heavily in a robust and interactive information and communications technology (ICT) platform. It has also developed innovative loan products which are delivered to the customers within twenty four hours, once the approval process has been concluded. The products include: civil servant loans, biashara loans, logbook loans, landlord loans, import duty finance and insurance premium finance. Platinum Credit is a member of the Association of Microfinance Institutions – Kenya (AMFI-K).
Corporate Social Responsibility (CSR)
Platinum Credit is a responsible corporate citizen. Its corporate social responsibility (CSR) approach allows the company to take part in building a sustainable future while developing the overall performance and stability. “We aim to support, enhance and protect the environments within which our employees and customers live,” says Mr. Murigi. The programme focuses on financial inclusion (broadening financial services to those without access), financial education (improving financial literacy) and financial migration (assisting people to succeed financially).
Under its well coordinated and impactful philanthropic community based projects, the company focuses on three pillars: health, education and environment.
Looking forward to 2020, the company is confident that it will continue setting pace in Kenya’s microfinance sector. “Our focus will be more on enhancing the use of technology in service delivery,” says Mr. Murigi adding that they are planning to launch more innovative products and enhancing their efficiency in service delivery. “Whenever our customers need us, we shall be available,” he promises.