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Fortune Credit 10
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Grace sells milk and chapati from her market stall, but due to a lack of working capital, she couldn't purchase enough supplies. With a microloan from Fortune Credit, she was able to replenish her stock. Now, she provides her community with affordable food and maintains a stable income. Your investment in Fortune Credit helps 410 entrepreneurs like Grace access microloans.
€75,000
8.00%
24 months
6 months
USD
CurrencyAmount | €75,000 |
Interest | 8.00% |
Maturity | 24 months |
Repayments | 6 months |
Currency | USD |
The project
In Kenya, the informal sector provides approximately 80% of fundamental needs such as food and daily essentials. Working in this sector often means limited access to financing and social protection, making it difficult to achieve financial stability. Microcredit offers these small business owners the opportunity to expand their enterprises and enhance their living standards.
Fortune Credit provides duka loans to small entrepreneurs in Kenya. These short-term loans, ranging from $100 to $200, are specifically tailored for micro-entrepreneurs in the informal sector. A "duka" is a small shop or market stall that sells daily necessities. These entrepreneurs often live day-to-day and have limited resources to expand their inventory. A duka loan helps stabilize their income and foster business growth. Notably, 73% of Fortune Credit's duka loans are allocated to female entrepreneurs, who play a critical role in economic growth and job creation.
Your investment in Fortune Credit ensures that 410 entrepreneurs receive microloans. Watch Grace's story below to see how Fortune Credit's working capital is pivotal for her business:
What social return could your investment generate?
Fortune Credit focuses on marginalized communities in Kenya. Your investment in Fortune Credit supports them in four key areas: boosting food production for farmers, promoting sustainable transportation through electric boda bodas for youth, advocating for climate-neutral cooking with biogas for households, and financing duka loans for micro-entrepreneurs. These initiatives reduce CO2 emissions, enhance food security, provide eco-friendly transportation, improve living conditions, and bolster community economic resilience.
What financial return could your investment generate?
- Annual interest rate of 8%
- The maturity of the loan is 24 months
- There will be a repayment of your investment every 6 months
- With an investment of 1,000 euros, your expected repayment would be 1,100 euros
- Please consider that although you invest in EUR, the loan is in USD, so there is a risk of exchange rate fluctuations between dollars and euros. For more information, please visit our currency page
The story of Fortune Credit
Fortune Credit Limited, established in 2014, is on a mission to catalyze economic empowerment among Kenya's rural population. Their range of savings, credit, and insurance services currently supports over 15,000 clients across 10 counties, with a loan portfolio of USD 3 million. Their commitment lies in investing in strenghtening those at the bottom of the pyramid in society to alleviate poverty.
The solutions Fortune Credit offers, are designed to accelerate access to innovative financial products and services. As a social enterprise, they are focused on sustaining livelihoods, empowering individuals to thrive, and fostering positive change for a brighter future. Recognizing the unique challenges faced by MSMEs in navigating traditional financing and rigid models, Fortune Credit seeks to address market gaps and develop semi-formal industries. Their ultimate goal is to be a steadfast advocate for the social-economic and ecological prosperity of the people of Africa.
Fortune Credit in numbers
- Founded in 2014
- 45 employees
- 15,000 clients
- 65% female borrowers
- Loan portfolio of USD 3 million
Company name | Fortune Credit |
CEO | Janety Kuteli |
Founded | 2014-08-20 |
Location | Nairobi |
Sector | Financial services |
Turnover | $720,000 |
Employees | 45 |
Credit score | B |
Impact
Microloans play a crucial role in empowering small entrepreneurs in Kenya, providing them with the necessary financial resources to start or expand their businesses. Only around 30% of entrepreneurs in Kenya have access to the formal banking sector, leaving a significant portion of the population underserved in terms of financial services. Financial institutions like Fortune Credit step in to bridge this gap to create a positive impact on the lives of entrepreneurs and their communities.
Fortune Credit actively and visibly works on contributing to several Sustainable Development Goals. The microfinance institution aims to support the growth of rural farmers and traders, benefiting individuals, many of whom are female entrepreneurs.
Fortune Credit supports young boda boda (motortaxi) drivers in Kenya by providing financing for electric motorbikes. This valuable initiative makes a substantial contribution to the fight against climate change. Not only does this embrace eco-friendly transportation alternatives, but it also creates new job opportunities.
Fortune Credit also prioritizes microfinance activities that grant access to clean cooking and lighting solutions, benefiting primarily women and leading to improved health outcomes. Moreover, this emphasis on clean energy helps mitigate deforestation by reducing the demand for firewood. Furthermore, the agribusiness loans facilitate increased food production, significantly mitigating issues related to hunger and proper nutrition for households.
Through these initiatives, Fortune Credit aims to foster economic development, social well-being, and environmental sustainability in Kenya, illustrating the transformative power of microloans and responsible investment in local communities. Fortune Credit's outreach to underserved entrepreneurs lacking access to the formal banking sector not only levels the playing field but also empowers individuals to thrive in their entrepreneurial pursuits. This commitment simultaneously addresses poverty and hunger while supporting sustainable practices.
SDGs impacted
With this project, you are contributing to the following Sustainable Development Goals:
● SDG 1 - No poverty
● SDG 5 - Gender equality
● SDG 7 - Affordable and clean energy
● SDG 8 - Decent work and economic growth
● SDG 10 - Reduced inequalities
Read more about the impact you can make through our platform and the SDGs on our impact page.
● Read more about the importance of clean cooking solutions through the experience of Kenyan writer Charity here: 5 Ways Solar Solutions Reduce The Gender Gap in Poor Households.
- With this investment 45 biogas digester systems are installed
- With this investment 10 jobs are created
- With this investment 73 lives are improved
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We have already contributed to Fortune Credit 10
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