![funding gap emerging markets](https://assets.lendahand.com/offer/image/60000189/w400h400_Fortune_Credit_7.jpg)
Fortune Credit 7
![](https://assets.lendahand.com/user/avatar/4266/w200h200_Eric_Gerritsen.jpg)
![](https://assets.lendahand.com/user/avatar/2818/w200h200_2016-07-16_22.40.50_copy.jpg)
![](https://assets.lendahand.com/user/avatar/16974/w200h200_QGBt_XTq.jpg)
![](https://assets.lendahand.com/user/avatar/2664/w200h200_Ron.jpg)
Using biogas for cooking is a major improvement for families in Kenyan villages. Fortune Credit provides loans to buy biogas digesters, which turn animal waste into affordable, renewable energy. By investing in Fortune Credit, you can enable 60 families to adopt this eco-friendly cooking method.
€100,000
8.00%
24 months
6 months
USD
CurrencyAmount | €100,000 |
Interest | 8.00% |
Maturity | 24 months |
Repayments | 6 months |
Currency | USD |
The project
In the village of Simotwet, residents now cook with biogas, a 100% renewable and CO2-neutral energy source. This affordable energy is produced by fermenting manure in a biogas digester.
Switching from cooking on firewood to biogas has had a huge positive impact on the lives of these rural families. Previously, residents had to search daily through the Mau Summit forest for firewood, sometimes carrying up to 60 kilograms. Fortunately, this is no longer necessary. Reducing deforestation due to the switch to biogas also contributes to preserving the environment in their living area.
Cooking with biogas has not only improved families' health but has also highlighted the concrete negative consequences of cooking with fire. Previously, many women suffered from severe lung issues due to smoke in the kitchen.
Fortune Credit supports low-income families in transitioning to biogas with low-interest loans, enabling them to benefit from this clean energy source.
![Entrepreneur Lidia, a small shop owner in East Timor, who received funding via Lendahand.](https://s3.eu-west-1.amazonaws.com/production.lendahand-com.public/offer/assets/Invest+in+Fortune+Credit+via+crowdfundingplatform+Lendahand.jpg)
What social return could your investment generate?
Your investment in Fortune Credit directly supports three key areas: increasing food production for farmers, making transportation more sustainable through electric boda bodas for youth, and promoting climate-neutral cooking with biogas for households. This results in lower CO2 emissions and stronger economic opportunities for Kenya's small entrepreneurs and rural communities.
Farmers:
- This loan directly supports 99 farmers, of whom 65% are women.
- Financial access allows farmers to gradually invest in their farms, improving their quality of life.
Youth:
- The loan finances the production of 15 electric motors for Kenyan youth, intended for use as boda boda taxis.
- Using electric motors contributes to lower greenhouse gas emissions, which is important in the fight against climate change.
Households:
- Through the Clean Cooking Program, about 60 families gain access to biogas digesters, enabling them to cook with biogas.
- Biogas is a healthier alternative for cooking and reduces the need to cut wood for firewood, which counteracts deforestation.
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 60 biogas digester systems are installed
- With this investment 15 jobs are created
- With this investment 99 lives are improved
Sorry! You must be logged in to view this page.
Sorry! You must be logged in to view this page.
Sorry! You must be logged in to view this page.
Sorry! You must be logged in to view this page.
Sorry! You must be logged in to view this page.
We have already contributed to Fortune Credit 7
![](https://assets.lendahand.com/user/avatar/4266/w200h200_Eric_Gerritsen.jpg)
![](https://assets.lendahand.com/user/avatar/2818/w200h200_2016-07-16_22.40.50_copy.jpg)
![](https://assets.lendahand.com/user/avatar/16974/w200h200_QGBt_XTq.jpg)
![](https://assets.lendahand.com/user/avatar/2664/w200h200_Ron.jpg)