Oya Microcredit marks 4 years of impact, pledges to deepen Kenyan expansion with structured products  

 

 

Oya Microcredit is actively expanding its investment portfolio in a bold move that will see the Micro, Small, or Medium Enterprise (MSME) lender stamp its footprint across the country by year – end, with new product offerings already lined up.

The push, according to its Chief Executive Officer, Wycklife Ochola, is moving beyond pure credit and instead helping consumers and business owners shift from survival borrowing to long-term economic growth.

“There’s a massive demand for credit right now in the country, and we feel our unique model is better suited to tap into other regions where we have yet to venture.

Also read: Oya Microcredit pushes through with local expansion amid surge in sector NPLs

Our plan is simple…to partner with our customers. So, we are looking at startup loans, USSD loans, and Credit cards, among others, as some of the options we will be introducing to the market,” revealed Ochola, adding that the company will not stray from its core business, which is business loans, but rather, the new products will complement its existing services.

He was speaking on the sidelines of the company’s fourth anniversary marked on May 30.

His confidence is buoyed by the outstanding loan book performance rate of 97%, which the microfinance has consistently enjoyed since it pioneered its local operations 4 years ago as an incentive to the continuing expansion drive. A 97% rate typically reflects a strong on-time repayment performance, which is the percentage of borrowers making their installments on schedule.

Expansion plans

OYA has recently announced major expansion undertakings to meet rising consumer demand and business growth outside Nairobi and its environs, notably unveiling 10 new branches in the Eastern region of Kenya last week, and has since earmarked Central Kenya as its next growth region this June.

“We are going all out, and we believe we have what it takes based on the growth trajectory we have understood thus far,” said the OYA boss.

Further stating that, the company is also embarking on a financial literacy program aimed at educating its customers on financial management, as Kenya’s expanding credit market is increasingly shifting focus from loan disbursement to financial literacy, as lenders like OYA seek to improve borrower outcomes and reduce the risks associated with poor debt management.

“Credit is a powerful tool for economic empowerment, but it must be accompanied by financial education.”

“We have learnt over the past four years that when clients understand how to manage their finances and use credit responsibly, they are more likely to succeed in their businesses and personal financial goals.”

His remarks come as Kenya’s financial services industry undergoes rapid transformation, driven by digital lending platforms, mobile banking, and the growing reach of microfinance institutions.

While these innovations have widened access to capital, concerns persist over the financial literacy levels of borrowers, particularly among households and SMEs.