Michael is 26 years old and married. He has been running a butcher shop for five years. He acquired the necessary skills for operating the business in a butchery where he was previously employed. He belongs to a group in Faulu, Kenya, whose members guarantee each other loan. He previously took out a loan of 100,000 KES which was used to expand his business. He has successfully repaid the previous loan, and hence has been allowed to take out another loan of 40,000 KES. He will use the new loan amount to purchase a freezer, roaster grills and weighing machine. He hopes to open more outlets in the future.
About Faulu Kenya
Faulu Kenya aims to empower Kenyans by providing relevant financial solutions. Faulu is a sustainable and profitable microfinance institution that offers savings and credit services to over 225,000 Kenyans. Faulu recently became the first MFI in Kenya to be licensed as a Deposit-Taking Micro-Finance Company, which will enable Faulu to better serve its clients.