Musoni MFI is the largest micro lending business in Kenya, providing loans for business and agricultural purposes. Musoni lends out about $30 million annually and has partnered with MIC since 2015.
Problem
Musoni came to MIC with the aim of reducing Portfolio At Risk (PAR) which ensured business continuity and in addition enable borrowers to bounce back easily and continue with business operation in case of a risk event.
Solution
MIC Global created a credit linked solution combining health, life and property risk coverages.
Implementation
The product is sold on an embedded basis with the loan officers in charge of customer education.
Results
Over 25,000 policies enrolled each year.
Reduction of default by over 50%.
9% annual growth rate.
Embedded Coverage for Today’s Digital World
