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Riverbank Credit SACCO Limited

Agency,Employer: Riverbank Credit SACCO Limited
Sectors: Banking and Finance
Description:
About Riverbank Credit. see it here http://www.riverbankcredit.com/Riverbank Credit (2008) began as special purpose vehicle for Riverbank Crescent Self Help Group-Registered in 2005. A body formed by 7 members in 2002 to inter alia, provide credit on a merry go round basis relying on Character of the borrower, Cash flow and Conditions of the loan given without security. The lending methodology used by this Group was to lend without tangible security but based on type of business/transaction at hand, ability of the business to generate revenues sufficient to meet agreed interest costs, ability of the business to pay off principal loan at the end of agreed term and Character /market reputation of the borrower. As a result of need to be a regulated organisation. The Self Help Group applied, was vetted and given status of SACCO (Savings and Credit Society Limited by guarantee) in February 2009. Currently the membership has increased to 6,000 and still growing Vision: To create an economic environment where the ability of the poor to improve their lot is not determined by the wealth inherited but by the individual’s drive to capture business opportunities and make the best use of such opportunities The Mission: To be the leading provider of REAL micro finance services in Africa through deep understanding of financial needs of the economically disadvantaged and use all forms of INTERMEDIATION including Information Technology to support innovation of solutions to meet such need STRATEGY: The broad strategy of the organisation was one which would enable all the underprivileged people striving for economic emancipation to access credit as well as preserve individual dignity in accordance with the Millenium Development Goals being, Food for all, Self actualisation & Freedom from extreme poverty for all, education for all, sustained medical care both for mother and child, Crushing HIV/AIDS, Environmental sustainability, Global Partnership (Open Borders/Open webspace) Riverbank ‘s strategy has ever been to provide financial respite to the unbanked and also respite to the underprivileged who though hold bank accounts, can not access the benefits of Banking facilities due to rigidness of Banks in their standard appraisal and approval methodology. The ability of the original group to lend was based on the fact that there are other considerations apart from pricing of credit that a borrower look for when seeking credit. That the first primary responsibility of a financial intermediary is to AVAIL CREDIT at whatever price. As long as the pricing does not exceed the revenue a potential recipient would generate from business activity. Riverbank dream is of a nation where no one would ever be denied access to credit if they have a business opportunity to exploit profitably based on historical records of wealth. It is based on the belief that SUCESS IS NOT A DESTINY , SUCESS IS A CHOICE. Our fortunes are not hard corded on the ‘stars’ They are based on what we focus on, How we interpret every situation we are in and the decision of how we react to every situation around us . To this end Riverbanks ultimate dream is to cascade the thinking in all parts of the world where poverty and ignorance reigns
Address: Chief Executive officer, RiverbankCredit SACCO Limited Nacico Plaza, 7thfloor Suite 701, Landhies Road :Tel +254-722778617, Land line: +254-020-2215042,email2- info@riverbankcredit.com P.O.Box 62354-00200, Nairobi web:www.riverbankcredit.com
City: Nairobi
Area: Nairobi Area
Company Type: Other
Business Nature: Commercial
Last Logged on: 04 March 2014

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