A Norway-based public-private partnership that supports microfinance institutions (MFIs) in developing countries, the Nordic Microfinance Initiative (NMI), recently agreed to loan $3 million to Musoni Microfinance, a financial technology (fintech) company founded in 2010, to help it expand its cashless services and other “technology driven financial solutions” in Kenya. Musoni Microfinance serves 30,000 clients in the country as of 2018. Its loans range in size from KES 500 ($5) to KES 3 million ($30,000) and carry monthly interest rates of 1.67 percent for individual loans and 1.83 percent for group loans.
Musoni Investments, which is based in the Netherlands, holds stakes in Musoni Microfinance as well as Musoni Services, which offers software for managing MFIs. Musoni Services’ software-as-a-service package, which is called the Musoni System, is licensed to 93 microfinance institutions in Africa and Asia as of 2017.