By Stephanie Dowling | CEO
Dear Friends,
For over 4 years, Mkono has empowered Kenyan entrepreneurs to drive social and economic advancement through access to affordable, zero-interest loans and personalized mentorship. 2023 was our most impactful year to date:
We’ve achieved a remarkable lifetime repayment rate of 94%. This is driven by our unique model - issuing loans through our partnerships with incubators and accelerators in Kenya, encouraging collective accountability and responsibility for repayment.
Our model facilitates dollars lent to be reused for 8X for more loans through healthy repayment. Simply said, $1 in lending can create $8 in total value. Moreover, 200K KSH of interest has been saved through our loans.
2023 centered on growth. Within the Kenyan market, we significantly expanded the number of entrepreneurs supported (29 in 2023 vs. 18 in 2022), representing 50% women. We cultivated long-term relationships with existing entrepreneurs and reached new entrepreneurs through partnerships. We supported entrepreneurs to significantly expand monthly sales (25-50%+) through continued access to affordable capital amidst rising interest rates, enabling the purchase of new equipment and inventory among other core business investments.
Looking ahead, we are committed to expanding our footprint within Kenya and beyond, while providing unwavering support to entrepreneurs on their business journeys.
We’re incredibly thankful for those who continue to make this impact possible, including our growing donor base and team of 27 volunteers, consultants, and mentors, 56% of which are women. Your support and belief in our mission is what keeps us going and ensures that the entrepreneurs get the resources that they deserve.
We look forward to continuing this journey with all of you!
Sincerely,
Stephanie
Links:
By Jamie Denham | Head of Fundraising
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