Abler Nordic and Norfund have jointly invested $16 million USD in Premier Credit, a Kenyan microfinance institution dedicated to supporting micro, small, and medium enterprises (MSMEs). Each organization has provided an $8 million senior loan in local currency to help expand access to affordable finance for underserved entrepreneurs in Kenya.
This investment aligns with both Abler Nordic and Norfund’s missions to empower low-income households and stimulate job creation. MSMEs are vital to Kenya’s economy, contributing nearly 40% to the country’s GDP and employing over 75% of the workforce. Despite their importance, many struggle to secure financing from traditional banks due to stringent lending criteria.
Kenya is a key country for our investments, and partnering with Abler Nordic to support Premier Credit underscores our commitment to empowering entrepreneurs and boosting job creation in Kenya,” said Judy Kinyanjui, Investment Director for Financial Inclusion, Norfund.
Since its inception in 2013, Premier Credit has provided over 600,000 MSME entrepreneurs, particularly in rural and underserved areas, with affordable financing. The company has achieved strong growth, maintaining a 90% customer retention rate and focusing on women and rural clients.
For more information on Norfund visit www.norfund.no
