Musoni BV

Musoni BV is a social enterprise that establishes best-practice microfinance ...

Overview

Musoni BV came about as a result of the experience gained by members of the Musoni BV team working in the field of mobile banking and microfinance in East Africa.

Prospective Client

Working with existing MFIs, the team was successful in rolling out the first partnerships between mobile money transfer services and MFIs in both Kenya (2008) and Tanzania (2009). These early pilot programmes demonstrated the potential in introducing innovative new technologies to the microfinance industry, and were the inspiration behind setting up an MFI that would be completely cash-free, utilizing mobile money for all loan repayments and disbursements as well as the depositing and withdrawing of savings.

In September 2009, after almost a year of preparations, Musoni BV was founded. By May 2010, Musoni Kenya had disbursed its first loan and at the end of 2011 Musoni Kenya had established five branches and successfully disbursed over 10,000 loans. In the year 2011 Musoni Kenya lent more than $2m to micro entrepreneurs. In July 2011 Musoni BV won the award for ‘most innovative use of technology’ granted during the Global Microfinance achievement Awards in Geneva.

Musoni BV is now looking to build upon its experience to develop and roll-out its innovative model to new markets, while continuing to provide high quality support to Musoni Kenya.