OYA Micro-Credit
The launch of OYA Micro-Credit was graced by Ghanaian Consul to Uganda, Tom Buruku (in red), Trade Minister Amelia Kyambadde (C), OYA Micro-Credit Company CEO, Aaron Hoareau (2nd L) and the Directors
The rapidly growing number of Small and Medium Enterprises (SMEs) mean that there’s need for unique and affordable financial support to spur their growth.
This is why OYA Micro-Credit Company Ltd, a Micro Credit firm launched in Uganda on Friday February19, 2021 comes in handy.
The Company will help support and grow small businesses by providing quick, convenient, seamless, competitive and collateral free access to credit disbursed via mobile money. Loan repayments are also processed via mobile money.
During the launch of the Company at their head offices in Muyenga, Kampala, OYA Micro-credit Chief Executive Officer, Aaron Hoareau said the Company is a subsidiary of Quick Holdings from Ghana and it has opened in Uganda to bridge the gap between small and big business organisations by lending to them at friendly terms and conditions and at as low as 10% interest rate.
“We are giving finances to already running businesses from Shs350,000 to Shs1.8 Billion, and this system has been running for the last 10 years across Africa,” Hoareau said.
The launch comes at the time when Uganda is experiencing a surge in technology innovations in financial services. These innovations are creating new models and products of financial services and have greatly created new models of how payments and remittances are delivered; and are disrupting the banking intermediation space.
However, SMEs are still struggling to get the right financing mix from credible sources in addition to formalising or creating groups or investment clubs.
Forming groups would help them open up their businesses to professionals who can advise them on the challenges they might be having. Up-skilling their operations in terms of management, financial reporting would help them attract support from government and survive in bad economic times.
Kobina Awa, a Co – founder of the fast growing micro-credit firm said that in Ghana alone, over $2 Million is disbursed to SMEs every week and in Tanzania where they started in July 2020, about $500,000 is given out weekly.
“In Ghana, we allocated $100 million to SMEs and we have allocated $30 million (UShs110bn) for this purpose in Uganda,” he said.
Kobina said that OYA was established in Accra, Ghana five years ago and they have developed many other products to solve credit problems in other African countries like Tanzania, Mauritius, Liberia among others.
The guest of honor Trade Minister, Amelia Kyambadde lauded the innovation and advised investors to be more visible, accessible and affordable.
“We have a lot of SACCOS designed for SMEs here but the interests rates and terms and conditions is the problem. I hope Ugandans will benefit from this new micro-credit company,” Kyambadde said.
The event was also graced by Ghanaian Consul to Uganda, Tom Buruku.
Good evening, iam Namarome Manjeri, am inquiring what is needed to get a loan and how is your payment procedure. Thank you. Manjeri
Kindly give us conditions for borrowing, do someone needs an account with you or?
Its good , fast and favourable to every one thanks to oya.
This is good to Ugandans and I wish it will help them. I wish I can get a job in it for driving.