Picture from Left: Kenneth Nyagah – Branch Manager, Musoni, Gikomba Branch; Irene Wanjuki – Operations Officer, MicroEnsure; Stanley Munyao – Chief Executive Officer, Musoni; Kiereini Kirika – Regional Director, East Africa, MicroEnsure; Irene Nduku – Business Development Executive, MicroEnsure; Caroline Afedoe – Account Management Adviser, MicroEnsure; Felix Musinga – Regional Manager, Musoni
A number of Musoni MFI Borrowers from Gikomba Branch, who lost their businesses in a fire tragedy at Nairobi’s Gikomba market on October 6th 2017, have received compensation from MicroEnsure in partnership with Sanlam General Insurance. Gikomba market is in down town Nairobi and mostly hosts second hand clothes dealers among other businesses. Over 60 borrowers received a total of 3.2 million KES as a result of their Musoni Group Enhanced Credit Life Cover Insurance to assist them in repayment of their outstanding loan balances as well as a cash benefit that will help them get back on their feet again.
According to MicroEnsure Director for East Africa, Mr Kiereini Kirika, the Musoni borrowers, who are business people at Gikomba, have received full compensation for their outstanding loan balances and they will be able to borrow more loans from the institution to reinstate their businesses. “Most of the goods belonging to the traders were burnt to ashes. We have worked hard to ensure that the claims were processed fast and paid,” he said. He was speaking on Friday, 17th, November, 2017 during a MicroEnsure claims disbursement event that happened at Gikomba social hall in Gikomba market.
Picture: Kelvin Omondi and Irene Nduku – Business Development Executive, Kiereini Kirika – Regional Director, East Africa, Irene Wanjuki – Operations Officer, all from MicroEnsure Kenya, at the MicroEnsure and MUSONI claims disbursement event at Gikomba social hall in Gikomba market on Friday 17th November 2017
Customer: Mr Kelvin Omondi
Amount received: 1000 KES ($10 USD) + Loan balance of 117,427 KES ($1,130 USD) paid to Musoni
“I thought my claim will take many months to be paid, but I am happy that the benefit came out very first.” Kelvin Omondi, market trader, Gikomba Market.
Kelvin Omondi is a diligent young man with a shoe business at Gikomba market. He is married to his dear wife Veronicah Omondi and they have four wonderful children. He currently resides at Babadongo estate and for the last 10 years Kelvin wakes up early in the morning to meet his customers at his small stall in Gikomba market, Nairobi. His business was doing pretty well until the
morning hours of 6th October 2017 when fire with unknown origins broke out in the market, reducing everything to ashes. Kelvin received this news early in the morning from his friends and this made him disheartened not knowing how to proceed with life.
Kelvin is a member of MUSONI MFI under a group known as Gikomba Ushindi and they collectively take loans from Musoni. Kelvin’s loan was insured under Musoni Group Enhanced Credit Life cover designed and administered by MicroEnsure. At first, Kelvin was not sure if his loan had insurance because his loan officer had informed them that not all types of loans are covered. Just when Kelvin did not know how to pick himself up and proceed with life , as well as pay his loan, his loan officer sent him a text message informing him that his loan will be paid by MicroEnsure and therefore, he should report his property loss to the police and submit the police abstract to Musoni office immediately. Together with his loan officer, Kelvin was able to submit all the required documents that MicroEnsure requested and within a short period Kelvin’s loan of KES 117,427 was paid and he received KES 1000 cash benefit to condole with him in his loss.
Kelvin, who was confused and demoralized after losing his stock was overwhelmed with joy after receiving this payment. He said “I thought insurance does not pay and I am so surprised by what MicroEnsure has done. I thought my claim will take many months to be paid, but I am happy that the benefit came out very first. I am delighted for Musoni and MicroEnsure partnership and this has increased my loyalty to Musoni. I wish to see MicroEnsure provide us with more policies like motor and education cover that we can extend to ourselves and benefit more,” he concluded.
Kelvin’s Insurance was provided by Musoni in cooperation with MicroEnsure and SANLAM INSURANCE. Life, Hospitalization and Property insurance is included on any Musoni Group loan disbursed in order to obtain a similar loan, visit the nearest Musoni Kenya Branch or call 0709761101
Musoni Group Enhanced Credit Life Cover Insurance was designed and administered by MicroEnsure and provided by Musoni in co-operation with Sanlam General Insurance. Life, Hospitalization and Property insurance is included on any Musoni Group loan disbursed in order to obtain a similar loan, visit the nearest Musoni Kenya Branch or call 0709761101