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KMB Microfinance

KMB, which stands for Kongolese Microfinance Business, was founded by Ade Kasereka B. Vickya, and assisted by a group of congolese with background and experience in finance. It is a microfinance project which is motivated by the desire to empower Congolese diaspora living in the UK with access to affordable financial services and products but also to the best possible financial knowledge as their needs arise.

OUR VISION

We strive to build a community where every member can grow financially. A community that undergoes financial development by increasing its financial resources and changing its members' life.

OUR MISSION

We seek funding opportunities, manage financial resources and invest them in the community by providing financial products and services that are suitable to the needs of the community members while ensuring KMB's long term sustainability.

OUR CULTURE

We believe that people are created equal and everyone should be assisted to grow financially. Congolese people deserve to have access to financial services within their own community.

OUR VALUES

The values that underpin our work are as follows: Integrity, Trustworthiness, Customer Oriented, Teamwork, Participatory Process, Continuous Learning, and Transparency.

REGULATED ACTIVITIES

KMB is currently a project which is undergoing a development phase before being authorised to carry on any regulated activities. In order to be able to act in any official capacity when dealing with financial services, we have planned to become a community finance organisation which is registered and authorised by the PRA, then regulated by the FCA in the near future.

For our financial services, KMB have planned to provide the following suitable ‘product mix’ of three loan types to attract Congolese from high interest lenders to their own community financial institution:

Loans for new clients
Loans for existing clients
Loans for members

These regulated activities will be provided in the short and medium term of our operations, and they are subject to funding and authorisation by the FCA.

Other services to be offered alongside the credit activities are:

Financial literacy.
Financial education.

Our goal will be achieved through the following product mix and product design variables that respond to the needs and preferences of our clientele.

OVERVIEW OF PROPOSED LOAN PRODUCTS

£500 repaid at £188.34 per month for 3 months. Total repaid = £565.03

Not working

On low income

On benefit

Past difficult repaying credit

LOAN TYPES

CLIENT CREDIT PROFILE

APR %

TYPICAL LOAN

Loan for New Client

76.46%

Loan for Existing Client

73.23%

£1,000 repaid at £374.82 per month for 3 months. Total repaid = £1,124.46

Loan for

Member

£300 repaid at £113.75 per month for 3 months. Total repaid = £341.30

80.76%

Not working

On low income

On benefit

Past difficult repaying credit

Not working

On low income

On benefit

Past difficult repaying credit

APR Representative example: £500 Loan repayable over 3 months; 3 payments of £188.34 p.m; Rate of interest 70.00% p.a. fixed; Representative 76.46% APR; Total amount payable is £565.03. This calculation is for illustrative purposes only.

Funding proposal

Loan Management System

Lending methodology/policies

Budget/Financial plan

Operational plan

Strategic plan

Needs Assessment

Problem analysis

PLANNING AND DEVELOPMENT WORK

We are a group of Congolese with financial background and experience who started out with an idea to set up a microfinance institution within the Congolese community in the UK.

We are committed to strategically growing KMB through constant improvement of our work that includes planning process, operations, and the pursuit of funding opportunities to further our business model and capabilities.

We conducted a study to analyse financial problems facing the Congolese community in London. We found out that there is a strong demand for a short term credit to regularly finance a variety of projects owned by Congolese who have been rejected by the mainstream banks but have relied either on rotating saving schemes (ROSCA) or loan shark.

Over its one year of planning process, KMB have been involved with the community in order to have a thorough understanding of the problem and develop a strategic plan based on the analysed problem and their role in addressing it. After completing strategic plan, an operation plan including detailed financial projections was prepared.

We are now seeking funding opportunities to cover both the development and operational phases including the registration and regulation fees in order to become a fully regulated community developement finance institution.

KMB shall be a registered and regulated CDFI, and shall also build up a significant capital by mid-2026 through local (members, individuals & authorities), commercial banks, non-governmental bodies, social investors and international (SRIs) investments.

By mid-2026, KMB will service 1400 clients with affordable and client responsive financial product and services. By 2028, KMB shall leverage the capital build up to expand business activities and profitability.

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KMB Microfinance

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KMB Microfinance

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