Rafode is a non-profit community development organization formed to provide financial services to the low income people in Kenya. We aim at reaching out to economically poor populations through the provision of savings and credit facilities. Our mission is to enable the poor to get access to credit and save in order to help them adress life cycle risks.
Rafode is a young and ambitious organization. In the planning stages for well over a year, we recently disbursed our first loan in January 2007. In the following six months, we would provide loans to over 150 clients and grow our loan portfolio by over 20%.
To be a national financial institution governed by a spirit of integrity and service
To provide financial products and services that meet the needs of the poor
To empower clients to escape poverty, realize dreams, and transform their lives
A Commitment to the Poor
In order for a MFI to be successful, it must meet the needs of its clients. Rafode takes this idea to heart and has made client needs a central consideration in all aspects of its operations. The organization's entire loan program is structured to make financing more accessible to those with limited or no capital. For instance, Rafode, unlike other MFI's, does not require its clients to have up-front savings before issuing a loan. Nor does Rafode require its clients to open bank accounts in their name, relieving them from bank finance charges and from the cumbersome experience of joining a bank that may be many miles away. Loans are dispensed quickly while fees and interest rates are comparatively lower.
In short, Rafode strives to reduce loan costs for its clients while making the loan process as convenient as possible. As Rafode grows, the products and services we offer will be a direct response to the needs in our target market. Maintaining a keen awareness of the needs on the ground insures that Rafode always remains a relevant, timely, and powerful resource.