Nimble Group, one of the largest credit management businesses in Africa opened the Nairobi office.
The entry of Nimble Group comes at a time when the demand for credit across the East African region continues to rise as more people seek to access credit while financial institutions grapple with ways on how to reduce their non-performing loans.
The fully owned subsidiary of Nimble Group South Africa which operates across southern Africa has offices in South Africa, Namibia, Botswana, Ghana and has been in the Kenyan market since January 2016. Nimble group hopes to use the Kenyan market to penetrate other neighboring countries which it says has great untapped potential.
Nimble Group Chief Executive Officer, Mr. Rowan Gordon affirmed that they are ready to do business with credit grantors across the region and the Kenyan office will offer a perfect gateway to east African market.
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“We are delighted to create a presence in Kenya where we see great potential for debt collection and advisory services. Our extensive experience in credit management has given us the much needed impetus to enable financial institutions be able to recover debts in an efficient and cost effective”, Rowan said.
“Over the years, we have distinguished ourselves as the leader in the debt collection industry. Our commitment is focused on improving the client’s cash flow position by reducing the level of bad debts through prompt and effective debt recovery services,” He Added.
Jared Getenga, Chief Executive Officer, Credit Information Sharing Association of Kenya said with Nimble Group venturing in the Kenyan market, they will help in reducing debt collection.
“The new players in the credit market, we trust they will bring good ideas to it. You do not have to be a traditional player to venture in the market. We believe they will add value to the whole system,” he said.
Getenga disclosed that they are working with the Central Bank of Kenya and the Sacco Societies Regulatory Authority (SASRA) on the Financial Services Authority Bill, 2016 that provides that banks operate under a licensing and regulatory framework that is quite distinct from the Saccos.
Henry Rotich, CS Treasury in his FY2016/17 budget statement he disclosed that he had proposed additional amendments to the Banking Act and the Sacco Societies Act to facilitate cross border information sharing and to allow Saccos and Utility Companies to more effectively participate in the CIS framework.
The entry of Nimble Group in Kenya will ultimately tilt the scales as the services of debt collectors across the country continue to become highly sought after by banks, insurers, businesses and individuals, following a revolution in financial services and a shift in attitudes towards business and debt.