As access to credit continues to expand across Kenya, financial literacy is emerging as a critical component in helping borrowers make informed decisions, grow their businesses and achieve long-term financial stability.
Speaking during the fourth anniversary celebrations of Oya Micro Credit Kenya, Chief Executive Officer Wycklife Ochola said financial education has become a central pillar of the company’s operations, enabling clients to use credit responsibly while supporting business sustainability.
“Credit is a powerful tool for economic empowerment, but it must be accompanied by financial education. We have learnt over the past four years that when clients understand how to manage their finances and use credit responsibly, they are more likely to succeed in their businesses and personal financial goals,” said Ochola.
His remarks come at a time when Kenya’s financial services sector is experiencing rapid growth, driven by mobile banking, digital lending platforms and the expansion of microfinance institutions. While these developments have improved access to capital, concerns remain about financial literacy levels and the ability of borrowers to manage debt effectively.
According to Ochola, many entrepreneurs, particularly those running small and medium-sized enterprises (SMEs), continue to face challenges related to budgeting, cash flow management and financial planning.
“We have seen many businesses with great potential struggle not because they lack customers, but because they lack the financial knowledge needed to manage growth and maintain healthy cash flow,” he said.
He noted that access to credit should be accompanied by practical financial guidance to help borrowers make informed decisions and avoid financial distress.
“When people understand how to budget, track expenses and plan repayments, they are better equipped to use loans productively and avoid financial distress,” he added.
Kenya’s SME sector remains a key driver of economic growth and employment, yet many business owners lack access to structured financial management training. To address this challenge, Oya Micro Credit has integrated financial education into its lending model, providing customers with guidance on responsible borrowing, repayment planning and business management before loans are disbursed.
“We do not view our relationship with clients as a simple lender-borrower transaction. Our goal is to build long-term partnerships by helping customers understand how much they can comfortably borrow, how to manage repayments and how to grow their businesses sustainably,” Ochola said.
Over the past four years, the lender has expanded its operations significantly, establishing 110 branches nationwide and serving an estimated 20,000 customers every month.
The company’s growth has also contributed to job creation, with more than 500 employment opportunities generated across its operations.
“As we celebrate four years of growth, we are proud not only of the number of customers we have served but also of the opportunities we have created for young Kenyans through employment and skills development,” he said.
In a bid to enhance customer engagement and accessibility, Oya Micro Credit has invested in technology-driven solutions, including an AI-powered WhatsApp platform that provides financial literacy content, budgeting advice and business management support.
“Technology allows us to reach more people with financial education and support. Our objective is to ensure that clients can access information whenever they need it and make better financial decisions,” Ochola noted.
He emphasized that sustainable lending extends beyond loan disbursement and should focus on improving the overall financial well-being of borrowers.
“When borrowers succeed, businesses grow, jobs are created and communities prosper. That is the impact we want to achieve,” he said.