Nairobi, Kenya: Skyscrapers soar over the bustling city of four million, monuments to growing economies and the possibilities of collaboration. Many thousands of workers played a role in their construction, and in the construction of countless more buildings throughout the city. One of these workers is a man named Ibrahim.
Armed with strong entrepreneurial skills, Ibrahim identified an opportunity in the country’s thriving construction and real estate sector. To capitalize on this opportunity, he launched a material hauling business, ferrying gravel and rocks from remote quarries to construction sites throughout the city, where they would be used to fill in a building’s foundation. This new business, Ibrahim hoped, could provide better living conditions for his wife and three young children.
Despite his consistent work, it was difficult for Ibrahim to expand his business. He simply didn’t have access to the resources which would set him and his family on the path to a better future.
Gaining Access to Capital
For many like Ibrahim, gaining access to capital is often easier said than done. Across the world, vulnerable populations are turned away from financial institutions because of their race, gender, religion, and more. Roughly 40% of formal micro, small, and medium enterprises (MSMEs) in developing countries have an unmet financing need of over $5 trillion every year. Without these resources, families like Ibrahim’s remain trapped in poverty.
For years, Partners Worldwide has connected people with the resources they need, motivated by our belief that God desires all to flourish. Our local partner in Kenya, Adjacent Possible Finance (APF) became connected with Ibrahim, empowering him with the the capital he needed to achieve his business goals.
Ibrahim has used these loans for the purchasing of a new truck as well as a new set of tires, the latter of which helped Ibrahim comply with traffic regulations and therefore avoid police harassment. In the immediate future, he plans on purchasing a new truck which will enable him to carry a heavier load than before, thus serving even more customers.
Investing in His Family's Future
Already, the enhancements to his business are paying off. Profits from his hard work have been used to build a new home for his family, which will be ready for move-in at the end of the year.
Ibrahim is just one of the many people who have been served through PW’s FinAccess initiative. To date, more than $130,000 has been lent this past year in Nairobi. As the pilot program draws to its conclusion, our team has been evaluating how we can scale this program across west and south Africa. God willing, we will be able to provide more funding to a greater number of deserving entrepreneurs who, like Ibrahim, want to grow their businesses so that they can have a positive impact on their families and their communities.