Joel Mugambi banks on his rich financial experience to bootstrap his financial start-up
Access to financial services is vital in developing a vibrant economy at any nation. Growing up, financial institutions have been known to play a major role in providing credit to individuals and businesses, contributing to a development of a dynamic private and public sector.
With this understanding, Baseline Capital Limited, a credit-only financial institution was set up in 2016 to provide financial services to individuals and micro businesses.
In an interview with Edge Magazine at his office, Joel Mugambi, the Managing Director and founder at Baseline Capital says that access to affordable financial solutions remains severely constrained due to increased risk mitigation mechanisms by mainstream financial institutions. “But we are playing a different ballgame altogether at Baseline. We strive to bridge this gap by providing well structured cash flow based financial solutions that are customer focused.”
He laments that majority of small businesses and individuals do not have adequate security which, in most cases, has hindered their access to financing.
The director affirms that Baseline Capital’s customer-driven solution is its key strength. “We facilitate an open discussion to understand the real business needs, circumstances, aspirations and challenges they face.”
Baseline Capital has a range of credit facilities that are flexible and offered at very competitive interest rates.
For instance the automobile loan is designed to enable clients to unlock value from the current assets they own using logbook as a collateral.
Salary advance facility on the other hand is designed especially for employees of blue chip companies where a loan is given against your projected salary income. There are no securities, guarantors or account opening for this kind of product. The interest rates are negotiable and flexible depending on the risk profile of each individual client.
A loan against shares is designed to enable one to unlock values from the listed shares at the Nairobi Securities Exchange, by using the listed shares collateral.
With about 20 years’ experience as a Senior Credit Analyst with leading commercial banks, Mr. Mugambi who has Master of Science degree from the University of Nairobi in finance and investments besides other professional business qualifications believes that he has what it takes to take Baseline Capital to greater heights.
“We hope to play bigger roles in mobilization of resources while providing timely solutions to our clients, and ultimately empowering them.”