Jomoaa microenterprise is a non-deposit-taking institution for giving out loans to small businesses. The enterprise gives out loans of between Ksh.3000 to 20,000 and some exceptional customers get up to 30,000. Jomoaa was founded in the wake of the Covid-19 pandemic in January 2020 in Likoni, Mombasa. It was registered as a partnership between Nemwel Nyambane and her wife. Hence the name Jomoaa was derived from the name of Joshua, Moraa (Name of her wife), and the names of his kids.
The loans they offer ran for 5 weeks, 8 weeks, and 10 weeks. It will depend on the size of the business, and the guarantor for one to be funded for the loan. MIn most cases the loans are dispursed within 24 hours of application and they are dispursed to a Safaricom number that is registered with the same name as the applicant. However, the officers need to visit the business, where the applicant lives, and the guarantor and after that, the applicant will send Ksh. 600 to the company Paybill Number as processing fee.
On part of the interest, it’s extremely high. For instance, if you borrow Ksh. 5,000 you will refund Ksh. 2,250 if you are in Likoni but if you are in Changamwe you will refund with an interest of 2000. Keep in mind that apart from that interest there is a processing fee and fines in case you delay paying. If you borrow over Ksh. 5,000 the interest is 35% for 5 weeks.
I don’t know what other lenders in the market are charging but we will do our research and we will update you in comparing to banks and mobile apps that are extremely high.
So after all those processes, the applicant can wait for the loan to be dispursed but in some instances, some loans are rejected and unfortunately, the enterprises don’t refund the application fee.
Jomoaa Enterprise is owned by Jomoaa Investment. It has an office in Mikindani, Changamwe Sub-County, and in Likoni, Likoni Sub-County. The main office is situated in Likoni at ADPK offices.
But unfortunately, the business is not registered under Central Bank, despite that, we think the owner has worked exceptionally hard to make the business succeed. However, he is one of the inhuman employees in Kenya who take for granted for employees. By the time of writing this article Nemwel Joshua Nyambane was not paying any tax, NHIF, Insurance, or even NSSF for any of his employees. And by any chance you question him he will claim that even Cemes does the same or he will fire you claiming that there are investors who are in Nairobi whom he answers to.
The Central Bank of Kenya needs to make sure it regulates the lending sector and follows the culprits who are charging high charges.