1st November 2019, Nairobi: 4G Capital is proud to announce it has received B Corporation certification. 4G Capital joins the global community of Certifed B Corporations (“B Corps”) with one unifying goal – to redefine “success” in business. B Corps receive certification from the international non-profit organisation, B Lab, and have to meet rigorous standards in social and environmental performance while improving the quality of life in the communities in which they operate.
To become certified 4G Capital had to prove that it met stringent performance requirements outlined in the B Impact Assessment. The assessment measures the impact the company has on its customers and the broader community, how well the company treats its employees, its environmental performance, as well as the company’s accountability, governance, and transparency practices.
4G Capital attributes its success to a unique model combining a nationwide network of physical branches across Kenya and Uganda with machine learning technology. 4G Capital knows that small businesses benefit from a level of continuous support when handling credit. Therefore the company offers a curriculum of customer enterprise training and financial literacy blended with appropriately sized working capital loans. This approach has seen 4G Capital’s customers increase their revenue by an average of 82% annually.
Victoria Gathogo, B Lab East Africa Partnerships & Community Engagement Manager said, ” 4G Capital is a great addition to the movement of Certified B Corporations in Africa, measuring their social and environmental impact with as much rigour as their profits. They want to be at the forefront of driving business as a force for good, not only to maximise shareholder wealth but all stakeholders wealth; workers, community, supply chain, the environment etc.
Wayne Hennessy-Barret, CEO and Founder of 4G Capital, said: “ B Corp accreditation is a tremendous achievement for 4G Capital, and an extraordinary recognition. It’s a testament to the commitment and hard work of our staff across Kenya and Uganda who place customer success at the heart of all our work. I’d like to thank B Lab’s rigour and professionalism in setting the highest benchmark for ethical business.”
The focus on creating sustainable solutions for its customers is reflected in 4G Capital’s growing success. The company has outperformed expectations this quarter; Q319 figures show that over the last 12 months customer numbers have grown by 62% to 82,000 with total value of loans to date also increasing by 111% over the same period to a total of $79 million since inception. This award comes hot on the heels of a silver medal award by the World Bank sponsored SME Forum in Amsterdam and recognition as one of the London Stock Exchange Groups Companies to Inspire Africa earlier in the year.
About 4G Capital
Since 2013, 4G Capital has supported East African micro-enterprises by providing financial literacy and enterprise training combined with right-sized working capital credit to help small businesses grow sustainably. 4G Capital customers receive bespoke business training programs and credit guidance via mobile apps and in-person via our nationwide network of branches.
4G Capital’s unique machine learning technology delivers high fidelity insight into customer risk and affordability. As a result, 4G Capital consistently achieves high collections rates without collateral or refinancing its clients, only lending to viable businesses on terms that are right for them. 4G Capital is on target to positively impact over 1 million people by 2020.
Serving customers in Kenya, Uganda and Ghana, and having received multiple industry awards, 4G Capital is now scaling across the continent and expanding its suite of products and services.
Q319 4G Capital KPIs:
- >82,000 customers
- 75% Female
- 58% Rural
- 80% Repeat Customers
- >94% repayment rates without refinancing clients
- Average Net Promoter Score of 81
- Clients increase revenues by ≈82% YoY
- 94% Increased financial literacy
- 610,000 loans worth $79m given since its inception in 2013
- 4G Capital has 91% YoY revenue growth since 2016
- 93 branches across Kenya and Uganda
- 4G Capital employs over 500 men and women across Kenya and Uganda
About B Corporations
Certified B Corporations are leaders of a global movement of people using business as a force for good. They meet the highest standards of overall social and environmental performance, transparency and accountability and aspire to use the power of business to solve social and environmental problems. There are more than 2,000 Certified B Corporations in over 130 industries and 50 countries with one unifying goal – to redefine success in business.
About B Lab
B Lab is a nonprofit organisation that serves a global movement of people using business as a force for good. Its vision is that one day all companies compete not only to be the best in the world, but the Best for the World® and as a result society will enjoy a more shared and durable prosperity. B Lab drives this systemic change by:
- Building a global community of Certified B Corporations who meet the highest standards of verified, overall social and environmental performance, public transparency, and legal accountability;
- Promoting Mission Alignment using innovative corporate structures like the benefit corporation to align the interests of business with those of society and to help high impact businesses be built to last;
- Helping tens of thousands of businesses, investors, and institutions Measure What Matters, by using the B Impact Assessment and B Analytics to manage their impact — and the impact of the businesses with whom they work — with as much rigour as their profits;
- Inspiring millions to join the movement through compelling story-telling by B the Change Media.
For more information, visit www.bcorporation.net, www.bimpactassessment.net, www.b-analytics.net and www.benefitcorp.net.