Good News Artists as New Partnesrship seeks to have them access loans

Artists will now be able to access loans from various lenders, if partnerships between Wabunii Sacco, TransUnion and Stanbic Bank takes root.

TransUnion Chief Executive Officer, Billy Owino, says it will be able to collate alternative data sources to come up with a viable credit score, in order to bridge the financial inclusion gap in the creative industry.

“The traditional assessment of credit worthiness, such as monthly income, contribution to Saccos, and periodic access to mobile loans, will not be suitable in this case. Many artists are locked out of ability to access loans due to the narrow metrics used to assess their credit risks,” he said during the inaugural Art and Finance Conference 2019 that took place at Windsor Golf Hotel and Country Club, Nairobi.

TransUnion a consumer credit reporting agency, will also employ other alternative sources, such as ability to pay monthly rent timely, demographics, intellectual property and collateral, geospatial aspects and insurance.

First Lady Margaret Kenyatta applauded the NSE for considering the creative industry as a partner in raising capital to expand investment in the country and called for more such partnerships to create the needed convergence between creatives, collectors and investors.

“I encourage our robust private sector to invest in the creative sector, to invest in our youth to help them build robust and sustainable business cases,” she added.