The company was incorporated in November 2016. MFI Money fills the grey areas left by financial Institutions and provides solutions to retailers by giving out short terms financing through Floor Stocking Financing or Inventory Financing. This sort of financing is often secured by the inventory purchased as collateral. Floor Stocking is commonly used in new and used car dealership.
The company also engages in vehicle leasing. It is about lending out vehicles for a fixed period of time at an agreed amount of money for lease. It is commonly offered to dealers as an alternative to vehicle purchase but is widely used by businesses as a method of acquiring vehicles for business without the usual needed cash outlay.
Finally, the company also provides factoring financing where it provides solutions to a business that requires immediate cash to cover its operating expenses. Factoring is a financial transaction and a type of debtor finance in which a business sells its accounts receivables/ invoices at a discount.
MFI Money caters for small to medium size companies having contracts with the Government and or Government Link Companies (GLC).