When a fire gutted Millicent Obati’s clothing stalls in Nairobi, her uninsured business went up in smoke. She had invested her life savings as well as her dreams in the business, and had no resources to help her rebuild. Then a friend told her about the Co-operative Bank of Kenya, an IFC investee. Once she shared her story, the bank agreed to provide a loan. It was the only financial institution that said yes, offering Obati a second chance at a livelihood.

“I was very discouraged going all over Nairobi asking for a loan to help me get back on my feet after the fire,” Obati remembered. “It was only when a friend took me to Co-op Bank that I finally found an institution willing to provide the financing I needed.” Today, Obati operates Midas Boutique, a successful, upscale clothing retailer in Nairobi that employs six sales assistants.

The IFC SME Banking Program recently committed to working with Co-op Bank to further expand financial services to the bank’s micro, small, and medium enterprise (SME) segment. In addition to a $105 million loan, IFC is advising Co-op Bank on how to scale up the advisory services it provides to SMEs, particularly underserved small enterprises such as Obati’s. This comprehensive engagement is expected to unlock an additional 24,000 loans to SMEs, of which 6,500 will target women entrepreneurs, turning Co-op Bank into a leader in the segment.