Member News: Co-operative Bank of Kenya Launches Financial Solutions for MSMEs
A packaged financial solution, launched by Co-operative (Co-op) Bank of Kenya, will go towards supporting MSMEs.
Co-op Bank of Kenya has worked with the International Finance Corporation (IFC) over the past year, to understand the inner-workings of the MSME business segment to improve MSMEs. Co-op Bank will offer training programs, forums and financial tools to build and grow “world class entrepreneurs,” according to the article.
Arthur Muchangi, Co-op Bank Ag. Director Retail & Business Banking shared, “We are confident of delivering on this promise to MSMEs as we now have the product, we have the people and most important we have the money. Earlier this year, our partnership with IFC enabled us to access a substantial Sh15.2 billion kitty for on-lending to Kenyan MSMEs.”
The financial solutions package, divided into bronze, silver and gold categories will offer:
- Unsecured loans; businesses will be able to borrow Sh2 million from their phones
- Packaged insurance
- Revised and pre-approved limits on overdrafts and loans
- Letters of credit, guarantees and supply chain financing