Co-operative Bank Rolls-out MSME Forums to Counties
Co-operative Bank of Kenya has commenced a countrywide campaign that will seek to engage Micro, Small and Medium-sized Enterprises (MSMEs) in the counties.
The forum which is said to begin in Nakuru County will train and equip the business clients with the required skills and strategies to assist them in growing their businesses.
The campaign will be part of the Sh15.2 billion partnership programs by International Finance Corporation (IFC) and Co-op Bank which was launched in mid-2018 purposely for affordable Financing and Business Training to the MSMEs.
The Customer Networking Forum which was held at the Sarova Woodlands, Nakuru saw several stakeholders and critical players exchange ideas. Among the guest was the Head of Business Banking at Cooperative Bank,
Mr. Moses Gitau who in his speech said that:
“In 2017 the Bank decided to revamp our MSME offering, ensuring we are flexible to meet the ever-changing business needs.
We have made available the Sh15.2 billion kitty for a package of loans that include an unsecured business loan, a first of its kind in Kenya, E-Credit through our MCo-opCash App where businesses can borrow up to Ksh2 million via their mobile phone, packaged insurance cover which are handpicked and specifically negotiated to suit various segments under MSME, revised and pre-approved limits on overdrafts and loans. The loans will be supported by trade services that include Letters of Credit, guarantees, supply chain financing, among others.”
Other speakers made their contributions on the same; David Kahura of Lanet Flour Mills citing on the need for business people to have a hands-on approach to their business, and training to better themselves.
“A company should be able to know how the industry works, understand government regulations especially the ever-changing quality requirements and most importantly get an excellent financial partner who can walk the journey with you, one who understands the business person’s needs,” said Kahura.
The forum shall proceed to various parts across the country with the bank seeking to build a strong offering for the MSMEs and their customers at large.
The bank panel will discuss with their bank representatives and successful entrepreneurs, concluding with a networking session.
Notably, a loan of Ksh 300,000 is to be given to all Isuzu customers willing to boost their working capital, repayable in 12 months period. Also, they can enjoy a comprehensive insurance package priced at 4.75% of vehicle value.
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