Micro, small and medium enterprises (MSMEs) will now be able to access from Sh30,000 to Sh250,000 unsecured loans.
This comes after five commercial banks launched a new loan product dubbed “Stawi” which is set to benefit the small businesses.
The loans which are to be processed via mobile phones will have a repayment period of between one to 12 months attracting a nine per cent per annum.
“Small and mid-size enterprises are the lifeblood of any economy, but many have struggled to secure the necessary financing to continue operations in the current economic climate,” said CBK governor Patrick Njoroge during the launch of the product at Nairobi’s Gikomba Market on Monday.
The program is set to be managed by Commercial Bank of Africa (CBA), Cooperative Bank of Kenya (Co-op Bank), Diamond Trust Bank Kenya (DTB), KCB Bank Kenya, and NIC Group
“We are excited to work with the five banks to minimise the complexity of developing new and more accessible loan offerings as they bring much-needed capital to this underserved yet vital segment of the market.”
CBK has shown tremendous efforts geared towards helping businesses access credit. In the month of March, CBK retained the 9.0 per cent benchmark rate. This was to help businesses access funds despite reduced loans to individuals and SMEs.
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