Zachary Ochuodho @Zachuodho
Co-operative Bank of Kenya has started a programme that will enable micro, small and medium-sized enterprises (MSMEs) to secure credit and acquire skills to grow their businesses.
The programme, which focuses mainly on training and equipping business clients with skills and strategies to grow their businesses will be rolled out in every county starting with Nakuru.
Co-op Bank will organise customer networking forums where MSMEs operating in the counties will be engaged by experts from the bank.
The move is part of the $150 million (Sh15.2 billion) partnership programme launched mid last year between Co-op Bank and International Finance Corporation (IFC).
Speaking in Nakuru during the MSME customer networking forum launch, Moses Gitau, head of business banking at Co-operative Bank, said in 2017 the institution unveiled Sh15.2 billion funds which MSMEs can access unsecured business loans from.
“This was the first loan of its kind in Kenya to be accessed through our MCo-op Cash App where businesses are able to borrow up to Sh2 million via their mobile phone, packaged insurance cover which is handpicked and specifically negotiated to suit various segments under MSME, revised and pre-approved limits on overdrafts and loans,” he said.
The objective of the programme is to provide Kenyan MSMEs with affordable financing and business training model which will see them grow and create more job opportunities.
Through the partnership with IFC, Co-op Bank engages customers and conduct research work to understand the dynamics of the business segment.