Login

Lost your password?

Sign Up

Register

Login

Login

Lost your password?

Register

Wednesday, August 17, 2022
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion

Africa's
Investment
Gateway

The Exchange
  • Login
  • Register
Subscribe
This Month's Edition
Previous Editions
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
LOGIN
Co-operative Bank has kicked-off a country-wide campaign of engaging Micro, Small & Medium-sized Enterprises (MSMEs) in the counties. The forum focuses on training and equipping business clients with the skills and strategies to grow their businesses in the changing operating environment in the economy. This part of a US$150 partnership programme between Co-op Bank and the International Finance Corporation (IFC) to provide affordable financing and business training to Kenyan MSMEs.

Simon Mungai of Rivanas Supermarket Nakuru (centre) makes his contribution at Co-op Bank’s SME Customer Engagement Forum hosted at Sarova Woodlands Nakuru on March 8, 2019. He is flanked by Ms. Loise Ngugi of Gold Front Ltd (left) and Moses Gitau, Head of Business Banking at Co-op Bank. The Bank has rolled out a nationwide program to train and equip business owners with skills to navigate the changing operating environment in the economy.

Boost for businesses as Co-op Bank kicks off SMEs campaign

by Chacha Mwita
March 8, 2019
in Kenya, Small Business
0
Share on FacebookShare on LinkedIn

The lender is focused on equipping SMEs with skills to grow their businesses

Co-operative Bank has kicked-off a country-wide campaign of engaging Micro, Small & Medium-sized Enterprises (MSMEs) in the counties, beginning with Nakuru County, as it moves to support growth of small businesses.

The forum focuses on training and equipping business clients with the skills and strategies to grow their businesses in the changing operating environment in the economy.

The county forums are part of the US$150 million (Sh15.2 billion) partnership programme between Co-op Bank and the International Finance Corporation (IFC) launched in mid-2018, to provide affordable financing and business training to Kenyan MSMEs.

In partnership with IFC, Co-op Bank has expended substantial resources on customer engagement and research work to understand the dynamics of this critical business segment.

The MSMEs are the bedrock of wealth creation in Kenya as they account for over 90 per cent of Kenya’s private sector, employing over 15 million Kenyans in both the 1.7 million registered and 7 million unregistered businesses.

Speaking during the Nakuru County MSME Customer Networking Forum at the Sarova Woodlands, Nakuru, the Head of Business Banking at Cooperative Bank, Mr Moses Gitau said: “In 2017 the Bank decided to revamp our MSMEoffering, 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 are able to 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,” he added.

Speaking on key learnings from his entrepreneurship journey, David Kahura of Lanet Flour Mills said: “There is need for business people to have a hands-on approach to their business, training is key; always seek to better yourself, know how the industry works, understand government regulations especially the ever changing quality requirements and most importantly get a good financial partner who can walk the journey with you, one who understands your needs.”

Following the networking forum, Ms Loise Ngugi of Gold Front Ltd, one of the panellists said:“My experience on the ground aligns with trends shared by the bank; the under-40 customers are the ones who control the market and as entrepreneurs we need to keep up with the trends.”

The Customer Networking Forums are a key part of Co-op Bank’s MSME programme as it is widely acknowledged that MSMEs need the insights and training on economic matters that have a direct bearing on their business, and which they have little or no control over.

The forums will be held across the country, and feature a detailed presentation by the bank economist on the opportunities in and out of the country that MSMEs can tap into and the ways the bank is working to enable customers to seize them.

This is followed by a panel discussion with bank representatives and successful entrepreneurs, concluding with a networking session.

In line with the Bank’s efforts to build a strong offering for the MSMEs and their customers in general, Co-operative Bank recently launched a partnership with Isuzu East Africa Ltd that offers an affordable means of purchasing Isuzu vehicles that are very popular with MSMEs.

Through the partnership, customers will get upto 95 per cent financing to purchase the vehicle of their choice, and be allowed a whole two months to use the vehicle before they begin repaying the loan.

This will give customers the space to generate cash to service the loan, which is to be repaid over an extended period of five years.

For those Isuzu customers who also wish to boost the working capital of their business, an additional loan of Ksh300,000 to be repaid in 12 months will be provided.

A comprehensive insurance package priced at 4.75 per cent of vehicle value (that includes Political Violence & Terrorism) and Insurance Premium Finance is also available to allow customers pay insurance premiums in easy instalments.

To effectively engage this target the bank has trained its staff at the branches to identify the different needs customers have and correctly match them to relevant financial solutions.

The vision for the Bank’s MSME offering is to grow world-class entrepreneurs beyond the Kenyan borders.

 

 

Tags: Co-operative BankInternational Finance Corporation (IFC)Isuzu East Africa LtdKenyaSarova Woodlands

STATE OF ECONOMY - GET THE REPORT

ASSESSING EAST AFRICA

Loading...

Chacha Mwita

Chacha Mwita is a business reporter based in Kenya. He covers equities, capital markets, trade and the East Africa economic developments.

Related Posts

Africa

Powering Africa: Renewables safest bet for sustainable future

July 4, 2022
Africa

African Diaspora: Builders of Africa’s future attracting investment from Silicon Valley

June 3, 2022
Growth in employment earmarks Kenya's post-pandemic economic recovery. www.theexchange.africa
Countries

Growth in employment earmarks Kenya’s post-pandemic economic recovery

May 11, 2022
Next Post
American GoIP Inc. has announced that  negotiations cover an initial lease of 500 acres for production, which can be expanded significantly. The lease term will be for 25 years - The Exchange

American company seeks licence to grow Marijuana in Kenya

New technology looks to get more people engaged in conservation using digital tokens, geo-location and satellite imaging starting with Kasigau Wildlife Corridor- The Exchange

Zooterra launches digital tokens platform in Kenya for conservation

Matatu Workers on the streets in Nairobi on Friday, calling for involvement in the implementation of  the Bus Rapid Transit System

Why 'matatu' operators are feeling left out in Kenya's urban transport reforms




This months edition

Features

The leaders of the BRICS nations meet at the group’s summit in Osaka in June 2019. Concerns are India might pull out of the group over tensions with China. (Photo/ Reuters)
Countries

What does Russia’s invasion of Ukraine mean for Southern Africa?

by Albert Nangara
August 3, 2022
0

When the United Nations General Assembly voted overwhelmingly on March 2 to condemn Russia’s invasion of Ukraine, African countries accounted...

Read more
Logistics and transport startups will play a major role in enabling Africa’s largest free-trade area (Photo/ Quartz Africa)
Industry and Trade

Trends shaping the future of logistics in African markets

by Albert Nangara
August 3, 2022
0

Digitization of logistics and compliance with sustainability policies will shape the future of logistics in African markets. Digitalization involves the...

Read more
Biometric systems are expected to lead the market for airport security systems in growth over the next five years, as the market increases at an 8 per cent CAGR through 2024 (Photo/ Biometric Updates).
Tech & Business

Machine learning, Artificial Intelligence changing Africa’s Airports

by Albert Nangara
August 2, 2022
0

According to Frontiers, AI has been recognized to have a wide potential to reduce human workload or increase human capabilities...

Read more
www.theexchange.africa/
Investing

ESG global mining and the social license

by Laurence Sithole
August 2, 2022
0

In terms of achieving net zero carbon emissions, the largest mining companies in the world have several options – each...

Read more
Some of the group members learning the components of the new briquette making machine. The machine can produce 500 briquettes per day. www.theexchange.africa
Investing

Reusable, organic charcoal: Answer to Africa’s cooking fuel challenges

by Njenga Hakeenah
August 2, 2022
0

United for Green is working to ensure that Africans do not get to these extremes. By empowering women, the plan...

Read more

News

Banking
Industry & Trade
Investing
Money Deals
Regional Markets
Tech & Biz
Opinion

Countries

Kenya
Tanzania
Uganda
Burundi
Rwanda
Southern Africa
Ethiopia

More

My Account
Contact us
Advertise
About us
Help Center

Subscribers Center

E-paper
Premium Stories
Education Rates
Corporate Subscriptions
Weekely Newsletter

  • My account
  • About us
  • Advertise
  • Contact
  • Privacy Policy
  • Refund Policy – The Exchange
  • Sitemap

No Result
View All Result
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
  • Login
  • Sign Up
  • Cart

© 2021 The Exchange - Powered by MediapixManaged by Supported by Digihandler,

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In