KCB Bank Kenya has launched a Ksh300 million (US$2.9 million) poultry farmer empowerment project in Makueni County, in its latest move to support agribusiness in Kenya.
This will see over 1,000 poultry farmers in Kibwezi benefit from credit facilities, capital, vaccinated insured chicks, chicken feed and vaccines.
The project will be offered under KCB MobiGrow, a mobile-based platform which provides financial and non-financial services to smallholder farmers in Kenya and Rwanda.
Under the project dubbed, ‘From Chick to Market’, poultry farmers will access various tailor-made MobiGrow services.
Upon maturity, the chicken will be bought at a pre-contracted price by KCB market partners, guaranteeing farmers of a ready market.
Proceeds from the sales will then be remitted to farmers through their KCB MobiGrow accounts to ensure the recovery of loan amounts.
“We are committed to growing agribusiness in the country. We continue to accelerate access to financial services which is in line with our agenda to simplify the lives of our customers to enable their progress,” said KCB Bank Head of MobiGrow, Dickson Naftali.
KCB Group has committed Ksh50 billion (US$487.5million) for the next five years to be extended to smallholder farmers. This will see more start-up enterprises in the sector access credit facilities at concessionary rates.
Speaking during the launch, Makueni County Deputy Governor Adelina Mwau lauded KCB for empowering farmers by providing financial services and expertise to enable them to thrive in their agribusinesses.
“Agriculture in Kenya is a critical sector which is why the government has recognized it as a key pillar for the growth of the economy. It is therefore very encouraging that organizations such as KCB are cognizant of this, and are investing in the sector,” said the Deputy Governor.
KCB MobiGrow, an initiative launched in partnership with MasterCard Foundation works with various value chains including dairy, maize, potato, sorghum, and rice.
Since its inception in July 2018, the platform has registered over four hundred thousand digital customers and made transactions worth Ksh2.4 billion(US$23.4million).
During the pilot phase of the Chick to Market project valued at Ksh4.3 million(US$41,921), KCB worked with 49 farmers in Makueni (68 per cent women; 32 percent men) who received 10,000 improved kienyeji chicks in the form of an input loan.