Browsing: SBM Bank

Bboxx Kenya will use the US$14 million loan to connect 470,000 Kenyan households to renewable energy sources.
  • Data by the World Bank Group reveals that Kenya’s electrification rate currently stands at 70 per cent
  • Easing the financial access barrier for end-users has improved the uptake of home solar systems over the past decade. 
  • The Kenya National Electrification Strategy highlights the Kenyan government’s plans to scale up off-grid electrification with ambitions to establish two million new connections through standalone solar home systems by 2022. 

Bboxx Kenya is set to receive a US$14 million (Ksh1.6 billion) loan facility from SBM Bank Kenya aimed at connecting 470,000 Kenyan households to renewable energy sources.

GuarantCo, a fund backed by the governments of UK, Switzerland and Australia among others, is guaranteeing Ksh1.2 billion or 75 percent of the loans.

“SBM Bank is elated to spur the growth of the energy sector in Kenya through partnerships with like-minded entities such as Bboxx and GuarantCo,” SBM Bank Kenya’s deputy chief executive officer Jotham Mutoka …

SBM Bank has partnered with leading global payment network UnionPay International to roll out its UnionPay Prepaid Card in Kenya.

The partnership with SBM Bank enables cardholders of UnionPay prepaid card to leverage on UnionPay’s global footprint to make both online and real-time purchases.

UnionPay cards are accepted in 174 countries and regions with 55 million merchants and over 2.9 million ATMs making it ideal for travelers and tourists.

According to SBM Group Chairman Kee Chong Li, this UnionPay card is especially ideal for SMEs looking to trade with China which is one of the leading markets for African produce and also acts as a key source market for various goods.

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Mr. Kee Chong Li says that the pre-paid card will also offer additional security for travelers and online buyers shielding them from online fraud and the erosion