Over 50,000 Kenya National Chambers of Commerce and Industries (KNCCI) members, including women and youth-owned enterprises, are set to benefit from affordable loan terms from KCB Bank Kenya.
The two entities entered into a three-year strategic partnership, opening a credit line for Small and Medium Sized Enterprises (SMEs) across the country. The partnership also involved KCB Foundation, which will offer financial capacity building to KNCCI members across the country.
Speaking during the MOU Signing, KCB Chief Commercial Officer Samuel Makome said the partnership will enable the bank to serve as a catalyst for sustainable development by facilitating credit flow to the critical SME sector, including the Jua Kali (Informal industry).
“We are embarking on a pathway of solutions. We are confident that the strategic partnership with the National Chambers of Commerce will address the financial and non-financial needs of the SMEs across all the 47 Counties, offering the critical financial intervention as the country accelerates economic recovery efforts,” Mr. Makome said.
Beyond the credit line, members of the KNCCI will also enjoy non-financial solutions, including advisory, networking opportunities, training, and free account maintenance fee for enterprises with over USD 1,000 in their accounts.
On his part, KNCCI President Richard Ngatia said the partnership would enable all the 47 Kenya National Chambers of Commerce Chapters to access affordable credit flow to grow their businesses. “Our efforts as KNCCI are focused on the core action areas for SME support to facilitate the generation of wealth through their businesses. The partnership with the largest bank in Kenya offers us an opportunity to create a sustainable credit line for our member’s businesses growth,” Mr. Ngatia said.
KNCCI boasts a membership of 50,000+ members and a further 2 million MSMEs affiliated through associations. Through the partnership, the members will access financial services from KCB Bank, undergo capacity building and mentorship through KCB Foundation programmes, and showcase their work at targeted trade fairs and expos organized at the National and County levels.
In terms of non-financial benefits, KCB Foundation will facilitate capacity building opportunities and partnership through 2jiajiri, Mifugo ni Mali and Agribusiness programmes, business incubation and business development services, and monitoring and evaluation services. The three-year partnership targets MSMEs in various sectors, including hospitality and tourism, retail, trade and manufacturing.
KCB Foundation was established in 2007 to implement KCB Bank Group’s corporate social investments. The Foundation’s programmes are designed to address issues of relevance specifically within the thematic areas of: enterprise development, education, health, environment and humanitarian intervention.