BY JOAN WANJIKU,NAIROBI,23RD AUG 2018-It is good news for Micro, Small and Medium Enterprises after the Co-operative Bank launched 3 new financial solutions targeting them in an effort aimed at addressing the gaps and expectations of the business customer.
The solutions include free point of sales machines, Lipa Na M-pesa termination, M-Collection and Co-op kwa Jirani Agents among others.
The financial product also offers working capital for users whose benefits include unsecured business loans and overdrafts, pre-approved limits on overdrafts and loans and e-loans.
“The user also accesses services such as letters of credit, guarantees, pre-import financing to facilitate cross-border trading. Others include supply chain financing and hand-picked insurance covers,” Moses Gitau, Head of Business Banking at the bank said.
Currently MSMEs is the single largest sector in the country providing over 15 million Kenyans with employment in either the 1.7 million registered business or the 7 million that are unregistered.
“Co-operative Bank has committed to align itself with the regulator’s requirement of ensuring that a minimum of 20 percent of its lending goes to the MSME sector. Further to this, in support of the Government’s key agenda the Bank will closely support MSMEs who are key in the realization of this critical agenda,” Gitau said.