A Kiambu based microfinance K Unity will open up its services in Gikomba Market in Nairobi and other parts of the country as a strategic plan of becoming a bank.
Speaking yesterday in the offices in Kiambu town during a signing of documents with Kenya union of commercial food and Allied workers in enhancing good working condition of staff working in the microfinance Chairman Joshua Njoroge said that the expansion of the microfinance will help in gaining more clientele and also moving closer to thwe main members who are small businessmen and farmers who take their produce to Nairobi.
"We want to get closer to our members and also target small business owners who have no access to banks as we realized that most of our members are farmers and take their produces and wares to sell in Nairobi and we did not have a branch there so it would be easier for thenm to transact business with us closely,"said Njoroge.
Njoroge said that the micro finance which is a saving and credit cooperative society had to change its name from Kiambu Unity Finance to K Unity since their membership declined from 130,000 to 80,000 since the teachers who were their members formed their own sacco hence making it impossible for the micro finance reaching the threshhold of becoming a bank.
He added that they have a strategic plan which will take five years to meet all the regulations required to become a bank with at the moment having a share capital of Sh 130 million.
"The micro finance has embarked on a strategic plan which we hope to take 5 years to becoming a fully fledged babnk and at the moment we have opened up selling shares of the micro finance which the people has responded well and by opening branches all over Kenya and by making alliances with institutions which will help the sacco grow," He added. The institution has a share capital of Sh130 million.