FUNDING

Unitas secures Sh1 billion SME financing from Oikocredit

The funding will support over 5000 MSMEs

In Summary
  • The funding  will support over 5000 MSMEs
  • Unitas CEO Martin Muhoho said they are determined to drive financial inclusion in an underserved market
Cooperatives Commissioner Geoffrey Njang'ombe, Unitas CEO Martin Muhoho, Unitas Chairperson James Kinoro and Oiko Credits representative Caroline Mulwa hold a 10 Billion dummy cheque during the launch of the Unitas SMEs Fund at Safari Park on July 12, 2021
Image: CHARLENE MALWA

Unitas Kenya has secured Sh1 billion facility from Oikocredit to fund small businesses in the agribusiness space.

Announcing the deal on Monday, the financial institution said the funding  will support over 5000 MSMEs on the recovery path especially in the backdrop of the Covid-19 19 pandemic

''These enterprises include farmers’ groups and cooperatives, individual farmers, farm input dealers and transporters,'' the firm said in a statement.

It added that unlocking capital, will enhance economic growth and societal progress to help them realize their dreams.

 Unitas chair James Kinoro said he has the conviction that the fund will propel SMEs into a recovery path and rapid growth.

''We commit to sustaining our business growth through member-focused service delivery,'' Kinoro said.

Caroline Mulwa, Oikocredit’s Investments manager East Africa said  Unaitas has been their partner since 1997 when the savings cooperative borrowed $370,37.

She added that Oikocredit is proud to associate with Unitas growth.

From humble beginnings as a tea farmers’ savings and credit cooperative based in Muranga, Unaitas has expanded to include members that are not tea growers as well as small businesses.

''Their unapologetic focus on smallholder farmers, low income housing and small and medium enterprises, resonates with Oikocredit’s mission of providing financial access to low income households and supporting employment generation,'' Mulwa said. 

Unitas CEO Martin Muhoho said they are determined to drive financial inclusion in an underserved market.

 “We will endeavor to remain customer-centric and continue in our journey of investing in cutting-edge technology and remain a great friend and partner,'' he said.