DEAL

KCB, chamber partner to accelerate credit to businesses

MSMEs to benefit with financial and non-financial solutions.

In Summary

•The bank has also signed similar partnerships with other chapters of the KNCCI including Busia, Tana River, Central and Eastern Kenya Chapters.

•In 2020 ,KCB signed a partnership agreement with World Bank’s International Finance Corporation (IFC) to scale up lending to MSMEs, including women-owned businesses.

Customers at a KCB branch in Nairobi/FILE
Customers at a KCB branch in Nairobi/FILE

KCB Bank Kenya and the Kenya National Chamber of Commerce and Industries (KNCCI) Mombasa Chapter, have signed a strategic partnership to accelerate the provision of credit to enterprises.

The partnership will see micro, small, and medium-sized enterprises (MSMEs)enjoy financial and non-financial solutions to help them recover from the economic downturn, driven by the fallout from the Covid-19 pandemic.

KCB Bank acting director of retail banking ,Michael Kungu, said the partnership will enable MSMEs greater access to much-needed financing, helping them to improve their livelihoods while contributing to the country’s recovery from the pandemic.

“We are excited about this partnership with the Mombasa Chapter, it enables us to open a path for more credit to the Small and Medium-Sized entrepreneurs,”he said in Mombasa during the sign off ceremony.

Beyond the credit line, members of the KNCCI Mombasa chapter will also enjoy non-financial solutions including advisory, networking opportunities, training,and favourable loan terms.

The three-year partnership targets MSMEs in various sectors including hospitality and tourism, retail, trade and manufacturing.

Businesses currently not banking with KCB will also benefit.

KNCCI Mombasa Chapter CEO, James Kitavi, said: "We are excited for the opportunity to partner with a bank with a solid history for MSME support and empowerment."

The Bank has also signed similar partnerships with other Chapters of theKNCCI including Busia, Tana River, Central and Eastern Kenya Chapters.

In 2020 at the height of the pandemic, KCB signed a partnership agreement with World Bank’s International Finance Corporation (IFC) as lead syndicator to scale up lending to micro, small and medium enterprises, including women-owned businesses.