Jamii Bora CEO Mr. Samuel Kimani, Kenya Power MD Dr. Ben Chumo and Rapid Communication CEO Mr. Anwar Majid Hussein
A tripartite agreement that will see use of technological solution to address the issue of connecting potential customers to the national grid has been signed by Kenya Power, Rapid Communications Limited and Jamii Bora Bank.
The agreement which was signed at Villa Rosa Kempinski, obligates Rapid Communications to process loan applications from Kenyans seeking to obtain power connection from KPLC under a loan facility dubbed “Stima Bora Loan”. Upon approval of loan applications, Jamii Bora will issue confirmation letters to KPLC for the connection process to commence.
Under the Stima Bora Loan facility, the customer shall apply for the loan facility through the mobile, the bank shall then accept deposits from customers only once KPLC has confirmed way leave acquisition. Thereafter, the bank will disburse the loan proceeds to the customers and make payment on behalf of applicant direct to KPLC for necessary power connection.
Speaking at the signing ceremony, JBBL Chief Executive Officer, Samuel Kimani, said the agreement was intended to make it easy forKenyans to obtain electricity on convenient and affordable terms.