KCB Bank, KCB Foundation, and Kenya National Chamber of Commerce and Industry (KNCCI) enter into a memorandum of understanding to offer tripartite support to Micro, Small, and Medium Enterprises (MSMEs) and corporates in the country. This will include access to financial and non-financial resources geared to promote sustainable development among MSMEs and corporations.
Through the partnership, MSMEs will access financial services from KCB bank, undergo capacity building and mentorship through KCB Foundation programmes, and showcase their work at targeted MSMES trade fairs and expos organized at the National and County level.
In terms of financial services, KCB Banks will offer their products, Payment and Forex solutions, Free Account maintenance for amounts above USD 1,000 for KNCCi members, and Free cash deposits to foreign currency account up to US$10,000 for KNCCi members.
In terms of non-financial benefits, KCB Foundation will provide MSMEs with education on business finance, training, and partnership through 2jiajiri, Mifugo ni Mali and Agribusiness programmes, Business Incubation and Business Development Services, and Monitoring and Evaluation services.
On their part, the Kenya National Chamber of Commerce and Industry (KNCCI) will provide MSMEs with market linkages for both local and domestic products, access and exposure to export market and export market requirements, organize and conduct round table forums with the business community to expedite job placements, on-job-training and industrial attachments for 2jiajiri, Mifugo ni Mali and Agri-Business beneficiaries, and organize member open days, breakfasts, dinners, investment Conferences and other business events through which MSMEs can network.
The partnership is expected to impact many MSMEs and corporations across the country.
KCB Group Managing Director and CEO, Paul Russo affirmed the bank’s unflinching commitment to supporting sustainable development in the country.
“As a bank, KCB recognises the role played by MSMEs in our diverse economy. This is why we rolled out an MSME campaign dubbed #PartnerKwaGround offering targeted financial and capacity support to boost their working capital. We achieved this by revising the loan appraisal process and improving the thresholds to ensure more financing is availed to these customers. In 2022 alone, we lent a total of KES 89 billion to MSME customers.”