Equity Bank has positioned its Pamoja Banking service to offer a suite of financial solutions designed to empower groups and individuals. It offers financial solutions for registered groups of 12-40 members across various sectors like agriculture, trade, and investments.
These groups should be undergoing Business Development Services trainings offered by Equity Bank Kenya, registered with the bank, other MFIs and Banks for at least one year. It also empowers individual micro-entrepreneurs aged 18 and above, who gain financial access through their group affiliations and individual members looking to start or expand their businesses.
Groups can be able to access up to three loans simultaneously. They can also benefit from free training that equips them with essential financial management knowledge, complemented by guidance from Equity’s relationship managers on productive fund utilization. Additionally, the service provides access to 24-hour banking through a multiple approval service for joint & group accounts.
The loans that groups can access through the Pamoja Banking service are:
1. Fanikisha Jamii Loan
Supports household needs, from school fees to medical bills, with amounts up to Ksh. 2 million and flexible repayment terms.
2. Pamoja Kilimo Loan
A lifeline for the agricultural sector, providing up to Ksh. 10 million for production, farm inputs, and machinery, with a repayment period extending to 60 months.
3. Pamoja Biashara Loan
Fuels entrepreneurship with up to Ksh. 10 million for startups, stock financing, and business expansion, repayable over 36 months.
4. Pamoja Investment Loan
Facilitates investments like movable asset financing, land purchases, and micro-housing, offering up to Ksh. 10 million with a generous repayment period of up to 120 months.
5. Group Insurance Premium Financing
Supports various insurance payments (health, crop, motor, etc.) up to Ksh. 1 million, helping groups manage risk effectively.
6. Chama Investments Loan
Empowers local micro-entrepreneur groups to invest collectively, with substantial loan amounts up to Ksh. 100 million for project financing and real estate development.
7. Diaspora Chama Investment Loan
Am initiative targeting Kenyans in the diaspora, enabling them to collectively invest back home, with facilities up to Ksh. 200 million. This taps into the significant remittances flowing into the country and channels them into productive investments.