KCB Bank Kenya has signed a strategic partnership with the Kenya National Chamber of Commerce and Industries (KNCCI) Mombasa Chapter 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 Acting Director of Retail Banking, Mr Michael Kungu, said the partnership will give MSMEs greater access to much-needed financing, helping them to improve their livelihoods while contributing to the country’s recovery from the Covid-19 pandemic.
“This partnership 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, manufacturing including businesses that aren’t currently banking with KCB Bank.
On his part, KNCCI Mombasa Chapter CEO, Mr James Kitavi, said they are excited 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 the KNCCI 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.