Equity Bank KNCCI Deal: Equity Bank and the Kenya National Chamber of Commerce & Industry (KNCCI) have inked a deal that will see the lender extend financial support to local businesses. In the deal, Equity Bank will support Kenyan businesses with a total fund worth Sh. 200 billion.
The partnership will see the two institutions provide a financial and training framework to a potential 3 million enterprises hence increasing their financial inclusion, access to credit and capacity building.
Under the agreement both parties will undertake joint activities to empower businesses financially and build their capacity, support through financial inclusion and business operation development programmes for our Members, training and capacity building on business management to be carried out to our members countrywide, develop monitoring and evaluation tools.
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Speaking during the signing ceremony KNCCI chairman Richard Ngatia, highlighted a key priority of the partnership being to jointly work together to support the development of financial products that will address the needs of our members and those of Kenyan businesses
Equity Bank Chief Commercial Officer Polycarp Igathe said the bank’s priority was to help small business in surviving the financial crisis brought about by the COVID-19 pandemic and to help them create more jobs and wealth for the country.
The partnership will target SMEs operating within key sectors of the economy including education, agriculture and agribusiness.
Businesses are also set to benefit from competitive interest rates and flexible repayment periods of up to three years on the loan facilities.
“In line with our purpose of transforming lives, giving dignity and expanding opportunities for wealth creation,” Igathe said on the Equity Bank KNCCI deal. “We want to seem SMEs in Kenya grow and rise above the economic challenges brought by COVID-19.”