The Co-operative Bank of Kenya has initiated a nationwide program to support Micro, Small, and Medium Enterprises (MSMEs) through financial training and specialized services. The first event, held in Nakuru County on March 8, 2019, featured discussions on access to credit and business development tools.
Moses Gitau, Head of Business Banking at Co-op Bank, outlined the initiative's components during the Nakuru forum. These include an unsecured business loan, mobile-based E-Credit through the MCo-opCash App allowing up to Ksh. 2 million in borrowing, tailored insurance packages, and revised overdraft limits. Gitau emphasized the availability of trade services such as letters of credit and supply chain financing to complement the loan offerings.
The program, developed in partnership with the International Finance Corporation (IFC), was launched in 2018. The collaboration allocated US$150 million (Sh15.2 billion) to provide financial support and business advice to Kenyan MSMEs. The bank plans to host similar forums nationwide, featuring economic analyses and strategies to help businesses capitalize on domestic and international opportunities.
Events like the Nakuru forum aim to strengthen relationships between the bank and potential clients while promoting financial literacy among entrepreneurs. The initiative reflects the bank's commitment to fostering economic growth through targeted support for small-scale enterprises.
