Co-operative Bank has launched a nationwide initiative to equip micro, small, and medium enterprises (MSMEs) with business development tools and financial services. The program, part of a $150 million partnership with the International Finance Corporation (IFC), aims to provide affordable financing and training to Kenyan MSMEs. The collaboration includes research to better understand the needs of this critical economic segment.
Bank officials emphasized that MSMEs form the backbone of Kenya’s private sector, employing over 15 million people across 1.7 million registered and seven million unregistered businesses. Moses Gitau, Head of Business Banking at Co-op Bank, announced new financial products including an unsecured business loan and mobile-based e-Credit through the MCo-opCash App, allowing businesses to borrow up to Sh2 million via smartphones.
The package also includes tailored insurance solutions, revised overdraft limits, and trade services like letters of credit and supply chain financing. Gitau highlighted the bank’s commitment to supporting MSMEs through customized financial ecosystems.
David Kahura, a successful entrepreneur from Lanet Flour Mills, advised business owners to prioritize hands-on management, continuous learning, and partnerships with financial institutions that understand their needs. The training forums, held in Nakuru County, include presentations on local and international market opportunities, panel discussions with industry leaders, and networking sessions.
