NAIROBI, Kenya, Feb 16 – Jamii Bora Bank has received a Sh200 million line of credit from the Women Enterprise Fund (WEF) to lend to women, women groups and women-led businesses in Kenya.
Jamii Bora Bank Chief Executive Officer, Sam Kimani said that the new credit line supports the bank’s vision to become the country’s main microfinance institution.
“Loans will be available to qualifying women at all Jamii Bora outlets across the country at an affordable interest rate under acceptable security arrangements,” he said.
The fund’s CEO Samuel Wainaina said that Jamii Bora had been allocated a larger portion of cash out of their 105 partners because of the institution’s outreach and deep commitment to helping women at the bottom of the pyramid.
“We are giving Jamii Bora a banker loan of Sh200 million at a one percent interest rate for three years and the bank will retail that money in the form of loans to Kenyan women at eight percent interest,” he said.
Applicants seeking funding under the loan scheme will qualify depending on their needs, repayment ability and collateral, he said.
The bank will be able to loan out a minimum of Sh500 and a maximum of Sh500,000 Wainaina said.
“We have completed a major business segmentation exercise that has strengthened our focus on the financing of Micro, SME, Agro and consumer segments and we are now in the process of developing a full range of products and services to meet needs in these areas,” he said.
The bank plans to partner with Kenswitch to offer ATM services to its clients, expand the use of M-Pesa to include mobile withdrawals and develop its internet banking sector.
“We plan to open an Eastleigh Branch this month and a high-end business centre on Koinange Street in March as we aim to upgrade low income businesses and contribute towards the creation of a middle class society in line with Vision 2030,” he said.