NAIROBI, Kenya, Oct 14 – Chase Bank Kenya has secured a Sh5.6 billion long-term debt from Netherlands Development Bank (FMO) and a global financing institution for developing countries, Microfinance Enhancement Facility (MEF).
The debt agreements between Chase Bank, FMO and MEF are part of the bank’s short to long-term plans to strengthen financial support in Kenya by providing funding to the SME sector.
Chase Bank’s Deputy CEO Paul Njaga stated that the substantial injection of funds into the bank was a strong indication of the continued investor confidence in the Kenyan economy in general.
“The bank is committed to increasing its funding to more SMEs particularly in the women, youth and agriculture sector so as to enhance financial inclusion and foster economic development in Kenya,” Njaga said.
He noted that funding to SMEs in the country was a growing requirement to support the sector’s entrepreneurial effort, which in turn has seen the sector grow exponentially in the recent past.
The bank’s Sh5.6 billion funding (Sh4bn from FMO) and (Sh1.6bn from MEF) will be advanced to both existing and new SME customers.
The bank places a keen focus on the SME and the provision of innovative products for the ever growing market.
Modelled around relationship banking, the bank provides its customers with value added services like bancassurance, bank brokerage, and offshore investment opportunities.
It also offers a full range of versatile and tailor-made corporate and retail banking products.