NAIROBI, Kenya, Mar 23 – Gulf African Bank has signed a Memorandum of Understanding with Kenya National Chamber of Commerce and Industry.
The MoU is expected to boost economic inclusion, empowerment of women, youth and persons with disabilities owned SME’s as well as enhancing procurement opportunities for these special groups in Kenya.
As such, Gulf African Bank will offer unsecured LPO financing of up to Sh20 million for those with prior performance history and up to Sh3 million unsecured LPO business for starters registered under the KNCCI banner.
The partnership will serve to improve reach for the two institutions from membership database across various sectors including but not limited General Trade & Commodities, Telecommunication, Health and Agribusiness among others.
“The SME sector is a key focus area for us as a bank. As such, we look for like-minded partners like KNCCI with a core mandate of growing businesses; seeking to uplift special groups economically by linking them to economic resources, and offer training opportunities to bridge skill gaps to businesses in the broader SME sector,” said Abdalla Abdulkhalik, Managing Director Gulf African Bank.
Kiprono Kittony, Chairman KNCCI Kenya lauded the partnership, observing that it will be critical to growing the SME sector in Kenya.
“Training is critical in instilling financial prudence amongst Youth, Women and PWD owned SME’s. This partnership will provide them with the critical training, access to financing and business opportunities to help them grow their enterprises”.