NAIROBI, Kenya, June 3 – Kenya Commercial Bank (KCB) on Friday entered into an agreement with the Kenya National Federation of Jua Kali Associations (KNFJKA) that will see small traders access affordable credit.
The two signed a Memorandum of Understanding (MoU) on a working framework within the sector.
Jua kali is a Swahili connotation meaning immense knowledge on an array of crafts, including but not limited to woodcraft, metalworking, leather production, textiles, food processing, and mechanical engineering.
KCB Bank Director of Digital Financial Services Angela Mwirigi said the time has come for the jua kali sector to receive a new lease of life through the injection of much-needed market-driven competencies as a first step towards revolutionizing the sector.
“The engagement we are unveiling today is a response to the urgent need for players within the Jua Kali sub-sector to tap into more formal entrepreneurial opportunities currently available with a goal to progress towards decent work for all,” noted Angela.
She further indicated that the Kenya Commercial Bank and its foundation will work closely to ensure that the members of the jua kali are well skilled to ensure they compete favorably on the global stage.
She further observed that the jua kali sector is still coupled with an array of far-reaching challenges, such as a lack of market for their wares, despite the fact that it is a cardinal player in the economic growth of the country.
The Chief Executive Officer of the Kenya National Federation, Jua Kali Richard Muteti, who was also present at the event, lauded the partnership with KCB, calling on them to be steadfast in their endeavor.
“As sector players, we welcome KCB Bank and KCB Foundation on board as through their respective interventions, we shall get the capacity to focus and upscale our entrepreneurial endeavors,” Muteti said.
“As a result, we look forward to reaping the full benefits of a robust SME sector that guarantees sustained growth,” he added.
