Home » Joshua Oigara-led KCB Bank commits $7.1 million to support MSMEs in Kenya

Joshua Oigara-led KCB Bank commits $7.1 million to support MSMEs in Kenya

by Chidi Emenike

KCB Bank Limited, a Nairobi-based financial institution led by Joshua Oigara, has announced a Ksh800-million ($7.1 million) fund aimed at alleviating the impact of the COVID-19 pandemic on small businesses in the country. 

According to Business Daily, the fund was established in partnership with the Nakuru County government and will seek to empower cooperatives and small businesses in the region. 

KCB Bank operates as a subsidiary of KCB Group, one of the largest commercial banking groups in East Africa, with active operations in the East African region across Tanzania, Uganda, Rwanda and Ethiopia. 

In August 2021, the group acquired the Rwandan bank, Banque Populaire du Rwanda Plc (BPR), from Atlas Mara Mauritius Limited and Arise B.V. 

Billionaires.Africa gathered that an interest rate of 12.5 percent will be charged on all the credit facilities that will be granted under the scheme. Of this, the county will pay five percent, while the remaining 7.5 percent will be taken care of by the benefiting businesses. 

In addition, Nakuru County revealed that it has already set aside Ksh5.2 million ($46,000) as an interest subsidy and credit guarantee. 

Apart from the funding, KCB announced that it will provide youth in the region with valuable skills training and business development support to grow their businesses. The bank will implement these programs through its social investment arm, KCB Foundation. 

Commenting on the move, KCB Director for Retail Operations Annastacia Kimtai, said: “We want to support the businesses as they push for recovery from the effects of the pandemic. We are deliberate in our effort to be the ‘partner kwa ground’ for MSMEs across the country.”

“We believe that the support given will go a long way to benefit the livelihoods of our people and our economy as a whole,” she added.

This is not the first time KCB Group will support businesses in Kenya. Last year, it partnered with various counties to provide affordable credit facilities to MSMEs. 

In its financial statement for the first nine months of 2021, KCB Group grew its profit to Ksh25.21 billion ($224.71 million) from the Ksh10.9 billion ($97.1 million) it posted in the previous year.

You may also like


The world’s premier source of news on Africa’s billionaires and UHNWIs.


Get the daily email to stay informed about African billionaires and UHNWIs. Get informed and entertained, for free.

Latest News

@2024 – Billionaires.Africa. All Rights Reserved.