Co-op bank kicks-off SME Client Forums in the Counties

Co-operative Bank has kicked-off a countrywide campaign of engaging Micro, Small & Medium-sized Enterprises (MSMEs) in the counties.The forums focus on training and equipping business clients with the skills and strategies to grow their businesses in the changing operating environment in the economy.

These forums are part of the US$150 million (Sh15.2 Billion) partnership program between Co-op Bank and the International Finance Corporation (IFC) launched in mid-2018 to provide Affordable Financing and Business Training to Kenyan MSMEs.

In partnership with IFC, Co-op Bank has expended substantial resources on customer engagement and research work to understand the dynamics of this critical business segment.

Speaking during the Nakuru County MSME Customer Networking Forum, the Head of Business Banking at Cooperative Bank, Mr Moses Gitau said the MSMEs are the bedrock of wealth creation in Kenya as they account for over 90 per cent of Kenya’s private sector,employing over 15 million Kenyans in both the 1.7 million registered and 7 million unregistered businesses.

“In 2017 the Bank decided to revamp our MSME offering, ensuring we are flexible to meet the ever changing business needs. We have made available the Sh15.2 billion kitty for a package of loans that include an unsecured business loan, a first of its kind in Kenya, E-Credit through our MCo-opCash Appwhere businesses are able to borrow up to Ksh. 2 million,”he said.

The Customer Networking Forums are a key part of Co-op Bank’s MSME program as it is widely acknowledged that MSMEs need the insights and training on economic matters that have a direct bearing on their business, and which they have little or no control over.

The forums will be held across the country, and feature a detailed presentation by the bank economist on the opportunities in and out of the country that MSMEs can tap into and the ways the bank is working to enable customers to seize them. This is followed by a panel discussion with bank representatives and successful entrepreneurs, concluding with a networking session.

To effectively engage this target the bank has trained its staff at the branches to identify the different needs customers have and correctly match them to relevant financial solutions. The vision for the