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KCB BANK

KCB Bank has set aside Sh250bn to Fund Women Entrepreneurs in the Country

by Radarr Africa October 28, 2022

written by Radarr Africa

KCB Bank Kenya has unveiled a Sh250 billion fund for women entrepreneurs in the country in line with its role of spurring economic growth in the country.

The fund which will run for five years is dedicated to funding women-led and owned Small and Medium Enterprises (SMEs) across the country.

The lender has already set the ground for unlocking the fund by easing the credit requirements and documentation such as security to guarantee faster loan processing periods for the entrepreneurs.

In addition to the loans, the women entrepreneurs will also be able to receive non-financial support from the lender’s partner organizations.

The lender will avail Sh50 billion annually for the five-year period to Female-Led and Made Enterprises (FLME) to support entrepreneurship, job creation and to strengthen its outreach towards unique market segments like businesses owned and run by women.

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“KCB believes that the MSME sector bears the biggest influence on the economic trajectory of East Africa. We are reimagining the way we engage with women entrepreneurs to enable them better overcome business challenges by providing working capital and other critical non-financial needs to sustain their growth,” said KCB Group Chief Executive Officer (CEO) Paul Russo.

He further noted that even though women run some of the most transformative businesses in the country, they still face many hurdles such as limited access to credit facilities, labor and skill gaps, exclusion from key networks and also other social and legal constraints.

“What we are now doing is mainstreaming this agenda by widening the net to enable more women entrepreneurs to get access to the critical business support touch points,” said Russo.

With almost 80 per cent of women-owned businesses having limited access to credit, lack of collateral and proper documentation has also made it more difficult for them to access the already limited funds, a gap the bank intends to fill.

“When a woman wants to start or grow her own business, the odds of securing a business loan are heavily stacked against her. We are relaxing some of the requirements as a solution to addressing inequality in accessing credit finance,” added Russo.

KCB is committed to increasing the value of loans disbursed to women as well as increasing the spending targeting special groups like persons living with disabilities, a move that intends to empower and catalyze FLMR both locally and internationally.

SOURCE: Capital business

October 28, 2022 0 comment

Banking, Finance & Investment Finance & Services Kenyan News Uncategorized

KCB partner with BasiGo To Finance the Purchase Of Electric Buses

by Radarr Africa October 4, 2022

written by Radarr Africa

KCB Bank customers can now access financing options to purchase electric Public Service Vehicles (PSV) following a deal the bank has secured with e-mobility startup and financing company BasiGo Ltd.

The customers will enjoy funding of up to 90 per cent for an extended period of 36 months, a move that aims to support the reduction in greenhouse gas emissions and enhance the customers’ response to climate change through adaptation and mitigation measures.

Moreover, customers will be privileged to access embedded tracking and fleet management gadgets that will be already installed on the electric buses in addition to insurance financing for their vehicles.

On the other hand, BasiGo will provide servicing, charging, and maintenance of the batteries.

Speaking during the signing of the agreement, BasiGo Chief Executive Officer (CEO) and Co-Founder Jit Bhattacharya noted that the agreement with KCB is game-changing as it will make access to electric buses by PSV owners in the country affordable.

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“This deal will allow bus owners to secure asset financing for an electric bus exactly in line with how they have been purchasing diesel buses. With KCB’s pioneering support for this technology and BasiGo’s Pay-As-You-Drive (PAYD) financing, we have made electric buses more affordable and more convenient for owners to purchase and operate than a diesel bus,” said Bhattacharya.

The electric buses are available for purchase on a blended sale or operating mode where one can purchase a bus at a cost of Sh5million with BasiGo retaining the ownership of the battery within the bus.

BasiGo offers PAYD subscriptions at Sh20 per kilometer driven even as it mitigates the risks to PSV operators by guaranteeing battery performance and providing charging and maintenance for the bus throughout its life.

KCB Bank Director of Corporate Banking Esther Waititu noted that the deal is in line with the bank’s vision of leveraging partnerships that provide value to its customers.

“Entrenching sustainability in our operations means that we always consider our economic, social and environmental impact before we make any decision on partnerships and collaborations. We are delighted to partner with BasiGo as this reflects our commitment to supporting key customers to derive value from their long-standing loyalty,” said Waititu.

The deal also includes KCB SAHL Banking customers who under the Shariah-compliant banking model, will be able to purchase the electric buses from BasiGo at affordable rates.

The agreement is timely as it comes at a time many organizations are switching to green energy and sustainable practices by adopting the UN Sustainable Development Goals (SDGs) as a guide to help in reducing human-caused emissions of carbon dioxide by about 45 per cent by 2030.

SOURCE: Capital business

October 4, 2022 0 comment

Banking, Finance & Investment Eastern Africa Economy

KCB Revises Interest Rates On Its Savings Accounts

by Radarr Africa July 27, 2022

written by Radarr Africa

KCB Bank has revised the annual interest rates for its savings accounts in a move that seeks to attract and retain its customers.

With effect from July 1 2022, the KCB Goal Lock Savings Account will attract an annual return of 7.5 per cent from the current 6 per cent.

KCB Simba, Goal & Cub Savings Accounts for both new and existing customers will attract an interest rate ranging from 5-7 per cent depending on the amount of money deposited.

This is a departure from the previous set-up where all Savings Accounts apart from Goal Lock Savings attracted a uniform annual return of 5 per cent.

The revision of the interest rates is a welcome relief to millions of KCB customers who have had to contend with lower returns in the midst of a surge in commodity prices occasioned by runaway inflation being experienced across the globe.

KCB Bank Director of Retail Banking, Annastacia Kimtai noted that with the new rates, customers now have an opportunity to enjoy competitive returns on their savings.

Additionally, they are now able to select how much return they want based on their financial ability. ”We have listened to our customers’ feedback and now we are out to give them value for their hard-earned money. Our promise to our customers is that we shall continue to extend all the necessary support in efforts to deepen our sense of purpose and responsibility to them,” Annastacia said.

ALSO READ: IMF Cuts Global Growth Outlook Warning High Inflation Browbeat Recession.

KCB’s new interest rates are currently the highest compared to the average industry interest rates on fixed deposit accounts that now stand at 6.61 per cent with savings accounts having declined to 2.56 per cent from 3.37 per cent in 2021.

SOURCE: Capital business

July 27, 2022 0 comment