By Patrick Omune
National Bank has launched a financial product for
Small and Micro and Small Enterprises (MSEs) meant to fulfill the micro market
needs while offering convenient business banking solutions.
The product dubbed
“Jenga Biashara” seeks to address common challenges faced by MSEs and is
designed to cater for financial requirements of entrepreneurs in the MSEs
market segment who require working or investment capital for their business.
Speaking during the launch, National Bank Managing
Director and Chief Executive Officer Mr. Munir Sheikh Ahmed said that the launch
of the “Jenga Biashara” product demonstrates the bank’s commitment to providing
and enhancing business banking solutions for MSEs in the country.
“This financial product “Jenga Biashara” is bound to
open new opportunities for entrepreneurs in this market given that the MSE
sector in this country currently employs about 7.5 million people and accounts
for 80% of the employment market while contributing over 92% of the new jobs
created annually according to the Kenya National Bureau of Statistics,” said
Ahmed.
The product will enable MSEs to enjoy access to
“Jenga Biashara” loans, unlimited withdrawals, simple account opening
procedures, access to visa-branded debit card, mobile and internet banking,
National Bank’s wide branch and Agent network.“The Jenga Biashara product seeks to identify with, empower, connect and grow MSEs in Kenya, through befitting propositions that in the long run, will help unlock the potential of the entrepreneurs in both the urban and rural areas to scale up and grow,” added Ahmed.
MSEs
will also be able to get access to loans which range up to Kshs 1 million,
flexible repayment tenor for up to 12 months and flexible collateral
requirements.
Recently, National Bank announced strategic
partnerships that provide its customers with access to 1,200 Kenswitch’s ATMs
services across East and Central Africa and also provision of agent banking
services at the 99 Post Bank branches and over 800 Post Bank mashinani Agents
countrywide.
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