The Co-operative Bank of Kenya has received sh. 15.2 billion for onward lending to small businesses over a seven-year period. The fast-developing bank has received this amount from the International Finance Corporation (IFC).
“The project comprises of a senior loan… to help strengthen the bank’s long-term funding position and enable it to expand its lending operations to the under-served micro small and medium enterprises (MSMEs) segment in Kenya,” IFC says in the disclosure statement.
The IFC says the new loan to Co-op Bank will help it meet its social investment goals of expanding credit to SMEs in the agricultural, manufacturing and trade sectors. The financier says Co-op Bank has the scale and distribution network to disburse loans to SMEs across the country.
The bank which has 149 branches and serves over 6.5 million customers has positioned itself as the go-to lender for Kenyans seeking credit at a time when other banks have been shying away from lending. this follows the enactment of the controversial law that capped interest rates at 14 per cent in 2016.
Cheap Co-op Bank loans
It is expected that this law will be repealed following a repeal commitment made by the cabinet secretary for the National Treasury to the International Monetary Fund (IMF). When the law is repealed, it insiders say that the bank will not only maintain its current customer base, but also continue to attract more customers having already been branded as the social bank for Kenyans seeking credit in the current tough period. Previously, Co-op Bank loans were among the cheapest and easy to access in the local market.
Over the past few years, the bank has been implementing a series of strategies that have seen it maintain high profitability for its shareholders while simultaneously offering easy and user-friendly products to its customers. some of these products have included the innovative MCo-op Cash mobile app that has made it easy for Kenyans to access banking services from the comfort of their mobile phones.
To access the cheap Co-op Bank loans, you can walk in to your nearest Co-op Bank branch or open an account at your nearest Co-op Kwa Jirani agent.