Accessing Finance in Kenya

Most women in Kenya work in the agricultural sector and produce most of the agricultural produce in the country. However, when it comes to accessing credit and other forms of agricultural finance, women’s access drops quickly.

Within the non-agricultural sector of the informal economy, women are also very active in informal cross-border trade, where they are involved in a large volume of the goods traded across borders. Similar to those in the agricultural sector, women in informal cross border trade face several huddles in accessing finance.

Public and private institutions in Kenya have identified women’s challenges in accessing finance and have established various programmes to bridge the gap.
angle-left KCB MPESA

KCB MPESA

About the product: The KCB M-PESA account is a virtual mobile based bank account that is offered exclusively to M-PESA registered customers allowing them to borrow small loans between Kshs.50 and Kshs.1M depending on the customer's credit scoring

Type of loan provided by M-PESA: Business

 

Brief description of the loan

KCB Mpesa Loan is fintech based

 

Interest rate

1.06% per month with a one off negotiation fee of 6.44%. The cost for the 1 month loan is 7.5% inclusive of excise duty

 

collateral

Good credit score

 

Grace period

30 days, 90 days, 180 days depending on the amount and credit limit.

 

Amount

From kshs 50 to kshs 1,000,000

 

Repayment terms

Monthly/daily/weekly

 

Requirements

Have access to Safaricom line.

Be above 18 years

OTHER PRODUCTS

 

Savings

Brief description

There are two types of fixed deposit accounts available to KCB M-PESA customers

 

Brief description

This account allows the customer to lock a specific amount of cash for a period of up to 12 months.

Fixed Savings Accounts

Amount

More than 500

 

Enter period

1, 3, 6 or 12 months

 

Benefits

  • Locked periods include 1, 3, 6, and 12 months with the minimum amount of Kshs.500.
  • Upon early or premature redemption, you will forfeit all interest accrued.
  • You get cash back immediately to KCB M-PESA account on prompting cash back.
  • Earn attractive Interest rates of 6.3% p.a. on your savings.

 

Brief Description

This account allows you to set a target and make deposits towards achieving that target.

Target Savings Account

Amount

More 1,000 kshs

       ….

Enter period

1, 3, 6 or 12 months

 

Benefits

 

  • You top up continuously until you achieve your target.
  • You can deposit money into the target account through:
  • M-PESA
  • KCB M-PESA
  • You can choose from target periods of 1, 3, 6 and 12 months with a minimum contribution of KES 50.
  • You earn interest on cumulative interest.
  • Early withdrawal of funds from Target Savings is allowed subject to withdrawal of the entire amount saved. Total interest on savings will be earned to the day of the withdrawal.
  • You get cash back immediately to your KCB M-PESA account on prompting cash back.
  • Minimum target period is 1 month.
  • Enjoy attractive Interest rates of 6.3% p.a. on your savings.

Contact details

 

Email:contactcentre@kcbgroup.com

  Tel: +254 (20) 3270000

  Tel: +254 (732) 187000

  Tel: +254 (711) 087000

  Sms: 22522

         Source

 

50 MAWSP

 

The African Development Bank partners with EAC, COMESA & ECOWAS Regional economic blocks to implement the 50 Million African Women Speak Networking Platform Project.The platform is intended to empower millions of women in Africa to start, grow, and scale up businesses by providing a one-stop shop for their specific information needs. Click on the image for more information

 

50MAWS Project engages East African Financial institutions for more financial inclusion. Click on the photo above for the full story