KIGALI - After almost two year of operations in Rwanda, Kenya Commercial Bank (KCB), yesterday launched a financing scheme for Small and Medium Enterprises (SMEs), through a new product known as ‘Biashara Banking Services’.
The new product will help SMEs access loans which have been specifically tailored to meet their unique needs. Most SMEs are often held back by lack of collateral to guarantee access to credit.
The bank’s Managing Director, Maurice K. Toroitich, said that the product is designed to meet the unique needs of business customers through; investment accounts, current accounts and credit among other specialised facilities.
“We today announce the bank’s commitment to the SMEs as we have moved towards offering a full suite of a normal banking institution,” Toroitich said.
He added that the launch of the innovative products for small businesses was a part of the bank’s strategy to expand its regional footprints.
The new banking service also include fixed and short term deposits, trade finance products and many more products as well as ideal solutions for individual entrepreneurs, enabling customers, both individuals and groups, to access loans.
SME banking product is one of the several banking services offered by the KCB Group across the region. It focuses on meeting the unique and diversified needs of SME by easing access to loans and working with the relationship managers to improve their businesses.
The Managing Director also revealed that all the nine KCB branches in Rwanda are all connected to the group network excluding KCB Tanzania which will be on the same network next month.
The Chairman Private Sector Federation, Robert Bayigamba said that the private sector needed vibrant services from financial institutions to help SMEs develop.
He revealed that according to a survey done by the institution (PSF), it indicated that 95 percent of the businesses in the country are SMEs-which is the backbone of a country.
“Let’s work closely with financial institutions like KCB and other development partners and help these SMEs in developing the county’s economy,” Bayigamba said.
KCB is the largest bank in the region in terms of asset base topping $2.8 billion (Rwf1.6 trillion) with over 206 outlets across East Africa.