National Bank has launched a financial product for Small and Micro Enterprises meant to fulfill their micro market needs while offering convenient business banking solutions.
Jenga Biashara seeks to address common challenges faced by SMEs and is designed to cater for financial requirements of entrepreneurs in the SME market segment who require working or investment capital for their business.
The Bank’s Managing Director Mr. Munir Sheikh Ahmed said the launch of “Jenga Biashara” demonstrated the institution’s commitment to providing and enhancing business banking solutions for SMEs in Kenya.
The product will enable SMEs 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.
SMEs will also be able to get access to loans which range up to KES 1mn, flexible repayment tenor for up to 12 months and flexible collateral requirements.
“The Jenga Biashara product seeks to identify with, empower, connect and grow SMEs 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,” said Mr. Ahmed.
The Kenya National Bureau of Statistics says Kenya’s SME sector currently employs about 7.5 million people and accounts for 80 per cent of the employment market. The sector contributes over 92 per cent of the new jobs created annually.
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.