Kenya National Chamber of Commerce & Industry, Equity Bank ink US$ 2bn deal to support businesses

KENYA – The Kenya National Chamber of Commerce and Industry (KNCCI) and Equity Bank have signed a Memorandum of Understanding (MoU) that will see the financial institution set aside US$2 billion for the chamber members to access as part of the post-COVID-19 financial support for businesses.

Under the MoU, the two institutions will provide financial and training framework to a potential 3 million enterprises.

KNCCI President Richard Ngatia said the partnership will see the two institutions work together to support the development of financial solutions in a bid to address the needs of Kenyan businesses and entrepreneurs.

“Chamber members across the country now have a reason to be happy. We have made the conscious decision to walk the journey with them and to support them when they need us the most. By partnering with Kenya’s largest bank, we are increasing opportunities for our members and giving them access to Equity’s resources in terms of manpower, financial resources and a comprehensive training curriculum that will see their business grow,” Ngatia said.

“We want to seem SMEs in Kenya grow and rise above the economic challenges brought by COVID-19”

Polycarp Igathe – Equity Group Chief Commercial Officer

Speaking during the signing ceremony, Equity Group Chief Commercial Officer Polycarp Igathe said the bank is committed to supporting local business to survive, recover and thrive post COVID-19 and to help them create more jobs.

The partnership will target SMEs operating within key sectors of the economy including education, agriculture and agribusiness.

Businesses are also set to benefit from competitive interest rates and flexible repayment periods of up to three years on the loan facilities.

“It is In line with our purpose of transforming lives, giving dignity and expanding opportunities for wealth creation,” Igathe said.

“With the MoU, Equity customers and KNCCI members will benefit from access to credit facilities, training, business development, mentorship and coaching thus resulting in enterprise and overall industry growth.” Igathe added.

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