Nairobi Tuesday 13th October 2020, The Kenya National Chamber of Commerce and Industry (KNCCI) and Equity have signed an MOU that has seen Equity set aside Ksh. 200 billion for KNCCI members to access as part of the post COVID-19 financial support for businesses.
The partnership will see the two institutions provide a financial and training framework to a potential 3 million enterprises hence increasing their financial inclusion, access to credit and capacity building.
Under the agreement, both parties will undertake joint activities to empower businesses countrywide financially and to build their capacity through programmes aligned to business operations development which include training and capacity building through enhanced coaching and business mentorship.
Speaking during the signing ceremony, KNCCI President Richard Ngatia, emphasized that the partnership will see both Equity and KNCCI work together to support the development of financial solutions that will 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.”
Commenting on the partnership, Equity Group Chief Commercial Officer Polycarp Igathe said that the Bank is committed to supporting local business to survive, recover and thrive post COVID-19 and to help them create more jobs.
“In line with our purpose of transforming lives , giving dignity and expanding opportunities for wealth creation, we want to see SMEs in Kenya grow and rise above the economic challenges brought about by COVID-19. This partnership will see Equity customers and KNCCI members benefit from access to credit facilities, training, business development, mentorship and coaching thus resulting in enterprise and overall industry growth.”
The partnership will target SMEs operating within key sectors of the economy including education, agriculture and agribusiness, the health sector and the manufacturing sector as well as target women and youth entrepreneurs in the country. Businesses are also set to benefit from competitive interest rates and flexible repayment periods of up to three (3) years on their loan facilities.
Equity and KNCCI County Chapters in all 47 counties will establish working committees that will spearhead the training and lending to SMEs in an effort to solve the mismatch in financial inflows and outflows resulting in improved industry performance, increased job creating and increased financial literacy in Kenya.
Kenya National Chamber of Commerce and Industry (KNCCI) Chamber President Richard Ngatia (left) and Equity Group Chief Commercial Officer, Polycarp Igathe (right) exchange the signed MOU documents at KNCCI offices in Heritan House. Equity and KNCCI have entered into a partnership that will see a potential 3 million enterprises benefit from a kitty of Ksh 200 billion set aside by Equity for KNCCI members to access as part of the post COVID-19 financial support for businesses
Kenya National Chamber of Commerce and Industry (KNCCI) Chamber President Richard Ngatia (left) and Equity Group Chief Commercial Officer, Polycarp Igathe (right) display the signed MOU documents at KNCCI offices in Heritan House. Equity and KNCCI have entered into a partnership that will see a potential 3 million enterprises benefit from a kitty of Ksh 200 billion set aside by Equity for KNCCI members to access as part of the post COVID-19 financial support for businesses.
About Kenya National Chamber of Commerce and Industry (KNCCI)
The Kenya National Chamber of Commerce and Industry (KNCCI) is a membership based trade support institution (TSI) working to protect commercial and industrial interests of Kenyan business community. KNCCI advocates for the creation of a favorable commercial, trade and investment environment that supports enterprise expansion. The membership of KNCCI constitutes small, micro enterprises (MSEs), medium and large enterprises.
About Equity Bank (Kenya) Limited
Equity Bank Kenya is the largest bank subsidiary of Equity Group Holdings Plc with a footprint of 184 branches, spread across the country and is supported by over 39,160 agents, 17,561 merchants and 400 ATMs. Equity Group Holdings Plc is a financial service holding company listed at the Nairobi Securities Exchange, Uganda Securities Exchange, and Rwanda Stock Exchange. In addition to Equity Bank Kenya, the Group has banking subsidiaries in, Rwanda, Uganda, South Sudan, Tanzania, DRC, and a Commercial Representative Office in Ethiopia; with additional non-banking subsidiaries engaged in the provision of investment banking, custodial, insurance agency, philanthropy, consulting, and infrastructure services.
Equity Group has an asset base of USD 9billion. With over 14.2 million customers, the Group is one of the biggest banks by customer base in the region. The Group has a footprint of 300 branches, 51,560 Agents and 31,265 Merchants and 623 ATMs. The Group is the largest bank in market capitalization in East and Central Africa. The Banker Top 1000 World Banks 2020 ranked Equity Bank 754 overall in its global ranking, 62nd in soundness (Capital Assets to Assets ratio), 55th in terms of Profits on Capital and 20th on Return on Assets. In the same year, Moody’s gave the Bank a global rating of B2 with a negative outlook same as the sovereign rating of the Kenyan government due to the Bank’s strong brand recognition, solid liquidity buffers and resilient funding profile, established domestic franchise and extensive adoption of digital and alternative distribution channels. Equity Group Holdings Plc is regulated by the Central Bank of Kenya.
KNCCI - https://www.kenyachamber.or.ke/
Equity Group - https://equitygroupholdings.com/
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