Transnational Bank, a leading agribusiness value chain financing institution in Kenya, recorded an impressive 32% growth in profit before tax in the financial year 2015, to KSh 252 Million, against Ksh.190 million recorded in 2014. The growth is attributable to the bank’s focus on financing key agribusiness value chains in the country, thus empowering farmers to create more wealth and access financing affordably and conveniently.
“Based on the bank’s strategic plan for 2015 – 2020, we will enable the targeted agribusiness entrepreneurs and SMEs access customized agribusiness financial products and reduce knowledge based risks in the sector, “said the Chief Executive Officer, Sammy Langat, as he outlined the bank’s strategy for 2016.
Beyond financing, the bank is focusing on increasing the farmers’ knowledge on agribusiness and trade, in conjunction with knowledge partners. In 2016, the bank plans to train 2,000 farm groups’ and cooperative managers in Kenya, specifically targeting the tea, dairy and cereal sectors. The bank has further invested in an aggressive last mile formal financing inclusion initiative that will see rural farmers empowered to further participate in their respective value chains.
The bank is currently empowering agribusiness cooperatives invest in alternative revenue streams beyond production, an initiative that has been successful in the tea and dairy sector. By the end of 2016, the bank will have grown its branch network by a further 7 branches, targeted at key agricultural regions in the country.