Co-operative Bank through its MSME offering has taken its customers to Shanghai and Yiwu in China for a business networking trip that will see them create linkages for overseas business and build partnership opportunities.
The trip also serves to enable Co-operative Bank customers to purchase various items at highly discounted costs which will enable them to pass the discounts to their customers making their products competitive.
The customers, drawn from across the country, will tour China, specifically Shanghai and Yiwu. They will visit one of the world’s busiest shopping streets in Shanghai; Nanjing and in Yiwu, as well as the Futian Market which is the biggest hub in China for all kinds of products.
The Futian market is divided into 5 districts, each with various sections selling specific products. During the trip, the customers will get to meet suppliers of electric appliances, electronics, hardware tools & fittings, telecom equipment, vehicles and many others.
Furthermore, they will visit markets for office supplies, sports equipment, stationery, cosmetics, beauty salon equipment, fashion accessories, beddings, curtains, fabrics, auto & motorcycle accessories, hair ornament & jewelry, festival arts and decorative arts.
“From our engagement with various business customers, we know that their business needs go beyond finance; they also need exposure and networking opportunities with business practitioners, in Kenya and beyond the border especially in successful countries like China,” commented Moses Gitau, Coop Bank Head of Business Banking
Gitau also added that the trip is instrumental to all the business customers who joined the travel as they will create linkages for overseas business and partnership opportunities
Later this year, in October, the Co-operative Bank will organize another business networking trip to Guangzhou for the 126th Canton Fair.
This is the largest trade fair in China with the largest assortment of products, largest attendance and with the largest number of deals made at a fair.
It is a unique experience where participants get to mix business with leisure. This trip is open for all business customers looking to travel to China for business.
Co-operative Bank recently revamped its MSME offering and now has an arm in the bank which deals specifically with non-financial services for its MSME business banking customers.
The bank retooled and refreshed the product offering to make it more responsive to the needs of MSMEs. They have made available a substantial kitty of 15.2 billion shillings for a package of loans for the customers.
The package includes an unsecured business loan, a first of its kind in Kenya, E-Credit through the MCo-op Cash App where businesses are now able to borrow up to 2 million shillings via their mobile phone, packaged insurance cover which are handpicked and specifically negotiated to suit various segments under MSME, revised and pre-approved limits on overdrafts and loans.
The loans will be supported by trade services that include Letters of Credit, guarantees, supply chain financing, among others. These services are available at all Cooperative Bank branches across the country.
The vision for this revamped MSME offering from Co-operative Bank is to grow world-class entrepreneurs beyond the Kenyan borders.