How Co-op Bank is Supporting MSMEs in Kenya to Grow

By Carlos Onyango / June 5, 2020 | 3:51 pm




Micro, Small, and Medium Enterprises are the drivers of the Kenyan economy with data from the Kenya Association of Manufacturers revealing that SMEs make up to 40 percent of Kenya’s Gross Domestic Product.

KAM however reveals that this sector of the economy mostly specializes in low- value addition and thus their contribution to production is minimal.

“Essentially, many small businesses are part of a huge informal economy which may seem to offer relief for their short-term challenges but in the long run, minimizes their potential for growth, access to wider resources and markets – and ultimately limits their socio-economic impact, “said a source by KAM.

Supporting such a sector of the economy is therefore very critical and that is why the Co-operative bank of Kenya has been at the forefront in ensuring SMEs are well taken care of.

In the last three years, Co-op Bank in partnership with International Finance Corporation (IFC) has been conducting research work to clearly understand the Micro, Small, and Medium Enterprises (MSMEs).

The survey helped the bank come up with solutions to provide and support MSMEs but also help them align with the existing and emerging opportunities.

The solutions include MSME Account Packages (Bronze, Silver & Gold), mobile loans, unsecured & secured loans/overdrafts, Supply chain financing, Insurance solutions, payment solutions, and Non-Financial services (Training, networking, and International exposures).

E-Commerce Solutions.

In the wake of the Covid-19 pandemic, SMEs are also the most hit businesses when it comes to survival and as well meet the needs of their customers. Survival has only been left for Businesses that have embraced e-commerce solutions.

But as Co-op Bank customers, surviving this tough time could be possible if you consider the E-commerce solutions that the Bank has in store for you.

Co-op Bank’s E-commerce solutions include MCo-op Cash app, Online Card Payments, POS/PDQ machines, and MPesa Till Numbers which you will use to receive cashless payments from customers directly to your bank account.

Loans are also available to cushion you during this time through the Mco-op Cash App.

These are among the best solutions right now as they are convenient for most customers as well as your business. Join the E-commerce solutions by Co-op bank today and be part of the team to spread the good news to others.

Learn more about the solutions by visiting the website https://msme.co-opbank.co.ke/business-solutions/







More Articles From This Author







Trending Stories










Other Related Articles










SOKO DIRECTORY & FINANCIAL GUIDE



ARCHIVES

2020
  • January 2020 (272)
  • February 2020 (310)
  • March 2020 (390)
  • April 2020 (321)
  • May 2020 (335)
  • June 2020 (327)
  • July 2020 (334)
  • August 2020 (276)
  • September 2020 (148)
  • 2019
  • January 2019 (253)
  • February 2019 (216)
  • March 2019 (285)
  • April 2019 (254)
  • May 2019 (272)
  • June 2019 (251)
  • July 2019 (338)
  • August 2019 (293)
  • September 2019 (306)
  • October 2019 (313)
  • November 2019 (362)
  • December 2019 (319)
  • 2018
  • January 2018 (291)
  • February 2018 (213)
  • March 2018 (278)
  • April 2018 (225)
  • May 2018 (238)
  • June 2018 (178)
  • July 2018 (256)
  • August 2018 (249)
  • September 2018 (256)
  • October 2018 (287)
  • November 2018 (284)
  • December 2018 (185)
  • 2017
  • January 2017 (183)
  • February 2017 (194)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (205)
  • July 2017 (190)
  • August 2017 (195)
  • September 2017 (186)
  • October 2017 (235)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (165)
  • February 2016 (165)
  • March 2016 (190)
  • April 2016 (143)
  • May 2016 (245)
  • June 2016 (182)
  • July 2016 (271)
  • August 2016 (248)
  • September 2016 (234)
  • October 2016 (191)
  • November 2016 (243)
  • December 2016 (153)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (166)
  • April 2015 (108)
  • May 2015 (116)
  • June 2015 (120)
  • July 2015 (148)
  • August 2015 (157)
  • September 2015 (188)
  • October 2015 (169)
  • November 2015 (173)
  • December 2015 (207)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950