Nairobi: Friday, August 15th, 2014:
National Bank has launched a financial product for Small and Micro and Small Enterprises (MSEs) meant to fulfill the micro market needs while offering convenient business banking solutions.
The product dubbed “Jenga Biashara” seeks to address common challenges faced by MSEs and is designed to cater for financial requirements of entrepreneurs in the MSEs market segment who require working or investment capital for their business.
Speaking during the launch, National Bank Managing Director and Chief Executive Officer Mr. Munir Sheikh Ahmed said that the launch of the “Jenga Biashara” product demonstrates the bank’s commitment to providing and enhancing business banking solutions for MSEs in the country.
“This financial product “Jenga Biashara” is bound to open new opportunities for entrepreneurs in this market given that the MSE sector in this country currently employs about 7.5 million people and accounts for 80% of the employment market while contributing over 92% of the new jobs created annually according to the Kenya National Bureau of Statistics,” said Ahmed.
The product will enable MSEs to enjoy access to “Jenga Biashara” loans, unlimited withdrawals, simple account opening procedures, access to visabranded debit card, mobile and internet banking, National Bank’s wide branch and Agent network.
“The Jenga Biashara product seeks to identify with, empower, connect and grow MSEs in Kenya, through befitting propositions that in the long run, will help unlock the potential of the entrepreneurs in both the urban and rural areas to scale up and grow,” added Ahmed. MSEs will also be able to get access to loans which range up to Kshs 1 million, flexible repayment tenor for up to 12 months and flexible collateral requirements. Recently, National Bank announced strategic partnerships that provide its customers with access to 1,200 Kenswitch’s ATMs services across East and Central Africa and also provision of agent banking services at the 99 Post Bank branches and over 800 Post Bank mashinani Agents countrywide.