Boost for smallscale tea farmers as Co-op Bank avails Sh1.2billion loans facility
The goal is to empower rural communities, drive innovation, and secure the future of country’s tea industry
Co-op Bank has partnered with Kenya Tea Development Agency (KTDA) to offer short term mobile-enabled credit solution to over 260,000 smallholder tea farmers worth up to Sh1.2 billion.
The collaboration unveiled at the inaugural launch of the KTDA Magazine and the Farmer First Mantra Prospectus aims at strengthening Kenya’s tea industry.
“We have a long history of supporting the co-operative sector, particularly in the tea value chain. Our goal is to empower the more than 260,000 smallholder farmers who drive Kenya’s tea economy,” Co-op Bank Managing Director and CEO Dr Gideon Muriuki said during the launch of the KTDA Magazine and Farmer First Mantra Prospectus.
“We have a long-standing history of supporting the co-operative sector in Kenya, including extensive engagement with the tea industry,” he said.
“Through our comprehensive financial solutions, we continue to empower the more than 260,000 smallholder tea farmers who form the backbone of Kenya’s tea industry, a key contributor to our national economy,” he added.
The facility, a collaboration between the lender and Greenland Fedha, enables farmers to access instant loans of between Sh100 and Sh20,000 directly via their mobile phones, thus eliminating the need for paperwork and creating a convenient, barrier-free solution that eliminates delays and travel.
The goal is to empower rural communities, drive innovation, and secure the future of country’s tea industry.
Greenfield Fesha is a a non deposit taking micro finance institution wholly owned by KTDA, a private company owned by about 600,000 smallholder tea farmers spread across 16 tea growing counties in Kenya. The farmers are shareholders to 54 tea companies that own KTDA (H) and its nine subsidiary companies.
