The Small and Medium-sized Enterprises (SMEs) have been billed to make up more than 95 per cent of all firms in Africa, and are generating millions of jobs on the continent.
In the wake of Covid-19 pandemic, SMEs have and continue to bear the blunt of the pandemic and forced to withstand severe impact leaving a perilous environment.
However, there’s a clear imperative for businesses to quickly build their resilience against further disruption.
In the recent years, Co-operative Bank in partnership with International Finance Corporation (IFC) have come up with solutions to provide and support Micro, Small, and Medium Enterprises (MSMEs).
The solutions include MSME Account Packages (Bronze, Silver and Gold), mobile loans, unsecured and secured loans/overdrafts, Supply chain financing, Insurance solutions, payment solutions, and Non-Financial services (Training, networking, and International exposures).
“Co-op Bank in partnership with International Finance Corporation (IFC) has developed new solutions that not only meet MSME needs but also help them align with existing and emerging opportunities,” says the lender.
Co-op Bank MSME solutions have enabled the bank to address needs which support entrepreneurs manage and also grow their businesses.
The bank also has E-commerce solutions which 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.
Effectively, Co-operative Bank has stepped up its efforts to minimise disruption and stabilise the situation.
The bank has cast the nest cast wider across the 143 branches across the country and a subsidiary in South Sudan to widen the reach.
IFC is also working with Co-op Bank to streamline mortgage lending and support affordable housing projects.
“The IFC funding comes at a most appropriate time in view of the critical need to support the growth in the economy. The long-term tenure of the facility boosts Co-op Bank’s ability to offer financing solutions that are better structured and priced to fulfil the long-term financing needs of customers,” Dr. Gideon Muriuki, CEO of
Co-op Bank said.
Co-op bank uses IFC’s financing to extend a wider range of financial services to entrepreneurs, with Sh3 billion earmarked for women-owned businesses.
Technology is helping the Bank to monitor customer data enabling them identify customers who are at-risk of defaulting and engage its relationship managers to assist them.
