Equity bank and The Kenya National Chamber of Commerce and Industry (KNCCI) have signed a deal that will enable KNCCI members to access funds as part of the post Covid-19 financial support. In accordance with the MoU, Equity bank has set aside Kshs 200 billion. A training framework for more than three million enterprises will also be set up by both Equity and KNCCI, increasing access to credit and inclusion in the process.
KNCCI President Richard Ngatia said the partnership, which targets Small and Medium enterprises in the education, agriculture, health, manufacturing, agribusiness sectors, youth and women entrepreneurs, will see both Equity and KNCCI work together to support the building of solutions to address the needs of businesses and entrepreneurs in the country. “By partnering with Kenya’s largest bank, we are increasing opportunities for our members and giving them access to Equity’s resources in terms of manpower, financial resources and a comprehensive training curriculum that will see their business grow,” he said.
Equity Group CCO Polycarp Igathe said that the bank is committed to supporting local businesses to survive, recover and thrive post Covi-19 and to help them create more jobs. He affirmed that the partnership will see Equity customers and KNCCI members benefit from access to credit facilities, training, business development among other key factors resulting in industry growth.
Equity and KNCCI County Chapters in all 47 Counties will establish working committees that will spearhead the training and lending to SMEs in an effort to solve the mismatch in financial inflows and outflows resulting in improved industry performance, increased job creation and financial literacy.