Co-op Bank Launches New Financial Solutions to Empower MSMEs in Kenya: Digital payment tools to boost small business growth!
Co-operative Bank of Kenya has introduced three new financial solutions tailored for:
- Micro
- Small
- and medium enterprises (MSMEs)
Aiming to address key gaps in access to capital, digital payments, and business support services.
The offerings include customized current accounts bundled with tools like free point-of-sale (POS) machines, Lipa Na M-PESA integration, M-Collection, and access to the Co-op Kwa Jirani agent network designed to streamline collections and payments for MSMEs.
According to Moses Gitau, Head of Business Banking at Co-op Bank, the solutions also provide access to unsecured business loans, overdrafts, pre-approved credit limits, and e-loans, along with services like letters of credit, pre-import financing, and supply chain financing.
The bank also offers select insurance covers, ensuring MSMEs have comprehensive financial protection while scaling operations.
MSMEs account for over 90% of Kenya’s private sector and employ more than 15 million people.
Co-op Bank has pledged to meet regulatory requirements by directing at least 20% of its lending to this sector.
The launch aligns with national goals of economic growth, especially as the government prioritizes support for manufacturing, trade, and job creation under the Big Four Agenda.
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