By Malachi Motano
Faulu micro- finance banks opens up a Kshs 3 billion financing kitty to help about 150,000 Micro, Small and medium-sized Enterprises (MSMEs) recover from Covid- 19 pandemic, since they were the most hit with the disruption in the supply chain on the back of travel restrictions, declining consumer demands and reduced access to credit.
The SMEs in construction, trade, agri-business and import sectors which are critical in the country recovery efforts from the pandemic will benefit from the Bank’s Ksh 500 million loans.
According to Faulu managing Director Apollo Njoroge, financing the SMEs sector is key to the bank’s revenue growth strategy since the sector accounts for larger bank’s clientele and loan book.