Bank partners with counties to empower small-scale traders
Business
By
Fred Kagonye
| Nov 20, 2023
Consolidated Bank CEO Samuel Muturi (2nd left) with Chairman of the Board Hon. Muriuki Njagagua (2nd right), Ag. Head of Finance Fred Ronoh (left) and Company Secretary Wakonyo Gichui-Igeria (right) during the recently held Annual General Meeting in Nairobi. [File, Standard]
Consolidated Bank has partnered with four counties to empower small-scale traders as part of its community development program.
The financial institution has partnered with Nakuru, Murang'a, Embu, and Nyeri counties.
The collaboration will see them provide mentorship, training, project financing, and affordable credit to small-scale traders.
The bank's Chief Executive Officer, Sam Muturi said they will continue seeking more partnerships with other government institutions and counties to extend their impact and support.
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"In challenging times, we remain a beacon of stability, innovation, and commitment to our customers and communities. As a member of the Kenya Deposit Insurance Corporation (KDIC), the Consolidated Bank ensures that customer deposits are fully insured, providing an additional layer of confidence and protection," said Mr Muturi.
Nakuru Governor Susan Kihika welcomed the collaboration, saying that they will soon operationalize the County Enterprise Fund and the County Cooperative Fund to operationalize its partnership with Consolidated Bank fully.
"The biggest challenge facing small-scale businesses and farmers in Nakuru is the unavailability of affordable credit," she said.
On his part, Muturi said Consolidated will support the county in growing the capitation of the two funds through; training small-scale traders, providing mentorship training to the youth, and in project financing.
Nyeri Governor Mutahi Kahiga also welcomed the partnership adding that the initiative will focus on CSR, education scholarships, environmental protection through tree planting, and economic empowerment among others.