NCBA and African Guarantee Fund renew KES 3B partnership to provide long-term financial solutions for Kenyan SMEs, women-led businesses, and green initiatives.
NCBA and AGF renew KES 3B partnership to bolster financial support for Kenya’s small and medium-sized enterprises (SMEs), women-led businesses, and sustainable projects.
The renewed 10-year agreement between NCBA Group and the African Guarantee Fund (AGF) enhances their commitment to fostering inclusive economic growth in the region.
The former partnership between NCBA and AGF allowed nearly KES 17 billion in loans to benefit 696 SMEs through 3,500 transactions that totaled KES 8.0 billion.
Through this partnership there has been a creation of 7,200 jobs which include 2,200 women positions and 4,100 youth positions.
John Gachora of NCBA declared the partnership with AGF as a strategic move which demonstrates the bank’s dedication to supporting sustainable women-led SMEs.
The increased guarantee limit strengthens NCBA Group in providing financial solutions with extended flexibility which boosts SME development and economic growth.
Group CEO of AGF Jules Ngankam stressed the importance of this cooperation due to SMEs making up 98% of all businesses in Kenya which sustains 30% of annual employment.
Over twelve years NCBA established itself as a trusted partner which now reaches a new peak as the facility renewal advances its mission to enable funding for SMEs.
As part of the agreement AGF will present NCBA with a Capacity Development grant while simultaneously extending the credit guarantee facility.
Through this grant NCBA will achieve greater ability to offer loans to more SMEs especially women-led enterprises by developing credit-ready networks of women-owned businesses.
The partnership achieves AGF’s dual mission to advance women’s empowerment through AFAWA and sustainably develop the economy through its Green Guarantee Facility program.
The flexible financial solutions accessible to SMEs are found through partnership with NCBA which provides them with finance alongside currency exchange and cash management systems and online banking capabilities to support their expansion.
