KCB targets farmers with mobile loans
Kenya Commercial Bank (KCB) has introduced a mobile-based platform that will facilitate over two million farmers in Kenya and Rwanda to access Sh35 billion agri-business loans and training in the next five years.
The platform, MobiGrow, was rolled out in partnership with the MasterCard Foundation.
The funding comprises five per cent of the bank’s loan book, an addition to the over Sh14 billion already extended to the agriculture sector.
“We are leveraging technology to tackle the challenges faced by farmers when it comes to credit access and inclusion. We are also empowering farmers with non-financial solutions such as capacity building forums to grow their agri-businesses,” said Annastacia Kimtai, KCB Retail Banking Director. The lender said MobiGrow was keen on working with farmer forums and so far it had signed pacts with 146 farmer producer organisations that work with smallholders.
MobiGrow is part of ongoing efforts by the lender aimed at strengthening the agricultural value chain by providing innovative funding schemes and technical advisory services to small-scale farmers across the country.
Recently, KCB unveiled sorghum and soybean value input financing under the Farm to Market Alliance programme.
Under the programme, KCB is providing input financing to farmers in Nyanza and Western Kenya.
KCB has also entered into partnerships with Sygenta and Technoserve under the Mavuno Zaidi programme to support tomato and potato farmers to access financing, agronomical support and market linkages.