The NIC Bank on Tuesday launched products with the aim of reaching out to small and micro entrepreneurs in the Nyanza region through a workshop held at the Acacia Premier Hotel in Kisumu.
The bank took the step after pilot products in the region proved popular, a factor that saw its asset finance loan-book in Kisumu becoming among the biggest in the bank’s portfolio.
Retail director Robert Kibaara who presided over the task to be taken by the bank, said Kisumu’s SMEs sector is one of the fastest growing in the region, and deserves products tailored to suit its unique needs.
"We have created a large number of products for SMEs that we wanted to announce today. The Kisumu branch is one of the best performing in the country and we want to improve our relationship with them," added Kibaara .
He also noted that they have partnered with Africa Trading Insurance to ensure that the bank helps entrepreneurs have a smooth growth which has recently raised bank loan participation to 95 per cent of an asset’s worth in what he terms an exciting move to their clients.
James Ochieng, a Kisumu based contractor laud the project saying; “I am satisfied with explanations given by the bank on how the loans can be paid despite delays on the authorities payment.”
Ochieng also said the opportunity created will as a training forum for the clients of the bank; “many of whom have had poor relationships with their banks in the past will be of benefit”.
NIC Bank becomes the first financial institution to offer dedicated training for its clients in Kisumu to offer micro-business that have been the domain of other banks.