NCBA Bank Kenya has been named the winner of the 2024 Global SME Finance Award solidifying its position as a key player in the development of Small and Medium-sized Enterprises (SMEs) in the country.
The award is presented by the International Finance Corporation and SME Finance Forum, a leading global organization dedicated to improving financial access for SMEs.
The award recognized NCBA’s outstanding efforts in providing innovative and impactful financial solutions to SMEs across Kenya and the region.
The Global SME Finance Award celebrates institutions that have demonstrated excellence in serving SMEs through groundbreaking products, and services.
NCBA Bank Kenya has over the years become the financial partner for thousands of local SMEs, offering specifically tailored products and services that meet the ever-evolving needs of this critical sector. These SMEs form a large chunk of the Kenyan economy, accounting for almost 40% of the country’s GDP and employing over 80% of workers in the formal and informal sectors.
Some of NCBA’s notable SME-focused initiatives include unsecured loans, trade finance, and working capital solutions which are available through traditional banking channels as well as digital platforms.
M-Shwari and Fuliza, are also NCBA’s innovative mobile lending products developed in partnership with Safaricom. These products have been instrumental in enhancing financial inclusion by providing millions of small businesses and entrepreneurs with quick and convenient access to short-term credit facilities.
NCBA has also developed specific financial products to empower women and youth-owned businesses and targeted capacity-building initiatives. This approach has played a significant role in bridging the gender financing gap and ensuring that young entrepreneurs have access to the resources they require to thrive.
In March this year, NCBA Group and Proparco joined forces to facilitate green financing and women economic empowerment in Kenya. Additionally, NCBA launched an ambitious investment plan to extend its presence in Kenya, to better serve its SME and corporate clients while reducing inequality through financial inclusion.
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