Four counties sign deal with Consolidated Bank to empower small-scale traders

Susan Kihika

Nakuru Governor Susan Kihika poses for a photograph in her office during a meeting with Consolidated Bank officials on November 20, 2023. 

Photo credit: Pool

Four county governments have entered into a partnership with government-owned Consolidated Bank to empower small-scale traders.

The partnership will see the small-scale traders benefit from mentorship, training, project financing, and affordable credit facilities.

The four devolved units include Nakuru, Murang'a, Embu, and Nyeri.

Consolidated Bank Chief Executive Officer Sam Muturi said the partnership is part of the financial institution's commitment to community development.

He pointed out that the deal will not be limited to the four counties only but they will continue seeking further partnerships with other government institutions and counties to extend the bank’s impact and support.

“In challenging times, Consolidated Bank remains a beacon of stability, innovation, and commitment to our customers and communities,” said Mr Muturi.

The Bank’s chairperson Mr Muriuki Njagagua promised that the initiative to partner with counties will help to scale up startups and the small-scale sector across the country.

“The Bank is committed to transparency, resilience, and a customer-centric approach providing innovative and reliable banking solutions, with a focus on financial security, customer satisfaction, community development, and insurance offerings through the Bancassurance Unit,” said Mr Njagagua.

Nakuru Governor Susan Kihika welcomed the partnership with the bank during a meeting with the bank's top executives led by Mr Njagagua.

She said Nakuru County will soon operationalise a County Enterprise Fund and County Cooperative Fund in order to fully realise its partnership with Consolidated Bank.

“The biggest challenge facing small-scale businesses and farmers in Nakuru County is the unavailability of affordable credit,” said Ms Kihika during the meeting.

For his part, Mr Muturi said the bank is ready to support the county government 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 with the bank, adding that the initiative will focus on Corporate Social Responsibility (CSR), education scholarships, environmental protection through tree planting, and economic empowerment among others.

In addition to the comprehensive banking services, Consolidated Bank offers a range of insurance policies through the Bancassurance Unit.

The bank was incorporated on December 7, 1989, and the National Treasury holds a robust 93.4 percent share.

Mr Muturi said the products and services are provided through our 17 branches that are spread across the major counties of the country.

"The bank envisions to increase both its digital and physical footprint by embracing technology that will then double its branch network,” he added.