Century Microfinance Bank received $1 million loan from Micro Enterprise Support Program Trust (MESPT) to increase its capital base as it continues to support farmers through lending and boost micro, small and medium size enterprises (MSMEs) in the country.
The funding is a big boost to Century Microfinance Bank as it seeks to enhance productivity for farmers and build capacity for MSMEs.
“This partnership will go a long way in helping us unlock the vast potential that lies in the businesses and farmers within the agricultural sector using the value chain financing approach. Through our program, Century Microfinance is giving farmers grow their businesses, get better prices for their produces and get rid of brokers who have been exploiting the farmer. Ultimately we will see the lives and livelihood of the farmers improving,” said Century Microfinance Bank CEO Reuben Kimani.
Century Microfinance Bank Limited (“Century”) is a Microfinance institution which has been in operations for the last 7 years and specializes in providing financial services to Micro, Small and Medium Businesses at large. Century Microfinance Bank works with farmers across various sectors, dairy and livestock, horticulture and aquaculture. The bank supports them to develop value chains by collaborating with farm input suppliers, service providers i.e. vets and agronomist and bring on-board off takers like Tuskys supermarket who offer competitive prices. The company has funded around 14800 farmer since inception.
Century Microfinance Bank recently signed an MOU with Tuskys supermarket to fund farmers who supply fresh produce to the retailer. This program rides on technology and enables farmers who supply to Tuskys to get loans from Century Microfinance bank and also process their payments through the institution.
Century Microfinance Bank Limited was licensed by the Central Bank of Kenya as a deposit taking microfinance institution in 2012 to provide the full range of financial services such as savings accounts and credit.