By Flora Awinja
The Kenya Commercial bank (KCB) is seeking to partner with Kwale bar and restaurant ownersβ association in Kwale County.
The partnership will involve loan and credit facilities to the operators.
According to the KCBβs Ukunda branch management, this will enhance and strengthen their customer relations in a bid to improve their offers and services.
The manager in charge of online banking Mwanahamisi Hussein said the institution is working on ensuring that the operators get new swiping machines and an online till system that will enable them to acquire loans.
She added that the bank is willing to offer unsecured loans without asking for log books and title deeds as security.
The branchβs business banking manager Susan Otieno emphasized that the offer on unsecured loans will be available to the association members which is payable in a maximum of three years.
She said the loan has a limit of Khs 5 million which will be determined by monitoring the cash flow of the respective business operator.
She also elaborated on the retailer finance loan where the product is limited on stock orders and purchases made through the online till system made to Tamasha Mombasa Distributors.
“The retailer finance loan is given through the till system liaised with the bank and Tamasha Distributors that enable the business owners to do it digitally within a period of 48 hours with an interest rate of 0.036% per day regardless whether you’re banking with us or notβ she said.
KCBβs Ukunda Branch manager, Edward Odek, said that broken down machines would be replaced with android machines whose life span of five years depending on the clientβs handling technique.
βWe will have unique codes on the system to monitor and give loan limits to youβ he told the bar and restaurants.
Tamasha Mombasa Distributors Ukunda branch manager, Mr. Maxwell, allayed fears by the operators on whether they will repossess the stock if the retailer finance loan is not paid to the bank by the business owners.
“We will not repossess any stock given out to business owners because the bank would have paid for the supply bill hence the bank will follow up on the recovery of the cash.” He noted.
The association chairman Richard Onsongo said that there are ninety-five bar and restaurant owners in Msambweni sub-county who are registered with the organization.
He urged the other more than 500 bar and mnazi joints owners who are not registered with the association, to do so in order to benefit from the scheme.
Onsongo emphasized on buying from Tamasha Distributors to receive the retailer finance loan.
