Islamic bank, Gulf African Bank has entered into an agreement with the Kenyan National Chamber of Industry and Commerce (KNCCI) to support women-owned businesses.
KNCCI and Gulf African Bank (GAB) arrived at a Memorandum of Understanding to offer unsecured loans of up to sh.20 million, in unsecured loans, to Kenyan business owned by women and the youth.
The bank’s Managing Director, Abdalla Abdulkhalik said, “The SME sector is a key focus area for us. As such, we look for like-minded partners like KNCCI with a core mandate of growing businesses.
“At GAB, we are proud to announce that through our intensive youth and women banking programme, we take care of these through our strategic pillars; educate, empower and protect.”
Gulf African Bank will offer unsecured loans against Local Purchasing Orders (LPOs) for businesses with a history of performance. Starters registered under KNCCI will be eligible for up to sh.3 million in financing.