Supplier of technology and services, Bosch Group and Equity Bank have agreed to support the Jua Kali sector with access to Bosch power tools via a micro financing solution at a competitive interest rate ensuring ease of access to the full range of Bosch power tools with the long term objective of uplifting this sector.
Speaking during the launch, Vonjy Rajakoba the Vice-President, Sales Power Tools at Bosch Group noted that the Jua Kali artisans recognized Bosch power tools for their quality, durability and back-up service. He added that the strategic alliance with Equity Bank will provide a gate-way for these entrepreneurs to grow their small businesses.
This partnership will see the two institutions provide financial literacy skills as well as build the necessary capacity required for artisans in the Jua kali industry to find a competitive edge in their operations. It targets the stockiest, retailers, industries, schools, Construction industries, Technical Institutions and Universities.
Equity Bank’s Director of Corporate and Small to Medium Enterprises (SME) Banking, Rohit Kumar Singh, noted that, “The Bank’s key focus on the SME business sector is to empower our business partners to build and grow their businesses. The process offered by Equity Bank is not only transparent, but efficient and easy to access.”
“As Equity Bank, one of our philosophies has always been to listen, understand and deliver solutions that meet and exceed the needs of customer.” Rohit added.
According to World Bank Group economic 2016 report, Kenya’s economic performance remains solid, with the growth rate expected to improve from 5.6% in 2015 to 5.9% in 2016 and is projected to rise further to 6% in 2017. The recent Kenya Economic Update (KEU) report shows that Kenya is creating more jobs now, but mainly in the informal sector. Notably, nine million youth will join the labor market in the next 10 years. Given the scarcity of formal sector jobs, the youth will continue to find jobs in the small household enterprises.
Bosch established a presence in East Africa in 2014 with the official opening of the office in Kenya to ensure a full round support portfolio, training and aftersales service.