Co-operative Bank of Kenya Ltd
Region and country of operations: Africa, Kenya
Jurisdiction of registration: Kenya
Business sector: Bank
Date of agreement (month/year): 12/2022
Finnfund’s financing: USD 12,000,000, USD 1,120,000 through EFP
Funding channelled through: DEG, Germany
Share of Finnfund’s financing: 13.1%
Instrument: Loan
Size of project/financing: USD 100,000,000
Environmental and social category: FI-A
Project description
Co-operative Bank of Kenya Ltd was founded in 1965 as a bank for the cooperative movement in Kenya. While having a strong cooperative identity and being the principal banker for the cooperative movement in Kenya, the Bank has evolved into a universal, third-largest bank in Kenya.
A significant portion of Co-op Bank´s clientele is individuals and MSMEs. The loan proceeds will be used to support the MSME loan portfolio growth, which will facilitate financial inclusion among underserved clientele.
Main development impact
There are an estimated 7.4 million MSMEs in Kenya. The financing needs of this underserved segment are vast. Co-operative Bank is the dominant provider of financial services to the cooperative movement in Kenya, which plays an instrumental role in agribusiness as an intermediary and aggregator.
Providing value-added services to the cooperative movement, including agribusiness operators, is a key driver of financial inclusion.
More information
Last modified: December 2022