BusinessNews

Fast growing Muungano Microfinance Bank opens new branch at Delview

Fast growing Muungano Microfinance Bank from Murang’a county has opened a new branch at Delview near Thika town.

Licensed in 2019, Muungano Microfinance Bank started off at Kangari by farmers and has since grown and has expanxed to three branches.

The chairman Mr Patrick Karanja said they are set to open more branches indicating an impressive growth of the young bank.

Karanja made the remarks during the ceremony to open the Delview near Thika town, franked by other senior members of the Bank including the CEO Lydia Kibaara.

He said Muungano Microfinance Bank has various products to support farmers and other traders key among them Muungano Boresha Biashara Loan to finance day to day running of business by offering working capital loans, LPO financing, business asset financing with a flexible repayment period.

The bank also has a special product for avocado farming called Avocado Boost Loan that finance avocado farming and the entire value chain. It offers financing for seedlings propagation, purchase of quality seedlings, irrigation systems.

It also offers finance for purchase of fertilizers and farm inputs, transportation, packaging, exporting and value addition.

Another product is the Kuku boost loan that support poultry farmers to purchase quality feeds, quality chicks. It also supports poultry farmers to purchase machineries, veterinary and insurance costs, construction of modern structures and brooders as well as manufacture of feeds.

Karanja said they also have a product for dairy farmers known as Muungano Maziwa Boost Loan that supports production of milk and the entire value chain.

Murang’a County Government Finance CEC Prof Kiarie Mwaura said the county administration will continue to support business.

He revealed a raft of measures that the government is doing to support farmers and businesses.

Prof Mwaura said they are giving milk farmers subsidies at the rate of Sh3.50 per little of milk delivered through a cooperative and they are paid directly.

He said the subsidies would be spread to other sectors like avocado and mango.

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