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Equity bank and Technology and services firm Bosch Group have signed MoU that will see the Jua Kali sector have access to Bosch power tools via a micro financing solution.
The partnership is expected to 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.
The pact will also see them secure 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 their businesses.
Vonjy Rajakoba the Vice-President, Sales Power Tools at Bosch Group said the strategic alliance with Equity Bank will provide a gate-way for these entrepreneurs to grow their small businesses.
The partnership will also allow local customers to access Bosch Group’s tools for effective use in their businesses. It targets the stockiest, retailers, industries, schools, Construction industries, Technical Institutions and Universities.
Equity’s Director of Corporate and Small to Medium Enterprises (SME) Banking, Rohit Kumar Singh, said the lender would focus on the SME business sector.