Retailers to benefit from Sh16.5m post-Covid recovery kitty

 

Mastercard, Unilever and KCB Bank will jointly support small traders in Kenya by expanding their current 'Jaza Duka' programme through a Covid-19 relief package.

‘Jaza Duka’, Swahili for ‘fill up your store’, is part of Mastercard’s Track Micro Credit Programme, a global support for small retailers to help them overcome cash constraints and access short-term credit.

The joint programme has out together a recovery package worth over $150,000 (Sh16.5 million).

This will be delivered through direct financial assistance, free health products and customised business education and training.

The programme combines data distribution from Unilever and analysis by Mastercard to provide micro-credit eligibility recommendations to KCB Bank.

The bank then uses this information to assess a retailer’s credit worthiness and extend formal credit for stock purchases–which is interest free for up to 17 days.

“We strongly believe that we can help merchants start to rebuild and position themselves for a more resilient future,” said Natasha Jamal,Middle East and Africa Regional Director at the Mastercard Center for Inclusive Growth.

Unilever Kenya General Manager, Luck Ochieng, said the  company remains committed in supporting businesses, enabling them to access what they need to grow, generate more value and be able to uplift their (owners)lives.

Mastercard plans to expand the Track Micro Credit Program across Africa, Asia and the Middle East in the coming months.

Micro, small and medium enterprises remain the backbone of the Kenyan economy, yet they have been among the hardest hit by the pandemic.

According to a survey by the Central Bank of Kenya, 75 per cent of Kenya’s small and medium-sized businesses faced collapse without urgent intervention by key stakeholders.

As countries around the world forge towards economic recovery, enabling small businesses to recover quickly has been earmarked as a key driver for economic restoration and growth.

Ensuring micro and small businesses continue to access capital remains a critical component for recovery.