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- Taking Up a Women's Agenda
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- Man Charged With Abduction of Two Catholic Sisters
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- Samosa Festival is On in Nairobi
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- ICTR Petitions UN for Arrest of Kabuga
- UBA to Invest SH360 Billion in Kenya
- Free Movement of People Too, Not Just Goods and Capital
- Judges Running Out of Money?
Business Daily (Nairobi)
May 12, 2008
News Article By Maureen Ongwae
Equity Bank has opened a new branch in Bondo District as part of its expansion plan in the lake region.
The bank's Chief Executive Officer, Dr James Mwangi, said the institution targeted the youth, women and fishermen who were in need of loans to expand their businesses.
"We are still carrying on our expansion programmes in this region so that we can assist traders to expand their businesses and also look to new ventures," said Dr Mwangi.
The bank in collaboration with United Nations Development Programme also launched two of its products dubbed Uvuvi Biashara and Fanikisha.
The institution is training residents on how to acquire and use Fanikisha loan.
Officiating at the launch, Prime Minister Raila Odinga welcomed the institution to the region, saying it had a variety of products that could directly benefit women, youth and fishermen.
"The Uvuvi Biashara loan is a good initiative by the bank and I urge all the fishermen to take advantage of it to advance in their businesses. Let us venture into the industry for business apart from food," said Mr Odinga.
The Uvuvi Biashara loan is available at an interest rate of 12 per cent per annum and the repayment period depends on the amount borrowed. One does not need to be an account holder to benefit.
The loan will help fishermen to lease boats, drying racks and in accessing fishing equipment.
Most fishermen in the lake region rely on crude ways of preserving fish but the loans will help them to buy cooling facilities and also refrigerated trucks for transporting fish.
The United Nations country director, Ms Tomoko Nishimoto, said the UN would this year use Sh1 million in implementing projects in the country.
Already over 20,000 women have registered for training on how to acquire and utilise the Fanikisha loan, 2,000 of whom are from Bondo district.
"We have set aside Sh200,000 for the fanikisha loan, and Sh600,000 for conducting the entrepreneurship training," said Nishimoto.
UN is also training equity staff so that they can in turn guide their clients on business related matter free of charge.
Apart from offering financial services, the bank has taken the initiative to educate two students in Nyanza province up to the university level as part of its corporate social responsibility and the trainees are eventually absorbed into the institution.
The bank will soon open another branch in Busia district.
