Guaranty Trust Bank Kenya has introduced GT Mazao, which is a loan-product tailored to the needs of MSMEs. The new product seeks to fill in the huge credit funding gap that denied individuals and businesses located across Kenya the financial muscle to expand their operations within and beyond Kenya.
Speaking when he launched the GT Mazao product, Jubril Adeniji, Managing Director of Guaranty Trust Bank Kenya and East Africa said the growth of their loan book currently standing at Kshs 10.3 billion from Kshs 6.5 billion realised in their first year operation revealed great potential of local MSMEs to scale their operations thereby helping to uplift Kenya’s GDP through creation of more jobs and posting higher returns.
“We are launching GT Mazao in response to feedback from our clients who have shown resilience in running their businesses as part of the approximately 7.4 million MSMEs contributing over 40 percent to the country’s GDP.
”Through GT Mazao, we are deepening our relationship with MSMEs that require credit facilities to acquire raw materials on time and manufacture high on demand products for local and export markets,” he said.
GT Mazao, said Mr Adeniji, will focus on servicing businesses that prioritise environmental and social responsibility. This is in line with the bank’s commitment to integrate sustainability into its operations and product offerings thereby helping build a greener and more sustainable future.
The Kenya Bankers Association (KBA) says GT Mazao reactivates a new bank-client relationship where financial advisory is a shared value function that incentivises savings.
Kenya has experienced a drop in savings which depicts a problem existing in the society and needs urgent solution to avert this.
GT Bank operates over 200 branches in Nigeria, Gambia, Ghana, Liberia, Sierra Leone, Cote d’lvoire, Kenya, Uganda, Rwanda, Tanzania and the United Kingdom has operations in UK.