KCB Bank Group has announced it will give Rwf4.3billion to finance over two million farmers both in Kenya and Rwanda.
The farmers will access this money in form of agri-business loans and training in the next five years.
The funds will be accessible through a newly introduced mobile-based platform known as MobiGrow.
This innovation has been introduced in partnership with the MasterCard Foundation.
“We are leveraging technology to tackle challenges faced by farmers especially credit access and inclusion. We are also empowering farmers with non-financial solutions such as capacity building forums to grow their agri-businesses,” said Annastacia Kimtai, KCB Retail Banking Director.
The lender said MobiGrow was keen on working with farmer forums and so far it had signed pacts with 146 farmer producer organisations that work with smallholders.
MobiGrow is part of ongoing efforts by the lender aimed at strengthening the agricultural value chain by providing innovative funding schemes and technical advisory services to small-scale farmers across the country.