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More Detailscustomerservice@creditbank.co.ke
customerservice@creditbank.co.ke
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More DetailsA few years back, we sat down to rethink our strategy. A strategy that would bring about transformation to the bank as well as the to those we serve. The greater challenge was defining who we serve as a Bank. The banking industry was yet to experience the sweeping changes effected in 2017 courtesy of the Interest Capping Law. Our new strategy was born out of necessity but has proven to be the cornerstone of the Bank’s future.
We wanted impact. We wanted growth. The SME sector proved to be quite a revelation to us and what we would later turn out to be killing two birds with one stone. We have covered the importance of the SME sector here and further it’s impact on the economy. The sector contributes 33.8% to the GDP while providing close to 15 million jobs. They are a vital cog in the economic wheel.
Now that we defined the who, it was just as important to define the how… how do we serve this sector? A long-overlooked sector of the market, the SME sector has suffered financing challenges due to the traditional banking approach. Limited credit access impacts negatively on the growth of SMEs. Growth requires financing especially meeting the intermittent cashflow requirements of SMEs.
We solve the how with “the what”. Trade Finance steps away from the challenges presented by traditional financing. This type of financing uses various instruments to enable your business trade hence the ability for your business to grow through greater capacity provided. These instruments do not largely depend on traditional security rather capacity to deliver.
Credit Bank further transformed the way we serve our customers by not providing blanket solutions. It is imperative to listen to the businesses and what they require financing for. The solution the business will get will therefore suit their specific financing requirements. This gives us the opportunity to better serve the SME market.
Over the years, this strategy has helped the bank grow even in the face of the Interest Capping Law. More importantly, our loyal customers have also grown with us and consequently employing more while growing the economy. The SMEs have become part of us as we have become part of them.
This unwavering commitment to SMEs has been recognised on various platforms. Our latest recognition is from Think Business 2019 Awards. We were the 2nd Runners Up in the Best Bank in SME Banking category. This award gives us pride in serving you, the SME.
The award further gives us the drive to cement our position in the market to serve you better. We continue to provide solutions and platforms for the SME sector. Innovative solutions through research will continue to be at the core of serving the sector. One of the platforms SMEs can take advantage of is the Entrepreneurs’ Hub. Here, your business grabs the opportunity to learn from industry leading experts, engage with other businesses to understand their challenges while finding opportunities and consequently grow.
Today, as we look at our strategy from a few years back coming to fruition, the Bank looks forward to carving a path for transformation. A path SMEs can use to reach their growth objectives. A path for success.
Get in touch with us today and discover what financial solutions are available for your business’s growth.
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