KENYA – Agriculture sector lender Agricultural Finance Corporation (AFC), in partnership with non-profit international development organization ACDI-VOCA has launched the construction of the lender’s branch in Marsabit County.
The lender has adopted a new strategic direction with financial inclusion being a central pillar under which it seeks to deepen financial inclusion and facilitate access to finance by the previously undeserved segments of the Kenyan market.
The pillar has thematic intervention areas targeting youth, women, and faith responsive financial products especially in the Northern region of the country.
AFC Board of Directors Chairman Franklin Bett pointed out that the construction and subsequent opening of branch is an indication of the lender’s commitments towards addressing systemic challenges that have hindered farmers’ from accessing agricultural finance in the region.
“Marsabit branch will stimulate investment through agriculture and accelerate the development of agribusiness in Marsabit County by financing priority value chains such as livestock and horticulture. The branch will also provide the customers with an opportunity to access affordable agrifinace and consequently support entrepreneurship and youth empowerment”Franklin Bett – Chairman, AFC Board of Directors
Speaking during the ground-breaking ceremony, AFC Acting Chief Executive Officer, Rose Ochanda said that through the new branch, the corporation will support farmers, ranchers and the pastoral community to transform their production into commercial undertaking adding that financing such agricultural activities will spur a rise and create employment for the residents.
“We have reviewed our business model to design products that are responsive to Northern Kenya. The modelling includes the approval of an Islamic finance window which is now being piloted and which we hope to first operationalise here in Marsabit”.
The CEO thanked ACDI-VOCA noting that they have been a valuable development partner.
“We started working together in 2017 and over the last three years, we have invested in excess of US$227,317 bringing our total commitments in Mrasabit to about US$381,893. there is also an active pipeline of pending viable applications that will see this investment grow. AFC appreciates your continued support, and we look forward to deepening the relationship” she added.
Last month, Agricultural Finance Corporation opened a new branch in Maralal in Samburu County, cementing its position as the leading lender to the agriculture sector in Kenya.
Agricultural Finance Corporation is Kenya’s leading credit institution specialising in credit provision solely for developing agriculture sector in the country, offering short, medium- and long-term financing and has 47 branches.
ACDI/VOCA is an international development non-profit based in United States that addresses food security issues and challenges, economic prosperity and social inclusion through locally market driven solutions and it has implemented effective economic and social development projects around the world since 1963.