K-Rep Bank Unveils Two New Branches

K-Rep which started in 1984 and transformed into a commercial bank in 1999 marks a significant milestone in the development of microfinance and the banking industry in Kenya by opening two new branches, o­ne in Nairobi-down town (Standard Building, Kenyatta Avenue) and the other in Mombasa (Austin House, Moi Avenue) making the total number of branches to three including the current headquarter located in Riruta . In addition, K-Rep has over 25 marketing offices that serve micro-enterprise operators in various parts of the country.The core business of the bank is the privision of loans and advances to the very small businesses (popularly known as microentrerprises), ordinary wananchi, jua kali businesses, mama mboga etc. The crucial characteristics of these loan products is that they are small in size and not conventionally secured. In addition to the specialized microfinance products, the bank offers other regular commercial banking services to individuals and corporate entities, such as checking accounts, savings accounts, forex, letters of credit etc.The group continues to search for new products, systems and mechanisms, through its research and development arm, the K-Rep Development Agency. Through its consulting arm, the K-Rep Advisory Services, the Group provides advisory services to organizations, all over Africa. Currently, it is involved in this kind of work in Somaliland, Tanzania and Ghana.