Century Microfinance Bank, a key player in Kenya's financial sector, offers tailored loan products for individuals and businesses, focusing on accessibility and growth support. These loans feature competitive rates and straightforward eligibility, often requiring basic documentation like a national ID and KRA PIN. Below is an overview table summarizing key products, eligibility highlights, and rates where available.
| Loan Name | Key Eligibility Criteria | Interest Rates/Repayment Terms |
|---|---|---|
| Soko Loan | Kenyan citizen, 18+, established business 6+ months, National ID, KRA PIN, 10% savings | 3-12 months; first loan max KSh 100,000 (up to 200,000) |
| Boresha Msingi Loan | Kenyan 18+, business 6+ months, ID, PIN, 10% savings, 2 guarantors, stock insurance | 3-12 months; KSh 5,000-200,000 |
| Boresha Imara Loan | Kenyan 18+, business 6+ months, ID, PIN, 10% savings, 2 guarantors | 3-24 months; KSh 5,000-1,000,000 |
| Jijenge Loan | Kenyan 18+, ID, PIN, 6+ months bank statements, business 6+ months | 3-12 months; KSh 100,000-1,000,000 |
| LPO/Invoice Discounting | Kenyan 18+, business 6+ months, ID, PIN, 6 months statements | Up to 3 months; KSh 20,000-1,000,000 (70% LPO value) |
Rates typically range from 1-2% monthly on reducing balance, subject to verification; exact figures require bank confirmation as they fluctuate with market conditions.
1. Soko Loan
The Soko Loan targets small traders and market vendors needing quick working capital boosts. It supports inventory purchases or daily operations for established micro-businesses in Kenya. Loan amounts start at KSh 5,000, with first-time applicants capped at KSh 100,000 to minimize risk.
Eligibility demands Kenyan citizenship, age over 18, a valid National ID, KRA PIN, and proof of a business running at least six months. Applicants must deposit 10% compulsory savings and provide passport photos for initial applications. Repayment spans 3 to 12 months, often aligned with weekly or monthly cash flows, making it ideal for informal sector players in Nairobi and beyond.
This product's flexibility shines in its minimal collateral needs, relying on guarantors and chattel insurance for security. Businesses like kiosks or small shops benefit most, as it bridges cash gaps without heavy bureaucracy. Rates hover around standard microfinance levels, emphasizing affordability for repeat borrowers who build credit history.
2. Boresha Msingi Loan
Boresha Msingi Loan empowers foundational business growth, aptly named "strengthen the base" in Swahili. It funds asset acquisition or expansion for startups transitioning to stability. Limits range from KSh 5,000 to 200,000, suiting early-stage enterprises.
Core eligibility includes being a Kenyan over 18 with a National ID, KRA PIN, and a six-month-old business. A 10% savings deposit, two guarantors who open accounts at Century, and stock/chattel insurance are mandatory. First loans require passport photos, ensuring quick processing for compliant applicants.
Repayment periods of 3-12 months allow manageable installments, often deducted from business turnover. This loan stands out for its focus on resilience-building, helping ventures weather economic shifts common in Kenya's dynamic markets. Interest applies on a declining balance, rewarding timely payers with better future terms.
3. Boresha Imara Loan
Designed for scaling operations, Boresha Imara Loan offers higher limits up to KSh 1,000,000 for weekly or monthly repayments. It caters to growing SMEs needing robust funding for equipment or stock. The extended 24-month maximum tenure provides breathing room.
Applicants must be Kenyan citizens aged 18+, with National ID, KRA PIN, and a business operating at least six months. Requirements mirror others: 10% savings, two guarantors with Century accounts, and insurance coverage. This ensures security while keeping access open for creditworthy clients.
Ideal for Nairobi-based traders or service providers, it supports ambitions like store expansions. Rates remain competitive, with flexibility for customized schedules based on cash flow projections submitted during application. Success stories highlight its role in business fortification amid rising costs.
4. Jijenge Loan
Jijenge Loan facilitates asset financing or development projects, allowing immediate use of purchases like machinery while repaying gradually. Targeted at individuals and corporates, it ranges from KSh 100,000 to 1,000,000 over 3-12 months. Medium to long-term micro-leasing options add versatility.
Eligibility requires Kenyan nationality, age 18+, National ID, KRA PIN, and photos for first-timers. Businesses need six months' operation, plus six months' bank statements or audited accounts for newer Century clients. This rigorous check suits project-oriented funding.
Perfect for ventures in construction or equipment-heavy sectors, it maximizes ROI by enabling early asset deployment. Repayment aligns with project milestones, with rates on reducing balance to lower total costs. It's a strategic tool for Kenyan entrepreneurs eyeing sustainable growth.
5. LPO/Invoice Discounting
This specialized product advances up to 70% of Local Purchase Order (LPO) or invoice value, aiding fulfillment of contracts. Loan sizes from KSh 20,000 to 1,000,000 repay within three months upon client payment. It accelerates cash cycles for suppliers.
Basic requirements: Kenyan 18+, National ID, KRA PIN, and six-month business history. Recent bank statements bolster applications, emphasizing verifiable trade dealings. No heavy collateral; focus is on document authenticity.
SMEs in supply chains, common in Nairobi's commercial hubs, thrive with this. It mitigates delayed payments, a perennial issue, by providing bridge financing at efficient rates. Quick turnaround defines its appeal, often disbursing within days.
Application Process
Applying for Century Microfinance Bank loans starts with visiting a branch or using online portals. Prepare documents: National ID, KRA PIN, business proof (six months minimum), bank statements, and guarantor details. Submit with 10% savings deposit to initiate review.
Credit assessment takes days, factoring turnover and repayment capacity. Approvals lead to disbursal, with insurance and account opening finalized. Digital tracking via mobile banking simplifies monitoring.
Tips for success include accurate financials and strong guarantors. Repeat clients enjoy faster processing and higher limits, building long-term partnerships.
Benefits and Considerations
Century's loans emphasize inclusivity, serving Kenya's underserved with low entry barriers. Flexible tenures and reducing balance rates cut costs compared to flat-rate alternatives. Compulsory savings foster discipline, doubling as emergency funds.
However, default risks high fees or collateral loss. Rates, around 12-24% annually, demand careful budgeting amid inflation. Compare with peers like Faulu or Kenya Women Microfinance for best fits.
For Nairobi residents, proximity to branches eases access. Always verify latest terms directly, as policies evolve.
Why Choose Century Microfinance Bank
Century stands out for SME focus, blending microfinance agility with banking reliability. Tailored products address real Kenyan challenges like cash flow volatility. Strong Nairobi presence supports local economies.
With transparent eligibility and growth-oriented features, it empowers dreams. Borrowers report efficient service, key for time-sensitive needs. Positioned for 2026's opportunities, Century remains a top pick
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