An outline of Century Microfinance Bank loan products is provided in this section. It is one of 13 Kenyan-regulated microfinance banks that have been in operation since September 2012.
The deposit-taking microfinance institution is situated on the 8th floor of Nairobi’s Bihi Towers on Moi Avenue. Century Microfinance Bank will provide financial services to over 26,000 consumers by 2020.
Century Microfinance loan products include Import Duty Fianace, Business Overdraft, Insurance Premiums, and Micro leasing among others.
Gere is a detailed description of Century Microfinance Loan Products.
Century Microfinance Bank Loan Products
1. Check Discounting & Accommodation
Customers can use this product to get cash for their business needs while they wait for their cheques to clear. They have access to up to 80% of the cheque’s value.
2. Dharura Loan
This product is intended to meet emergency necessities such as school tuition, hospitalization, and NHIF contributions. The loan amount ranges from Ksh 5,000 to Ksh 500,000. Repayment terms range from three to twelve months.
Requirements
- Kenyan citizens, above the age of 18, with a national ID card
- KRA PIN certificate, and a passport photograph.
- 10% mandatory savings
- 2 guarantors are required, as well as accounts with Century Microfinance Bank.
- Insurance for stock and chattels.
- Passport photo (only for initial loans.)
3. LPO/Invoice Discounting
This product provides clients with up to 70% of the LPO’s value to assist them satisfy their contractual obligations. The loan amount ranges from Ksh 20,000 to Ksh 1,000,000. The repayment term is three months.
Requirements
- Kenyan citizens, over the age of 18,
- National ID card
- The company has been in operation for at least six months.
- Certificate of KRA PIN,
- For clients who have not been with Century for at least 3 months, at least 6 months of bank statements are required.
4. Jijenge Loan / Projects Loan
This product is provided to corporations and individuals for development projects or to help you buy an asset. The loan amount ranges from Ksh 100,000 to Ksh 1,000,000. Repayment terms range from three to twelve months.
Requirements
- Kenyan citizens, over the age of 18
- KRA PIN certificate, national ID card
- Photograph (just for initial loans.)
- 6 months minimum Bank statements for clients who have not had a relationship with
- Century for at least three months.
- Management or audited accounting (in the case of a business)
- The company has been in operation for at least six months.
5. Boresha Loan
Boresha Loan (Business Loan) is a type of loan that is intended to finance medium-term working capital and includes investment loans. The product supports business owners in increasing working capital or working capital. A loan of as little as Ksh 5,000 is available, with a maximum repayment duration of 36 months. The loan amount ranges from Ksh 5,000 to Ksh 1,000,000.
There are three types of Boresha loans; Boresha Msingi, Boresha Imara, and Boresha Dhabiti.
a) Boresha Msingi Loan
Loan amount: Ksh 5,000-200,000 (1st loan should not exceed 100,000)
Loan term: 3 to 12 months
Requirements
- Kenyan citizens, above the age of 18
- National ID card
- KRA PIN certificate
- Passport photograph.
- 10% mandatory savings
- 2 guarantors with century accounts are required
- Insurance for stock and chattels.
- Passport photo (only for initial loans.)
- The company has been in operation for at least six months.
b) Boresha Imara Loan
Loan Amount: Ksh 5,000-1,000, 000
Loan Duration: three to twenty-four months
Requirements
- Kenyan citizens, over the age of 18, with a national ID card
- a business that has been in operation for at least 6 months,
- a PIN certificate
- passport photograph.
- 10% mandatory savings,
- two guarantors with century accounts are required.
- Insurance for stock and chattels.
c) Boresha Dhabiti Loan
Loan Amount: Ksh 5,000 – Ksh 5,000, 000
Loan Timeframe: 3 – 36 months
Requirements
- Kenyan national, above the age of 18, with a national ID card and stock insurance.
- 10% mandatory savings, the company has been in operation for at least 6 months
- Passport Photograph with KRA PIN.
Read also, List of Uwezo Microfinance Bank Loan Products
6. Business Overdraft
This is a credit facility in which the bank allows a client to withdraw funds from his current account up to an agreed-upon negative debit limit. The product is aimed at small and medium-sized enterprises (SMEs) in manufacturing, trade, and services, such as private limited companies, sole proprietors, self-employed persons, and partnerships. The maximum loan amount is 3 million shillings, with a 12-month repayment period.
7. Soko Loan
This is a one-time loan meant to provide urgent financing for stock purchases, particularly in the market when items arrive. It is processed the same day for a maximum of Kshs 20,000 and has a repayment period of one month.
Requirements
- Kenyan residents, over the age of 18, National ID card,
- at least 6 months in business,
- KRA PIN certificate,
- Passport photograph (for first loans only).
8. Insurance Premium Financing
This product is intended to make it easier to finance insurance premiums. Century will pay the lump sum premium on your behalf as you make small, easy, and comfortable installments.
Requirements
- Kenyan citizens, above the age of 18, with a national ID card and a KRA PIN certificate
9. Mazao Factor
This product allows farmers to get paid in advance for up to 80% of the value of products delivered to a bulker, producer co-operative, exporter, or processor. After 30 – 45 days, the buyer will release the money to the farmer through Century, which will recover the advance payment made to the farmer as well as a premium of 2.5% of the amount advanced, and the residual balance will be made accessible to the farmer in their savings account.
10. Rent Zaidi
This product addresses the financial value chain of rental housing. It offers the proprietor a collection account, rent-collecting services, and financing options for new buildings and home improvement. For a period of 60 months, the maximum is Ksh 5 million.
11. Micro Leasing
This solution allows you to acquire a company asset and pay for it later.
12. Import Duty Finance
With 100% import duty financing, this solution allows you to import your ideal vehicle without fear. Century will collect all taxes on your behalf once your vehicle reaches the port, saving you from delays, hefty penalties, and possibly an auction. A thorough insurance policy is also included, allowing you to drive now and pay later.
13. Mazao Loan
This type of financing, often known as an agricultural loan, is used to finance farm input and dairy improvements. The repayment duration ranges from three to twelve months, with a grace period based on the crop cycle. The plan includes crop and livestock insurance, offering the farmer peace of mind. The loan amount ranges from Ksh 5,000 to Ksh 1,000,000.
The loan is processed within 48 hours and has a one-year repayment period.
Requirements
- Kenyan citizens over the age of 18 with a national ID card, leasing agreement, KRA PIN certificate, and passport photograph (for first loans only).
- 10% mandatory savings,
- Ownership of the right to utilize land is demonstrated.
- Crop and livestock insurance
Century Microfinance Bank Contacts
Head office: Bihi Towers 8th Floor, Moi Avenue, Nairobi
Phone: 0722168721, 0756305132
