(3 minutes read)
· Mastercard, Unilever and KCB Bank have come together to support micro-merchants to provide an extensive COVID-19 relief package to retailers
· Known as Jaza Duka program aimed at micro, small and medium enterprises, the arrangement is the backbone of the Kenyan economy
· Jaza Duka partners have pooled resources to provide retailers a relief package worth over US$150,000.
Mastercard, Unilever and KCB Bank have come together to support micro-merchants to provide an extensive COVID-19 relief package to retailers. Known as Jaza Duka program aimed at micro, small and medium enterprises, the arrangement is the backbone of the Kenyan economy.
According to a survey by the Central Bank of Kenya, 75% of Kenya’s small and medium-sized businesses were adversely affected without urgent intervention by key stakeholders. The program is designed to give immediate, easy and effective relief to Kenyan retailers, who are reeling under great financial distress.
‘Jaza Duka’, Swahili for ‘fill up your store’, is part of Mastercard’s Track™ Micro Credit Program., which is a global, inclusive credit ecosystem for small retailers to enable them to access short-term credit. Jaza Duka partners have pooled resources to provide retailers a relief package worth over US$150,000. This package will be delivered in the form of direct financial assistance, free health products to meet the rising demand and customized business education and training to help retailers navigate the current business environment.
The program combines data distribution from Unilever and analysis by Mastercard to provide micro-credit eligibility recommendations to KCB Bank. The bank then uses this information to assess a retailer’s credit worthiness and extend formal credit for stock purchases – which is interest-free for up to 17 days.
