•The three-month campaign is set to begin on May 30th and close on August 27, 2024, with the winner of the grand draw receiving a tuktuk.
•Small business owners in Thika, make up almost half of its population of 280,000 residents as per the 2019 census.
Image: HANDOUT
GTBank Kenya has unveiled a plan to promote a sound saving culture among small businesses in the country.
The initiative which commenced on Thursday in Thika comes at a time when Kenya is trailing East African peers in saving, with an average of 13 per cent compared to 22 and 20 per cent in Uganda and Tanzania respectively.
The “Deposit, Drive and Thrive-Ponyoka Na Tuktuk” campaign is meant to offer incentives to small business owners in Thika to invest in savings accounts to grow their businesses.
The three-month campaign is set to begin on May 30 and close on August 27, 2024, with the winner of the grand draw receiving a tuk-tuk.
To be eligible for the draw residents must open a new account domiciled in Thika and maintain a minimum balance of KES 20,000.00 with regular transactions throughout the campaign period.
Once these criteria are met, the business owner, therefore, becomes eligible for the various award prices that will be presented directly by the bank.
GTBank Managing Director Jubril Adeniji highlighted how GTBank was bridging the gap in the SME sector by customizing its products to suit the needs of its client base.
“We have recently introduced GT Mazao which is an interest-bearing account for SMEs because every margin that an SME can have will add value in the long run,” Adeniji said.
Adeniji further acknowledged the need to invest in the SME sector citing that SMEs make up 20% of the bank’s total members.
“As of 2023, 5000 out of the total 25,000 GTBank members were made up of small and medium business owners which shows you SMEs are the future of banking,” he added.
Small business owners in Thika, one of the major SME Hubs in Nairobi, make up almost half of its population of 280,000 residents as per the 2019 census.
In addition to attractive interest rates on their deposits, the bank also offers free financial literacy training to business owners.
The bank is expected to grow its members to close to one million in the next few years as a result of its new customer-centric approach.
Among the stakeholders present was the Thika Business Community Head Alfred Wanyoike who called on Thika residents to take advantage of the campaign and its benefits.
“We welcome all investors to Thika to work together with us and we are encouraging all retailers and wholesalers in Thika to come out in large numbers and take part,” said Wanyoike.
"For young people, we offer guidance through the financial literacy programs to ensure their businesses are profitable," added GTBank's Gloria Nalumu.
By empowering SMEs in Thika Town, GTBank hopes to positively impact the financial sector and change attitudes towards saving accounts.
This initiative is set to provide long-term value through loyalty programs and continuous communication about banking offers and services.