List of Century Microfinance Bank Loan Products

This is a list of loan products offered by Century Microfinance Bank. It is one of the 13 licensed microfinance banks in Kenya that has been operation since September 2012. The deposit-taking microfinance institution is headquartered at the 8th floor of Bihi Towers along Moi Avenue in Nairobi. As of 2020, Century Microfinance Bank provides financial solutions to over 26,000 clients.

Century Microfinance Bank Loan Products

1. Check Discounting & Accommodation

This product enables customers to access cash for their business needs while they wait for the cheques to clear. They can access up to 80% of the value of the cheque.

2. Dharura Loan

This is product is designed to cater for emergency needs like school fees, hospitalization, and NHIF contribution. The loan size ranges between Ksh 5,000 and Ksh 500,000. The repayment period ranges from 3 to 12 months.

Requirements

Kenyan citizen, over 18 years & National ID card,
KRA PIN certificate and passport Photograph.
10% compulsory savings
2 guarantors and must open accounts with Century Microfinance Bank.
Stock and Chattel insurance.
Passport Photograph (for first loans only.)

3. LPO/Invoice Discounting

This product offers clients up to a maximum of 70% of LPO’s value to help them meet their contractual obligations. The loan size ranges between Ksh 20,000 and Ksh 1, 000,000. The repayment period is within 3 Months.

Requirements

Kenyan citizen, over 18years,
National ID card,
The business has been running for at least 6 months.
KRA PIN certificate,
At least 6 Months Bank statements for clients who have not been with Century for at least 3 months.

4. Jijenge Loan / Projects Loan

This product is available to corporates and individual clients for purposes of development projects or to enable you to acquire an asset. The loan size ranges between Ksh 100,000 and Ksh 1,000,000. The repayment period ranges from 3 to 12 months.

Requirements

Kenyan citizen, over 18 years
National ID card,
KRA PIN certificate
Photograph (for first loans only.)
At least 6 Months Bank statements for clients who have not been with century for at least 3 months.
Management or Audited accounts(in case of a company)
The business has been running for at least 6 months

5. Boresha Loan

Boresha Loan (Business Loan) is used to finance Medium Term Working Capital and include Investment loans. The product assists business people to boost their business with working stock or to increase capital. One can qualify for a loan as low as Ksh 5,000 with a maximum repayment period of 36 months. The loan size ranges between Ksh 5,000 and Kshs 1,000,000.

There are three types of Boresha loans; Boresha Msingi, Boresha Imara and Boresha Dhabiti.

a) Boresha Msingi Loan

Loan size: Ksh 5,000- 200,000 (1st loan should not be more than 100,000)

Duration of Loan: 3- 12 months

Requirements

Kenyan citizen, over 18 years & National ID card,
KRA PIN certificate and passport Photograph.
10% compulsory savings
2 guarantors and must open accounts with Century.
Stock and Chattel insurance.
Passport Photograph (for first loans only.)
The business has been running for at least 6 months

b) Boresha Imara Loan

Loan Size : Ksh 5,000- 1,000, 000

Loan Duration: 3- 24 months

Requirements

Kenyan citizen, over 18 years & National ID card,
The business has been running for at least 6 months,
PIN certificate and passport Photograph.
10% compulsory savings
2 guarantors and must open accounts with Century.
Stock and Chattel insurance.

c) Boresha Dhabiti Loan

Loan Size: Ksh 5,000 – 5,000, 000

Loan Duration : 3 – 36 months

Requirements

Kenyan citizen, over 18 years, National ID card,
Stock insurance.
10% compulsory saving,
The business has been running for at least 6 months
KRA PIN certificate
Passport Photograph.

5. Business Overdraft

This is a credit facility whereby a client is allowed by the bank to withdraw funds from his current account up to an agreed negative debit limit. The product targets SME customers in manufacturing, trade and services including private limited companies, sole proprietors, self-employed individuals and partnerships. The maximum loan size is 3 million shillings with a repayment period of 12 months.

6. Soko Loan

This is a quick one-time loan designed to offer urgent funds to purchase stock, especially in the market when goods arrive. It is processed within the same day for up to a maximum of Kshs 20,000 with a maximum repayment period of one month.

Requirements

Kenyan citizen, over 18 years,
National ID card
Business has been running for at least 6 months,
KRA PIN certificate,
Photograph (for first loans only.)

7. Insurance Premium Financing

This product is designed to facilitate the financing of insurance premiums. Century will pay for you the lump sum premium as you make small, easy and comfortable repayments.

Requirements

Kenyan citizen, over 18years,
National ID card,
KRA PIN certificate

8. Mazao Factor

This product enables the farmer to be paid upfront for up to 80% of the value of the produce that has been delivered to a bulker, producer co-operative, exporter or processor. The buyer will release the payment to the farmer after 30 – 45 days through Century which will recover the advance payment made to the farmer together with a premium of 2.5% of the amount advanced and the residual balance is made available to the farmer in their savings account.

9. Rent Zaidi

This product is designed to cater for the Rental Housing financial value chain. It provides a collection account to the proprietor, rent collection solutions as well as credit facilities for new construction and house improvement. You can be given a maximum of Ksh 5 million for a period of 60 months.

10. Micro Leasing

This product enables you to acquire an asset for your business and pay for it later.

11. Import Duty Financing

This product helps you to import your dream vehicle stress-free with 100% import duty financing. Once your vehicle arrives at the port, Century will settle all taxes on your behalf so that you can avoid delays, costly penalties or even auction. Also included is a comprehensive insurance cover so that you can drive now and pay slowly.

12. Mazao Loan

Also known as an agricultural loan, this product is used to finance farm input and dairy improvements. The repayment period is between 3 to 12 months, with a grace period dependent on the crop cycle. The product has an inbuilt insurance cover for both crop and livestock giving the farmer peace of mind. The loan size ranges between Ksh 5,000 and 1,000,000.

The loan is processed within 48 hours and has a maximum repayment period of 1 year.

Requirements