LOLC Kenya Microfinance Bank, formerly known as Key Microfinance Bank, is a licensed microfinance institution regulated by the Central Bank of Kenya (CBK). The bank has been providing deposit-taking and micro-lending services in Kenya since 2010. With a network of 5 branches and two marketing units, LOLC Microfinance Bank operates primarily in Nairobi and other regions, offering a range of financial products tailored to meet the needs of both individuals and businesses.
Headquartered at Westpark Towers, Mpesi Lane, off Muthithi Road in Nairobi, LOLC Kenya has earned a reputation for offering both loan and savings products that cater to the unique needs of the Kenyan market.
LOLC Microfinance Bank Products
a) Loan Products
- Asset Finance Loan
- Target Audience: Medium-scale businesses looking to acquire assets such as motor vehicles, land, and other valuable properties.
- Loan Amount: Ksh 50,000 – Ksh 5,000,000
- Eligibility:
- Active bank account for a minimum of six months.
- Business clients must have at least one year of experience.
- Repayment Terms: Monthly payments of both principal and interest at an annual flat rate of 24%.
- Processing Fee: 3% of the loan amount.
- Personal Loan
- Target Audience: Regular income earners, including those with salaries or rental income.
- Loan Amount: Ksh 50,000 – Ksh 1,000,000
- Eligibility:
- Active bank account for at least six months.
- Salaried clients must have completed their probation period.
- Repayment Terms: Maximum repayment period of 24 months, with a 24% annual flat rate.
- Processing Fee: 3% of the loan amount.
- Working Capital Loan
This product is categorized into:- Short-Term Working Capital Loan: For immediate operational expenses, stock purchases, and bridging gaps between inflows and outflows.
- Loan Amount: Ksh 50,000 – Ksh 3,000,000
- Repayment Terms: Flexible, depending on cash flow patterns.
- Mid-Term Working Capital Loan: Suitable for businesses needing extended time to manage cash flows.
- Loan Amount: Ksh 50,000 – Ksh 3,000,000
- Repayment Terms: Flexible repayment options to align with business cycles.
- Overdraft Facility: A credit line for business operations.
- Loan Amount: Ksh 50,000 – Ksh 3,000,000
- Eligibility:
- Kenyan citizens aged 18 years and above.
- Partnerships and limited companies with at least one year of business experience.
- Must open a current account with LOLC Kenya Microfinance Bank.
- Interest Rate: 24% per annum (flat rate).
- Short-Term Working Capital Loan: For immediate operational expenses, stock purchases, and bridging gaps between inflows and outflows.
b) Savings Products
- Taratibu Savings Account
- Target Audience: Individuals looking to accumulate funds for future needs.
- Opening Balance: Ksh 500
- Minimum Balance: Ksh 500
- Features:
- Charges for over-the-counter withdrawals.
- Mobile banking charge of Ksh 72.
- Lil’ Angel – Junior Savings Account
- Target Audience: Children under the age of 18 years.
- Opening Balance: Ksh 1,000
- Minimum Balance: Ksh 1,000
- Interest Rate: 5% per annum
- Features:
- One free withdrawal per quarter.
- Charges apply for additional withdrawals.
- Jipange – Budget Savings Account
- Target Audience: Individuals saving for specific future events (weddings, holidays, school fees, etc.).
- Opening Balance: Ksh 5,000
- Minimum Balance: Ksh 1,000
- Features:
- Flexible deposits.
- Charges apply for over-the-counter withdrawals.
- Statements provided bi-annually.
- Fixed Deposit
- Target Audience: Customers looking to save for future investments.
- Minimum Amount: Ksh 25,000
- Deposit Period: 1, 3, 6, 9, and 12 months.
- Features:
- Earns interest on lump-sum investments.
- Can be used as security for loan facilities.
- Current Account
- Target Audience: Individuals and businesses seeking a transactional account.
- Minimum Opening Balance: Ksh 2,000 (personal) / Ksh 5,000 (business)
- Features:
- No minimum operating balance.
- Free monthly statements upon request.
- Free internal standing orders.
- Free cheque withdrawals over the counter.
- Monthly ledger fee of Ksh 385.
- Mobile banking charge of Ksh 72.
List of LOLC Kenya Microfinance Bank Branches
LOLC Kenya Microfinance Bank operates a network of branches in key locations across the country, providing convenient access to financial services.
- LOLC Microfinance Bank Head Office
- Location: Westpark Towers, Mpesi Lane off Muthithi Road, Nairobi
- Phone: 0733 553 555
- Duruma Branch
- Location: TB Plaza 2nd Floor, Duruma Road, Nyamakima
- Phone: 0757 629 781
- Kayole Branch
- Location: Topaz Driving School building, Kayole
- Phone: 075 0207 375
- Maua Branch
- Location: Laichena House, Meru-Kimongoro Rd.
- Phone: 073 7554 557
- Meru Branch
- Location: Tom Mboya Street, opposite G4S, Meru
- Phone: 0737 553 555
Marketing Units
- Kiambu Road Marketing Unit
- Location: First Floor, Ciata City Mall, Kiambu Road
- Phone: 0788 289 913
- Ngong Road Marketing Unit
- Location: First Floor, Ngong Road Business Center, Ngong Road
- Phone: 0788 585 563
LOLC Kenya Microfinance Bank offers a wide range of loan and savings products designed to cater to the diverse needs of its customers, from asset finance to working capital loans, and from children’s savings accounts to budget planning accounts. With its extensive branch network and marketing units across the country, LOLC Kenya provides accessible financial services to individuals and businesses alike, helping them achieve their financial goals.
