LOLC Kenya Microfinance Bank, previously known as KEY Microfinance Bank, rebranded after its acquisition by LOLC Group. With a branch network of five branches and two marketing units, the bank continues to expand its reach across the country. The bank’s head office is now located at Westpark Towers, Mpesi Lane, off Muthithi Road in Nairobi. LOLC Kenya offers a wide variety of financial products, including loan, savings, and fixed deposit services, designed to cater to the needs of both individuals and businesses.
LOLC Kenya Microfinance Bank Loan Products
1. Asset Finance Loan
This loan product is designed for medium-scale businesses looking to acquire assets such as motor vehicles, land, or other valuable assets. It supports businesses aiming to grow and invest in new ventures or improve their existing operations.
- Loan Amount: Ksh 50,000 – 5,000,000
- Eligibility:
- Must have operated an active bank account for at least six months.
- Business clients must have at least one year of experience.
- Repayment: Monthly payments of principal and interest at a rate of 24% p.a. (Flat Rate).
- Processing Fee: 3% of the loan amount.
2. Personal Loan
The personal loan is designed for individuals with a regular income, whether from salaries or rental income. It helps meet personal financial needs such as emergencies, household purchases, or education expenses.
- Loan Amount: Ksh 50,000 – 1,000,000
- Eligibility:
- Must have operated an active bank account for at least six months.
- Business clients must have at least one year of experience.
- Salaried clients must have completed their probation period.
- Repayment: Up to 24 months, with an interest rate of 24% p.a. (Flat Rate).
- Processing Fee: 3%.
3. Working Capital Loan
This loan caters to businesses’ short-term and medium-term financial needs, helping them meet operational expenses, restock inventory, or bridge cash flow gaps. The loan comes in three categories: Short-Term Working Capital Loan, Mid-Term Working Capital Loan, and Overdraft Facility.
- Loan Amount: Ksh 50,000 – 3,000,000
- Eligibility:
- Kenyan citizens aged 18 and above, partnerships, or limited companies.
- Must have operated an active bank account for at least six months or show proof of income.
- Must open a current account with LOLC Kenya Microfinance Bank.
- Business clients need at least one year of experience.
- Interest: 24% p.a. (Flat Rate).
Short-Term Working Capital Loan
- Designed for immediate financial needs like operational expenses or stock purchases. Repayments can be made monthly or as a capital bullet depending on cash flow patterns.
Mid-Term Working Capital Loan
- For settling borrowing needs over a longer period, this product ensures cash flow isn’t constrained while supporting business operations.
Overdraft Facility
- This facility provides businesses with an overdraft limit to meet urgent financial needs, ensuring their cash flow remains intact.
Savings Products
1. Taratibu Savings Account
This savings account provides a flexible solution to accumulate funds over time, which can be used as needs arise.
- Features:
- Opening balance: Ksh 500
- Minimum balance: Ksh 500
- Mobile banking fee: Ksh 72
2. Lil’ Angel – Junior Savings Account
This account is specifically designed for children under 18 years, operated by parents or guardians. It encourages early savings and financial planning for young ones.
- Features:
- Opening balance: Ksh 1,000
- Minimum balance: Ksh 1,000
- Interest rate: 5% p.a.
- One free withdrawal per quarter
3. Jipange – Budget Savings Account
This account is aimed at clients saving for specific events or expenses, such as weddings, holidays, or school fees. It helps with budget planning for future events.
- Features:
- Opening balance: Ksh 5,000
- Minimum balance: Ksh 1,000
- Half-yearly statements available
Fixed Deposit
The fixed deposit product is ideal for clients who want to save a lump sum for future investments and earn interest over time.
- Minimum Amount: Ksh 25,000
- Deposit Period: 1, 3, 6, 9, and 12 months
- Can be used as security for a loan facility.
Current Account
LOLC’s current account offers clients a flexible banking option with no minimum operating balance, ensuring easy access to funds for personal or business use.
- Features:
- Minimum opening balance: Ksh 2,000 (personal) or Ksh 5,000 (business).
- Free monthly statement on request.
- Mobile banking fee: Ksh 72.
List of LOLC Kenya Microfinance Bank Branches
- LOLC Microfinance Bank Head Office
- Location: Westpark Towers, Mpesi Lane, off Muthithi Road, Nairobi
- Contact: 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: 0750 207 375
- Maua Branch
- Location: Laichena House, Meru-Kimongoro Rd.
- Phone: 0737 554 557
- 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, along Kiambu Road
- Phone: 0788 289 913
- Ngong Road Marketing Unit
- Location: First Floor, Ngong Road Business Center, along Ngong Road
- Phone: 0788 585 563
LOLC Kenya Microfinance Bank continues to play a crucial role in providing financial solutions across Kenya, offering a wide range of products tailored to individuals, SMEs, and farmers. With branches and marketing units strategically positioned, the bank is well-poised to reach clients in various regions, fostering financial inclusion and growth.
