Jamii Bora Bank and the country’s main distributor of electric power, Kenya Power, have signed an agreement that will enable the bank to provide financing to power connection applicants.
The agreement obligates the bank to process loan applications from Kenyans seeking to obtain power connection from KPLC under a loan facility dubbed “Stima Bora Loan”. The applicants will apply for the loan and power connection through the two partners and following approval of loan applications, JBBL will issue confirmation letters to KPLC for the connection process to commence.
Under this agreement, Kenya Power is obligated to effect power connection for successful applicants within 45 days for service line customers and 60 days for group scheme customers from the date of payment of the deposit and disbursement of the loan proceeds into KPLC’s collection account.
The intention of this agreement is to make it easy for more Kenyans to have access to power both in their homes and at their business premises and this arrangement enables them to do that in a convenient and affordable manner,”