Faulu Microfinance Bank has committed KSH 1.5 billion (≈ $11.424.219,30) to enable farmers in 47 counties in Kenya to purchase farm and animal inputs.

Diamond Trust Bank and Mastercard have forged a partnership that lets the bank offer payment cards to tech-enabled companies, including fintechs in Kenya. 

The $3 million seed extension round was backed by DOB Equity, Globivest, and Willard Ahdritz. The latest round brings to $7 million the amount of capital that the fintech has now raised via this funding round.

Through the partnership, IFC will enter a risk-sharing facility with BOA Kenya that will help the bank scale up lending to small and medium-sized enterprises.

Opportunity International and Oikocredit will mobilize the funds over the next three years with an initial, near-term focus on Ghana, Kenya, Nigeria, Senegal, and Uganda.

The disclosures, contained in CBK's latest annual report, shed light on the behind-the-scenes operations to rescue struggling lenders from sinking.

The loan will help smaller businesses across a range of sectors in Kenya access financing for working capital, expansion, and to weather the effects of COVID-19.

The increase in remittances comes despite the impact of the pandemic on wages and employment across the world.

Faced with challenges, a growing number of vendors in Kenya's slums turned to credit unions and savings groups, which could provide loans without collateral, to boost their businesses.

Remittances in March 2021 amounted to $290.8 million, compared to $228.8 million in March 2020, an increase of 27.1 percent.