Lender allows borrowers to use insurance as collateral

Jamii Bora Bank CEO Timothy Kabiru during the Credit Round table Forum at the bank's headquarters in Nairobi recently. [Jeckonia Otieno, Standard]

In expanding its operations, lender Jamii Bora Bank has changed tack to woo Small and Medium Enterprises (SMEs).

The bank is now allowing SMEs to obtain bank guarantees and stock financing loans using insurance as collateral instead of the traditional security like land and buildings.