New Financing Opportunities for Powerhive East Africa Customers
Equity Bank of Kenya and Powerhive East Africa have partnered to provide financing for eligible Powerhive customers to purchase small appliances and other electric equipment. The program, called the Appliance Loan Program, will primarily finance income generating equipment for entrepreneurs and small businesses, but will also be available for home appliance purchases.
“Powerhive is focused on providing real value. Through this program we’re helping our customers achieve more, and sooner than previously possible.”
– Zachary Ayieko, managing director, Powerhive East Africa
The first six months will be a pilot phase and loans will be partially secured by Powerhive during this period. If deemed successful, then Equity Bank will begin providing unsecured loans to Powerhive customers once the pilot phase is complete.
Even with a steady income, gaining access to financing can be a challenge that limits the ability of households to purchase useful appliances. Entrepreneurs and small businesses face a similar barrier, although they could pursue new ventures and boost revenue with the equipment made available through greater access to capital. The Appliance Loan Program aims to help bridge this financing gap while bringing new, low-risk customers to Equity Bank and increasing demand for Powerhive electricity. We’re excited about working with Equity Bank to help our customers achieve their goals, and we hope this program will become a model for future financing partnerships in East Africa and beyond.