Equity and Bosch sign deal to equip artisans with tools

Jua Kali artisans in Kenya are set to access a range of power tools on credit following the signing of an agreement between German engineering firm Bosch Group and Equity Bank.

The micro financing solutions agreement will see artisans secure equipment at competitive interest rates, a move meant to uplift the sector that contributes significantly to the country’s economy.

Artisans will also receive financial literacy skills from the two institutions to enable them build the necessary capacity required to give them a competitive edge in the industry.

“Jua kali artisans recognise Bosch power tools for their quality, durability and back-up service,” said Vonjy Rajakoba, the vice president - sales power tools, Bosch Group. 

“Our strategic alliance with Equity Bank will provide a gate-way for these entrepreneurs to grow their small businesses.”

He spoke Monday during the launch of the partnership, which he revealed will also target stockists, retailers, industries, schools, construction firms, technical institutions and universities.

Bosch, which opened an office in Nairobi last year to service the East African region, is currently providing training on the use of power tools as well as renting them out to artisans at a fee. 

The new agreement will now assist them take full ownership of the kits. Interest rates will be based on customer credit rating.

The Kenya Economic Update report shows that the country is creating more jobs now, but mainly in the informal sector. 

It is expected that nine million youth will join the labour market in the next 10 years.

Given the scarcity of formal sector jobs, the youngsters continue to find jobs in the small household enterprises such as the jua kali sector.